A new 2-year pilot program was recently launched to attract foreign entrepreneurs interested in becoming Canadian permanent residents. It was my honour to attend the launch that was held last week in the beautiful McMaster Innovation Park.
This special program, OINP Entrepreneur Success Initiative, is currently available only to those foreign entrepreneurs who are looking to invest in a business in the Hamilton area. While the program is supported by Ontario’s Ministry of Labour, Immigration, Training and Skills Development, it is administered by Toronto Business Development Centre (TBDC).
Under this program, foreign entrepreneurs can purchase or create a business in Hamilton, and subsequently receive an invitation to apply for permanent residence under the Ontario Immigrant Nominee Program (OINP) Entrepreneur Stream. It is envisaged that up to 100 entrepreneurs will be invited to apply for permanent residence under this program.
TBDC maintains a database of the Hamilton businesses that are for sale, as well as a database of potential foreign entrepreneurs. Furthermore, TBDC matches the entrepreneurs with business opportunities in Hamilton and helps them to prepare expressions of interests (EOI) to the permanent residence program under OINP Entrepreneur Stream. Foreign entrepreneurs currently residing outside of Canada are welcome to apply.
Entrepreneurs who are interested in this pilot program should contact TBDC at: info@futureisontario.ca. A TBDC advisor will then assess their profile and determine whether they are eligible to participate in the program. Some of the requirements that the foreign entrepreneurs must meet are:
- at least 24 months of full-time and recent business experience as a business owner or a senior manager;
- minimum personal net worth of $400,000, excluding the spouse’s personal net worth;
- commitment to invest a minimum of $200,000 in a business in Hamilton; and
- commitment to create at least one permanent full-time job for a Canadian (Canadian citizen or permanent resident).
For other program criteria, please visit the TBDC website.
It is anticipated that this program will in the future extend to other parts of the Greater Toronto Area (GTA).