Changes to the Ontario Immigrant Nominee Program: Say Hello to the Corporate and Entrepreneur Streams
On October 29, 2015, the Ministry of Citizenship, Immigration and International Trade announced the closure of the Ontario Immigrant Nominee Program (OINP)’s Investor Component.
New applications under the OINP Investor Component will no longer be accepted; however, applications received on or before October 29, 2015 will not be affected and will continue to be processed under the current Investor Component criteria as it existed at the date of the application.
The Ministry is introducing two new OINP business streams: Corporate and Entrepreneur.
The Corporate Stream supports international corporations looking to expand into Ontario or buy an existing business. To qualify, corporations must invest a minimum of CAD $5,000,000 in a new or existing business.
The Entrepreneur Stream is designed to support individuals looking to implement a new business initiative or buy an existing business in Ontario. In order to be eligible, individuals are required to make a minimum investment of CAD $500,000 and must demonstrate a minimum net worth of $800,000.
For more information on these programs, including full eligibility criteria, contact our office today.
A cautionary note
The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.