How to immigrate to Ontario as an Entrepreneur?
The Ontario Provincial Nominee Program (Ontario PNP) for Entrepreneurs allows you to setup a business and immigrate to Ontario. This program is for entrepreneurs who have a solid business proposal and no other alternatives to obtain Canadian permanent residency.
Requirements for Provincial Nomination Process (PNP) for Entrepreneurs:
You should have a business proposal;
You will need to wait to be selected by the Province (note: Ontario PNP is a point-based system);
If and when selected, you will need to have your net worth assessed by an accounting firm;
You or an immigration lawyer will submit your complete application package to the immigration authorities;
You will attend an interview;
Arrive to the province of Ontario and manage the business for at least 18 months;
Apply for permanent residence
When reviewing the application immigration authorities will be looking at all the factors, including your age, years of experience, level of education, language level, your net worth, your investment and business idea.
If you are interested in this province, however, would prefer to invest the minimum amount, you must settle outside the Greater Toronto Area (GTA), have a net worth of at least $400,000 CAD and be ready to invest at least $200,000 CAD into the business within 20 months after arrival to Ontario.
You can open a new business or buy an existing one.
If you buy an existing business, you first need to come to Ontario to see the business. Due to pandemic, business visitors are currently not allowed to Canada.
You can include in your application yourself, your spouse and dependents below 22 years of age.
If you are planning to apply with your business partner, she/he must also meet the same requirements (same net worth, investment, etc).
If the application is approved, you and your family members will receive:
You will obtain a 2-year validity work permit
Your spouse will obtain an open work permit valid for 2 years allowing him/her to work in Canada
Your children will obtain study permits or visitor records (depends on their age) which will match the validity of your work permit
Once your business proposal has been accepted, you must provide financial documents to demonstrate your source of funds and total net worth (properties and spouse’s assets can be included in the net worth)