Quebec Immigration unveiled some key changes to Quebec’s Immigrant Investor, Entrepreneur, and self-employed worker programs which will be effective from 2nd August 2018. New or higher capital investment requirements are among the modifications for all three programs of Quebec.
Candidates applying for the QIIP, the Quebec’s popular Immigrant Investor Program will have to meet higher investment and net asset requirements, from now onwards. Previous requirements were an investment of CAD $800,000 and net assets of CAD $1.6 million. These requirements are now rising to net assets of CAD $2 million and investment of CAD $1.2 million respectively.
A total of 1,900 applications were received for QIIP during recent intake period 1st April 2017 to 31st March 2018.
The investment must be for a 5-year term and the agreement must be through a financial intermediary authorized for participating in QIIP.
Now the new applications are suspended till 15th August as some backlogs of applications need to be clear to all three immigration programs of Quebec.
10th September 2018 is the expected new intake period for 1,900 applications.
Entrepreneur Program Changes
Quebec Immigration will introduce some important changes to its Entrepreneur program. It’s now suspended till 15th August and a new intake period will be announced in the coming weeks.
The new change will alter the two components of entrepreneur’ selection. One will focus on the startups that are supported by a business university/accelerator and the 2nd one will focus on operated and owner-funded businesses.
Under the 1st component, MIDI, the Immigration Ministry of Quebec will select the entrepreneurs who:
- Have passing score under the selection grid of Quebec’s Economic Class.
- Is settled in Quebec to operate an enterprise that is created by entrepreneurs alone or with other people, and has received an offer of service from an enterprise incubator, accelerator, or a university entrepreneurship center.
Under the 2nd component, MIDI will select the foreign entrepreneurs who:
- Manages the enterprise and actively participates as an associate in daily enterprise’s operations and management.
- Have at least $900,000 as financial resources.
- Must have a passing score under the Entrepreneur Program selection grid.
- Should provide startup deposit of $200,000 if the candidate wants to settle down business outside of the metropolitan region of Montreal, and $300,000 if in Montreal.
- Should hold and control the 25% of the equity of the enterprise created by him/her or at least 51% of the equity of the enterprise acquired by him/her. This participation value must be greater or equal to the amount that must serve to start up the business project.
As per the latest change in the last component and the current Acquisition of a business, the candidates now have to pay a performance guarantee refundable (on certain conditions) deposit of $200,000 or $300,000.
Changes in Self-Employed Worker Program
As per the Quebec immigration changes in self-employed worker program, the candidates based on Montreal must have to register a start-up deposit of $50,000 or more at a local financial institution and must deposit $25,000 if the based on outside of Montreal.
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