The Entrepreneur Stream of the OINP, which is specifically for international entrepreneurs who wish to receive support in identifying business opportunities to buy or set up a business in Ontario, is gaining popularity among Indian entrepreneurs
The Canadian province of Ontario is home to the country’s capital Ottawa as well as its financial and commercial hub Toronto. While the Ontario government’s immigrant nominee programme, that recognises and nominates people with skills and experience for permanent residence in partnership with the government of Canada is a big draw for Indians; the Entrepreneur Stream within the Ontario Immigrant Nominee Program (OINP) has created a pathway to permanent residency for high net worth individuals (HNIs).
The Entrepreneur Stream of the OINP, which is specifically for international entrepreneurs who wish to receive support in identifying business opportunities to buy or set up a business in Ontario, is gaining popularity among Indian entrepreneurs.
Vikram Khurana, a Canadian entrepreneur and chairperson of Toronto Business Development Centre (TBDC), a prominent business incubator that nurtures new and emerging businesses in the Greater Toronto Area, speaking to the Times of India said that “this programme features business support and allows permanent residency and is directed towards Indian entrepreneurs, among others. The government of Ontario offers various programmes and incentives to support businesses. The entrepreneurs get an opportunity to tap new markets, capital, and talent; as Canada has a vibrant technology ecosystem that will benefit increased economic activity, exports, and job creation”.
The basic requirements of OINP, Entrepreneur Stream, are a minimum net worth of $400,000 and an investment of $200,000 in an existing business that will ensure the Ontario ownership of at least 33% of the business. It also allows international entrepreneurs with the right skills and experience to apply for a nomination for permanent residence in Ontario.
“We are seeing a large number of migrants coming to Canada who have realised that Canada has a huge market – about 10 times the size of the Canadian population – right next door. If an entrepreneur has customers in New York, they can operate from Toronto. This is typically a nearshore model.”
— Vikram Khurana, Canadian entrepreneur and chairperson of Toronto Business Development Centre
However, high net worth individuals need to have a minimum net worth of $800,000 if their proposed business or startup will be in the Greater Toronto Area (GTA) and outside the GTA, the minimum net worth is $400,000. If their proposed business is in either ICT or digital communications, the minimum net worth must be $400,000 anywhere in the province. If individuals invest at least $600,000 in already established businesses in Ontario, they will be able to own at least 33 per cent if the business is in the GTA. If they invest in an established business that is outside GTA, then they need to put in at least $200,000 to own at least 33 per cent. The OINP Entrepreneur Success Initiative (OINP-ESI) has mainly been launched with the aim of welcoming 100 international entrepreneurs to establish and grow businesses across the province, outside of the Greater Toronto Area, and drawing an investment of $20 million.
“The OINP-ESI is attracting many Indian entrepreneurs and is a great opportunity for immigrants looking to settle in Canada as it supports those interested in either establishing a business or buying an existing one or identifying business opportunities within Ontario and more specifically outside of the Greater Toronto Area,” Khurana said.
He also pointed out that for “Indian entrepreneurs it will be prudent to have a minimum net worth of $400,000 or to invest $200,000, in an established business that will ensure ownership of at least 33 per cent of the business. A strong global startup ecosystem, such as Canada, offers Indian entrepreneurs the opportunity to scale rapidly if they exercise rigour in optimising their resources, technologies, and cost structures through the Entrepreneur Stream” Khurana said. He mentioned: “We are seeing a large number of migrants coming to Canada who have realised that Canada has a huge market – about 10 times the size of the Canadian population – right next door. If an entrepreneur has customers in New York, they can operate from Toronto. This is typically a nearshore model,” Khurana said.
*********************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com
