ATTN Entrepreneurs: The New Entrepreneur Pilot Program Will Help You Start A Business in Ontario
Publié le 24 June 2022
The Entrepreneur Pilot Program will help 100 qualified international professionals start a business in Ontario.
The government of Ontario is looking to recruit 100 entrepreneurs from around the world to move to Ontario and start new businesses. Part of a $12 million expansion to the ONIP program, the government will now partner with the Toronto Business Development Centre to select qualified entrepreneurs who apply to this program. The goal of the Entrepreneur Pilot Program is to encourage entrepreneurs to establish viable businesses that serve specific segments of the Ontario economy, create jobs in their communities and generate at least $20 million worth of investments in the province.
“Our government is working for workers and spreading the jobs and opportunities that entrepreneurs bring to every corner of our province, not just our big cities.”
–Monte McNaughton, Minister of Labour, Training and Skills Development
What is OINP?
The Ontario Immigrant Nominee Program (OINP) is the provincial program designed to facilitate the immigration of people into Ontario for economic and employment reasons. Those who qualify based on specific skills, abilities and requirements can be eligible for expedited immigration and permanent resident status. It allows qualified people to settle in Ontario and use their skills to build successful careers and become part of their local communities.
Part of the OINP is to recruit skilled international workers with skills in specific sectors, including healthcare, trucking, computer programing and web development. Given Ontario’s booming tech sector, it makes sense that both the OINP and the Entrepreneur Pilot Program both aim to find skilled professionals qualified to work in this sector.
Thinking Toronto? Think Again
Toronto and the GTA is the most popular destination for people moving to Ontario. In fact, 35% of all newcomers to Canada settle in the Greater Toronto area, which equates to almost 120,000 people in a single year. Given that Toronto is the fourth largest metropolitan area in North America — the twelfth largest in the entire Western Hemisphere — and is responsible for 20% of Canada’s GDP, there are certainly economic opportunities in the city. For entrepreneurs looking to participate in the Ontario Entrepreneur Pilot Program however, it may make more sense to consider opportunities outside the GTA.
Given the sheer number of businesses in Toronto, entrepreneurs and aspiring small business owners will likely face less severe competition in other areas of Ontario. This stability can help new small businesses get on their feet, establish a strong customer base and start on a path to continued growth and success as part of the community.
The Requirements
People seeking to join the Ontario Entrepreneurial Pilot Program must be certain specific requirements, including:
- Create a viable business that is “likely to provide economic benefit to the economy of Ontario”
- A minimum of 24 months of full-time business experience in the last 60 months (5 years)
- Experience as a business owner or in a senior manager role with decision-making responsibilities
- Play an active role in day-to-day business operations and major decisions
- Must own at least one-third of the business
- Any business partners who are foreign nationals must also meet eligibility requirements
- Provide supporting documents that confirm you meet all eligibility requirements
Financial Requirements
Per the financial requirements of the Entrepreneur Pilot Program, it is actually more expensive for those looking to start a business in the GTA, Durham, Halton, York and Peel regions compared to other communities in the province. These financial requirements are as follows:
Net Worth – your personal network must be a minimum of:
- $800,000 to start a business in the GTA
- $400,000 to start a business outside the GTA
- If your business is in the IT or digital communication sectors, you must have a minimum net worth of $400,000 anywhere in the province
Personal investment Equity – your must invest a minimum of your personal funds in your business, totalling:
- $600,000 for businesses in the GTA
- $200,000 for businesses outside the GTA
- If your business is in the IT or digital communication sectors, you must have a minimum personal investment of $200,000 and minimum personal ownership stake of 33% anywhere in the province.
Not Every Business Type Is Eligible
It’s important to note that not all types of businesses are eligible to be part of the Entrepreneur Pilot Program. Aspiring entrepreneurs and business owners cannot be considered for the program if they intended to start specific companies, including:
- Car washes
- Laundromats
- Pawnshops
- Payday loan lenders
- Gas stations (GTA only)
- Holding companies
- Businesses owned or operated by other nominees of the OINP
Creating New Jobs
The goal of the Entrepreneur Pilot Program is to help launch new businesses which will stimulate job growth and create new jobs in the province of Ontario.
For those seeking to start a business in the GTA, their business is required to employ a minimum of two permanent and full-time job roles for Canadian Citizens/Permanent Residents. If the business in the information technology and digital marketing sector is to be started outside of the GTA, there must be a minimum of one permanent and full-time job roles for Canadian Citizens/Permanent Residents. The people working in these jobs must be paid the minimum wage in the province of Ontario.
By supporting successful businesses which create jobs in the community, the goal is to stimulate economic growth throughout the province.
Entrepreneurs Apply
Are you an entrepreneur? Then you should consider applying for the Entrepreneur Pilot Program in order to start a business in Ontario. For qualified and skilled professionals, it offers the potential for a hundred new businesses, increased economic investments and new jobs in the community. It is a chance for entrepreneurs, employers and job seekers to work together to provide new opportunities throughout the province of Ontario.
