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INGWE had a meeting with the team of TDCB (Toronto Business Development Centre) which has been given the mandate to administer the Ontario Provincial Entrepreneur pilot program. This is one of two main entrepreneur programs in this province.
In this article, we will be breaking down this new Ontario PNP Succession Initiative and providing additional information besides the content posted online.
What is this program for? Why did they create it? What are the key differences between this program and the regular Ontario PNP Entrepreneur? Why should you care and why should you apply? – if you are eligible.
As you may already know, the program is called the OINP Entrepreneur Succession Initiative. It is administered by a business incubator in Ontario called Toronto Business Development Centre (TBDC).
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Before we jump into the key details of whether this program is useful and what you can expect from it, let’s do a quick summary of the eligibility criteria for applicants. Remember this program is only for outside the GTA (Greater Toronto Area).
The program eligibility criteria for investor applicants & entrepreneurs who want to obtain their PR inside Canada is very similar to the OINP Entrepreneur stream:
* You need minimum 2 years of business experience as a manager or owner in the past 5 years.
* Min. net worth of you and your spouse combined should be of $400,000CAD – and it will be audited by a third party.
* Applicants should invest a minimum of $200,000CAD.
* Create the equivalent of at least 1 full-time job for Canadians – at a salary that is equal to the median wage.
You can also decide to purchase an existing business in Ontario through this program, which is where the incubator (TSCB) can be useful – and besides the above criteria that we just summarized, the following eligibility of the existing business purchase is also needed:
* You need to have made at least one exploratory trip to Ontario in the past 12 months, visiting the business which you would like to purchase (this is not much different from the existing OINP Entrepreneur stream).
* The business you are planning to buy must have been in continuous operation by the same owner for the past 5 years (again this hasn’t changed from the other programs).
* Full ownership must be transferred, and the previous owner cannot remain as a shareholder.
* At least 10% of the investment amount should be made to expand the existing business (this means that if you invest $250,000 then at least $25,000 should be utilized only to expand or upgrade the business if the rest is going towards the purchase price of the existing business).
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* Identify business creation and succession opportunities in communities outside the GTA.
* Market internationally so entrepreneurs outside Canada are aware.
* Support qualified entrepreneurs who want to buy or start a new business outside the GTA.
* Match qualified entrepreneurs with business opportunities and communities based on their business, experience and interests.
* Help qualified entrepreneurs develop and submit an EOI (Expression of Interest).
* Help EOI registrants who have an ITA (Invitation To Apply) apply, develop and submit high-quality applications.
The following regions in Ontario are NOT available through this program:
* City of Toronto
* Durham region
* Halton region
* York region
* Peel region
1: Your case will be prioritized in the Ministry after you are invited and selected by the province, when you submit an actual application (this is after the Expression of Interest process).
2: They can regularly check the status of your application with the ministry while it’s under process and connect with OINP for questions (this is again after you apply and are selected/invited by the OINP – not before this stage).
3: They have a database of businesses available to you for match-making as an applicant. This is probably one of the key advantages they have.
4: They don’t charge any additional fees as they are funded by the government.
5: They can identify business regions & opportunities if you plan to start a new business inside Ontario (so a good research hub for you – like many incubators).
6: They can set up meetings for you for your exploratory trip.
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1: They will not help with any immigration matters or applications.
2: They have no experience with the PNP Entrepreneur stream – this is the first time they have been involved.
3: They will not give you detailed advice or feedback on your business plan for the Ontario PNP EOI system, where you are allocated points for your profile – they only provide high level general feedback.
4: They cannot help you after you apply on the OINP EOI and before you are invited/ selected from the pool.
5: They cannot help you after you are selected and approved for a work permit (i.e. after you arrive and actually have to start your business inside Canada).
6: They cannot give you invitation letters to do the exploratory trip.
7: They will not help you until you provide full documents to them in order to prove your qualifications for this program. The net worth is quite important for their case.
* There was only 1 Entrepreneur invited for PR in 2021 through the regular program. This program is advertised at 100 max applicants, but they won’t receive that many.
* They can accept franchise business investments as well.
* This is a relatively new pilot, so they are also trying to figure out what they’re doing and their processes (the TSCB).
* They are not immigration advisors or experts.
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The answer is simple, there is a major business succession problem across Canada. This basically means that Canadian business owners have no succession in place and not enough buyers for their businesses before retirement.
* Anyone who does not have reliable contacts to find exciting businesses inside Canada for their OINP Entrepreneur stream.
* Applicants willing to live outside the city of Toronto and start/invest in a business.
* Applicants who do not have enough points to be selected through Express Entry (i.e. they came through C10/11/12 work permits) and don’t trust to apply under the SUV program.
* Applicants who have a good chance of being able to do an exploratory trip in Canada (i.e. having a valid visa or obtaining one before you apply).
* You are unable to obtain a visa to enter Canada for an exploratory trip.
* You do not have the proper documents to prove your net worth.
* You have zero language ability in French or English.
Either way, we will guide our own clients if they choose to go through this route and we also plan to use TBDC and introduce our eligible clients to them as a local guide for business succession in Ontario.
If you plan to reside in Ontario and start or invest in a business to obtain your PR, you’re at the right place. Our team can support your application from start to PR! Get a free email assessment, click here.
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