New OINP Entrepreneur Pilot Program to Select 100 Entrepreneurs

New OINP Entrepreneur Pilot Program to Select 100 Entrepreneurs

Ontario recently shares details of the addition of a new pilot program under its OINP Entrepreneur stream. As per the details, the province is going to select 100 entrepreneurs under the new pilot program.

This comes in lieu of the announcement made by Labour Minister Monte McNaughton in Dec 2021. The minister shared the news of revamping the entrepreneur program. And is going to invest a total of 6 million dollars. This is to attract more entrepreneurs to the outside GTA area.

New OINP Entrepreneur Pilot Program to select 100 entrepreneurs
. The eligibility terms to apply to the 2-year pilot program are:

  • Must have a net worth of $800,000 CAD, if in GTA or a minimum of $400,000 CAD, if outside GTA.
  • Must agree to buy or set up a business in Ontario.
  • Also, agree to either invest a minimum amount of $200,000 CAD in a business outside GTA or a minimum of $600,000 CAD if the business is outside GTA.
  • Besides, must have a minimum of 2 years of work experience. Either as a senior manager or as an owner of a business in the past 60 days.

Further, to apply you will have to submit an Expression of Interest (EOI). An EOI is not a formal application but shows the applicant’s interest to apply in OINP. So, after approval of your EOI, you will get an Invitation to Apply (ITA) to submit a complete application to the OINP.

After application approval, you will get a work permit to set up your business in Ontario. Also, after running your business for 20 months you can apply to OINP for nomination to get a Canada PR.

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