EB2 NIW Business Plan vs. Ontario Business Plan: Different Yet Similar
Are you vetting your options of immigrating to the United States or Ontario, Canada on a business visa? If yes, then you must know that irrespective of the different immigration policies, an EB2 NIW Business Plan or Ontario Business Plan is a necessity to make it work. EB2 Nation Interest Waiver Business Plan EB2 NIW (National Interest Waiver) is a second preference immigrant visa for foreign entrepreneurs. National interest is a significant aspect to get the labour certification and valid job offer exempted to apply for EB2 NIW visa. Here are enlisted the eligibility criteria for an EB2 NIW visa, of which the applicant must meet at least 3 – · A degree or diploma or certificate to prove your educational qualification from a recognized college or university. · Proof of exceptional abilities in the field of Science, Arts and Business. · A license or certificate allowing to practice the profession you are in. · A minimum of 10 years of full-time work experience in the chosen profession. · Acknowledgement of your contributions and achievements in the related field. Therefore, a well-written EB2 NIW business plan should emphasize on the successful track record of the foreign entrepreneur while shedding light on how the proposed endeavour will benefit the US economy and its people. The substantial merit of the venture in consort with the financial ability to develop it in the US is of utmost importance.
Ontario Business Plan On the other hand, Ontario being the industrial hub of Canada offers enormous opportunities to budding entrepreneurs. Ontario Immigrant Nominee Program (OINP) is one such category that allows foreign entrepreneurs seeking to start a new business or purchasing an existing one to apply for permanent residence. A well-structured Ontario Business Plan is critical to apply for OINP entrepreneur stream wherein the minimum requirement includes – · A feasible business idea that can positively impact the local and Ontario economy as a whole by making profit and creating employment opportunities. · Documentation to prove academic qualifications. · Minimum 2 years of progressive work experience as a senior manager or business owner in the last 60 months. · Personal net worth of minimum CAD 800,000 within GTA (Greater Toronto Area) while CAD 400,000 in case of outside GTA. Of this personal net worth, you must make an investment of at least CAD 600,000 and CAD 200,000 within GTA and outside GTA respectively. · Active involvement in the business on day-to-day basis. Different yet Common grounds Despite having different eligibility criteria for EB2 NIW and OINP visa applications, both have a common modus operandi. Both EB2 NIW business plan and Ontario business plan focuses on · Positive impact of the proposed venture on the country’s economy. · Creating ample job opportunities for locals and employing citizens or PR on permanent full-time positions. · Meeting the median wage level of the country or province. Besides this, a winning business plan meticulously covers the business idea, its mission & vision, ownership structure, products or services, competition, marketing strategy and financial projections. In other words, the EB2 NIW Business Plan as well as the Ontario business plan must provide in-depth and thorough information on the core requirements. Therefore, it is always recommended to take the help of a professional with expertise in writing business plans. These professionals are adept in crafting complex business plans in simplified manner to turn the table for success.