Bring Your Business Experience to Ontario
Are you an entrepreneur who now lives outside of Canada? Thinking of starting a new business or buying one in Canada? You may have a chance for you and a partner to be nominated for permanent residency in our country. Each province has their own requirements, and Ontario especially welcomes new businesses and those who want to live here permanently.
Why start a business in the Toronto area? As the capital of Ontario, starting a business in the Toronto area will put you near the resources that you might need. It is the business and financial centre of Canada as well as the most populous city. Did you know that 70% of the small and medium sized businesses in Canada have a base in Ontario?
Toronto is a top ten global financial centre. The GDP of Toronto outpaces the Canadian average by a significant amount. New sectors of growth include med-tech, green-tech and food-tech, while technology, life sciences and green energy all play and important role. Added to that is fashion and design and food and beverage as well as film and television production and music and digital media.
Ontario wants to support new businesses begun by those who are now outside of Canada. If you have business experience, you may be able to provide valuable economic benefits to the economy where the business is located. Moreover, you can bring a business partner with you to help establish your new venture. Both you and your partner must meet the eligibility requirements and have the necessary business experience. You will be welcome in Canada under the Ontario Entrepreneur stream.
What Kind of Business Experience Is Needed?
You must have, at a minimum, 24 months of full-time business experience. This will span over the last 60 months. Moreover, you must have experience as a business owner or senior manager. Playing an active role in the business, you must have owned at least one-third of that business. If you were a senior manager, you should have experience with decision-making at the senior level.
How Much Money Is a Requirement?
If your location will be in Toronto, Durham, Halton, York or Peel, you must have a minimum net worth of $800,000 CDN. On the other hand, if you plan on a business outside of the Greater Toronto area, your minimum net worth must be $400,000 CDN.
For those planning a business in the digital communications or information technology sector, you must have a minimum net worth of $400,000 CDN, This is regardless of where your business is located.
Is There a Minimum Equity and Personal Funds Requirement?
If you business will be in the Greater Toronto Area, your personal investment must be a minimum of $600,000 CDN. You must also need to control at least one-third of the business equity.
If your business is part of the technology and digital communications sector, wherever you live, you must make a minimum personal investment of $200,000 CDN. You must also control at least a third of the business’s equity. In addition to this, you must actively be involved in the business.
Your Purpose Is Important
Investing capital in the business has one primary goal; that is to make a profit. This investment must not be for capital gains or deriving interest or dividends.
Your Business Will Create Jobs
Inside of the Toronto area, you must create at least two full-time jobs for permanent residents or citizens of Canada. However, if your business is located outside of the Greater Toronto area or is involved with information technology or digital communications, you must create at least one full-time job for a Canadian citizen or permanent resident.
The jobs must be created within the first 20 months of the establishment of the business or your acquisition of the business. These jobs must be filled on a continuous basis and pay employees the median wage.
If You Purchase an Existing Business
If you plan to purchase a business that already exists, you must make at least one trip to Ontario that is business-related; this must be within 12 months of your Expression of Interest. There are other requirements that you must meet if you are purchasing a business, including transfer of ownership.
What Are Some Popular Start-up Businesses in Toronto?
If you are thinking of a new business in Toronto, there are many reasons to choose this city. The quality of life and innovation help put this city near the top of the business rankings. According to Startup Genome, Global Startup Ecosystem Report in 2019, Toronto’s startup ecosystem is the largest in Canada and ranks in the top 20 most active startup scenes in the world.
In addition to the industries mentioned above, there are many opportunities for small and medium size businesses. The following are some small business opportunity ideas that may be start-ups in Toronto.
Gluten-free bakeries and restaurants
Making healthy food choices has become the path for many people. Restaurants offering a menu of foods that do not contain gluten are the preferred choice of some. A bakery or restaurant is one of the best businesses that you can start.
Babysitting and daycare service
With many working parents in Toronto, a trusted daycare service will begin generating income from the start. Young children as well as babies can benefit from reliable and loving care.
Your business would be helping people get treatment at fair prices to make healing easier. You would be assisting in negotiation, patient counseling and arbitration.
These are just some of the businesses that may be start-ups in the Ontario area.
Want to learn more about immigration through the entrepreneur stream in the Toronto area? As a certified immigration consultant, Safe Haven Immigration Consulting can answer your questions, advocating for you with responsive and dedicated service. Our professional experts can help you with making Canada your permanent home. Bringing or starting up your business in Ontario is just one of the pathways where we can help.