The revamped Quebec Immigrant Investor Program reopened to accept 1,900 new applications on September 10 2018,.
A recent overhaul saw the Quebec immigration ministry (MIDI) increase the investment threshold and net worth requirement under the program.
The increases were the first in eight years for the QIIP.
The new program has an investment requirement of $1.2 million, up from $800,000. The qualifying net worth amount increases to $2 million, up from $1.6 million.
What Are the New Requirements under The Quebec Immigrant Investor Program?
- Legally acquired personal net worth of $2 million;
- Two years of suitable management or business experience within the five years preceding the application;
- Investment of $1.2 million into a passive government guaranteed investment for a period of five years bearing no interest;
- Intend to settle in the province of Quebec.
Created in 1986, the Quebec Investor program is the largest and most popular Canada business and investment immigration program.
The 2018/2019 application window runs until March 15, 2019.
A maximum of 1,235 applications will be accepted from China, Hong Kong, Macau and up to 665 from elsewhere. Applicants with advanced intermediate abilities in French language are not subject to quota limitations.
Since the federal government terminated its version in 2014, the Quebec program has dominated the Canada business immigration landscape.
It admits more business immigrants than all the provincial nomination programs combined, accounting for $1 billion in direct investment to the province since its inception.
What Are Quebec’s Economic Immigration Targets For 2018?
The revamped QIIP is one of a number of changes made to the immigration landscape in the province.
A new Expression of Interest system for skilled worker immigrants is also expected to launch in September.
How Does Quebec Expression of Interest Work?
- Candidates submit an online expression of interest profile to the MIDI.
- Profiles enter into an Expression of Interest pool, where they are ranked against each other and are valid for 12-months.
- Profiles will be classified in two categories: one for candidates who are living in Quebec or have a job offer and meet specific criteria, and the another for candidates living outside Quebec and meet specific criteria.
- The highest-ranking candidates will receive an Invitation to Apply (ITA) for a Quebec Certificate of Selection under the Quebec Skilled Worker Program.
- Quebec will conduct periodic draws, inviting candidates to apply for a Quebec certificate of selection (CSQ).
- Candidates receiving an invitation have 90 days to submit a full application.
- Approved candidates who receive a nomination certificate (CSQ) may then apply for Canadian permanent residence.
Meanwhile, the province also announced new conditions for the Quebec Entrepreneur Program.
Quebec Immigrant Entrepreneur Program
The Quebec Immigrant Entrepreneur Program aims to recruit individuals who have the skills and experience to operate a business in the province. The conditions to apply are different depending on the chosen stream.
This stream consists in managing a business in Quebec that the candidate created alone or with other partners (of which only 3 can be foreign nationals), with support from a business accelerator, a business incubator or a university entrepreneurship center.
To apply under this stream, the entrepreneur must control at least 25% of the shares of a new enterprise, or at least 51% of an acquired enterprise, which must have a value equivalent or higher than the funds needed to start the business project.
- Investment of 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 between of $200,000.
- A net value of $900,000 CAD legally acquired, alone with their spouse if applicable.
Under both streams, successful candidates must obtain the threshold score in the selection grid, which features criteria such as: age, education, language abilities, stays or family in Quebec, financial autonomy.
All candidates must submit their business project under the form of a business plan.
Every year, the government accepts a limited number of applications in the entrepreneur category.General Information: Contact us to receive more information about this article.
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