The Quebec Entrepreneur Program will no longer require start-up and security deposits under stream 2 for candidates who have already submitted applications, under Quebec government plans.
Provincial Immigration Minister Nadine Girault outlined the plan in a draft regulation published in the Gazette officielle du Quebec on Wednesday December 9, 2020.
The move would mean candidates would no longer be required to have start-up funds and deposits totalling up to $500,000.
Under the current terms of stream 2 of the Quebec Entrepreneur Program, candidates must invest starting funds of $200,000 for a business outside Montreal, or $300,000 in the Montreal area. A minimum guarantee deposit of $200,000 is also required.
Intake of new applications under stream 2 of the Quebec Entrepreneur Program is currently suspended until November 1, 2021.
The new change is aimed only at those with applications already in the system.
What is the Quebec Immigrant Entrepreneur Program?
The Quebec Entrepreneur Program aims to recruit individuals who have the skills and experience to operate a business in the province. The program operates two streams:
For candidates creating a business in Quebec with support from a business accelerator, a business incubator or a university entrepreneurship centre.
For candidates creating or buying an existing business. The candidate must control at least 25 per cent if it’s a new enterprise, or at least 51 per cent of an acquired enterprise.
Under the second stream, the entrepreneur candidate must invest starting funds of $200,000 for a business outside the metropolitan area of Montreal, or $300,000 for a business located in the metropolitan area of Montreal. A minimum guarantee deposit of $200,000 is also required, as an assurance and might be returned upon realization of the business project.
The candidate must prove that they have legally acquired a net value of $900,000, alone or with their spouse if applicable.General Information: Contact us to receive more information about this article.
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