Ontrario Construction News staff writer
The Ontario government today has announced a plan to recruit 100 international entrepreneurs to start or grow businesses in regions outside of the Greater Toronto Area.
“We are spreading jobs and opportunities to every corner of Ontario, not just in Toronto,” said Labour Minister Monte McNaughton. “Immigration . . . is a key economic driver of Ontario’s growth. It’s a crucial tool that we can use strategically to fill labour market gaps and spur further job creation in places that need it the most.”
“We want people across Ontario – no matter where they live to find rewarding, well-paying careers in their communities.”
The program will be funded through the Entrepreneur Stream of the Ontario Immigrant Nominee Program and will target information technology, life sciences and tourism sectors while bringing new investments to cities and towns often overlooked by entrepreneurs.
Each entrepreneur will be required to invest a minimum of $200,000 into their business – generating at least $20 million for Ontario’s economy, McNaughton said. The project will prioritize applications from entrepreneurs looking to start or grow their business outside of the GTA, especially in communities hit hard by job losses resulting from COVID-19.
In 2021, over 100,000 immigrants have been granted permanent residency status by the federal government. Only 8,600 were nominated through the Ontario Immigrant Nominee Program. To better fill critical labour shortages and drive economic growth, Minister McNaughton has called on the federal government to double Ontario’s allocation in 2022.
Through the entrepreneur project, applicants will be able to be nominated for permanent residence once their business has been operating in Ontario for 18-20 months.
Ontario has again requested the federal government to double its current nomination allocation for 2022 to support economic growth and drive new jobs and investment to the province.
“Communities across Ontario are looking for investment, and immigrants are looking for opportunities. Through Build Ontario, our government is working to bridge the gap between the two,” said Peter Bethlenfalvy, Ontario minister of finance.
The Ontario Immigrant Nominee Program is the province’s economic immigration program. It works in partnership with the Government of Canada through Immigration, Refugees and Citizenship Canada.
The OINP recognizes and nominates people for permanent residence who have the skills and experience the Ontario economy needs, and the Government of Canada makes the final decision to approve applications for permanent residence.