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A growing number of business owners in Ontario are planning to retire in the next five years and have no employee or relative waiting to take over their business. The Ontario Immigrant Nominee Program Entrepreneur Success Initiative offers them new options for succession planning.
“Immigrant entrepreneurs and internationally trained professionals bring a wealth of knowledge, global experience, new perspectives and impressive qualifications that contribute to Ontario’s economic growth,” said Achēv CEO Tonie Chaltas.
Claudia Hepburn, chief executive officer at Windmill Microlending, agrees.
“Increasing immigration numbers is essential to Ontario’s recovery post-COVID-19,” said Hepburn. “We support the government of Ontario’s innovative efforts to increase the number of skilled immigrants and improve the speed with which they can put their skills to work, whether by building businesses or filling skills shortages across the province.”
The Toronto Business Development Centre’s Entrepreneur Success Initiative
“As we continue to build back better, we want people across Ontario – no matter where they live – to find rewarding, well-paying careers in their communities,” said Ontario Immigration Minister Monte McNaughton when the Entrepreneur Success Initiative was announced in December 2021.
“Our government is working for workers and spreading the jobs and opportunities entrepreneurs bring to every corner of our province, not just our big cities.”
TBDC’s Entrepreneur Success Initiative is funded by Ontario’s Ministry of Labour, Immigration, Training and Skills Development.
The ESI is a two-year pilot program to help 100 newcomers successfully apply to the OINP Entrepreneur Stream by starting or purchasing businesses in Ontario outside the Greater Toronto Area.
The basic requirements under the OINP Entrepreneur Stream are:
- a minimum net worth of $400,000, and;
- an investment of $200,000, including ownership of at least 33 percent of the business.
Applying to the OINP Entrepreneur Stream is a two-stage process
The first step for international entrepreneurs interested in using the ESI is to contact a TBDC advisor can info@futureisontario.com.
Once that’s done, the foreign national hoping to immigrate to Canada through the Entrepreneur Success Initiative must go through a two-stage process.
In stage 1, the potential applicant must register an Expression of Interest with the OINP and, if invited, submit an online application. They then must attend a mandatory interview and, if the stage 1 application is successful, they must sign a performance agreement.
In stage 2, a temporary work permit support letter is issued by the Government of Ontario that is used to apply for a temporary work permit from the Government of Canada. Then the entrepreneur has 20 months from the day they arrive in Ontario to implement a business plan and submit a final report.
If the business meets all requirements and they are then eligible for nomination for permanent residence.
How the ESI and TBDC help
The Entrepreneur Success Initiative is a one-window, concierge-type service that includes a single point of contact for inquiries, matchmaking, referrals to business advisory vendors, mentor networking, and licensing support.
Through the ESI, TDBC offers services to help prospective immigrants and business owners connect. TDBC will:
- Identify business opportunities outside the Greater Toronto Area.
- Market those opportunities to potential international entrepreneurs.
- Support entrepreneurs interested in either establishing a business or buying an existing business outside the GTA.
- Match entrepreneurs to business opportunities.
- Help candidates create expressions of interest in high-quality applications to the OINP Entrepreneur Stream.
For Ontario business owners outside the Greater Toronto Area, looking to sell their businesses, the Entrepreneur Success Initiative under OINP, is the only immigration-based option that can source bona fide foreign buyers who want business immigration options to Canada.
Business immigration applicants destined for Ontario are encouraged to click on the link below for more information.
