2019-10-30 – The Quebec provincial government has moved to suspend the intake of new applications for its popular Quebec Immigrant Investor Program.
In regulations published in the Official Gazette on October 30, the province has suspended receiving new applications from November 1, 2019, until June 30, 2020. It does not affect applications submitted prior to November 1st.
The move gives prospective candidates intending to submit new applications, time to prepare their Quebec Investor applications for submission when a new intake period opens.
Meanwhile, the Quebec government has also announced the number of applications it will receive under the Quebec Entrepreneur Program.
Between November 1, 2019, and September 30, 2020, the province will accept 25 applications under the first stream of the program, and 35 under the second stream.
The first stream is aimed at candidates who which to create a business in Quebec, while the second stream targets those wishing to buy an existing business. More detailed requirements can be found later in this article.
Quebec Immigrant Investor Program: Primary Requirements
- Demonstrate a personal net worth of at least $2 million legally acquired through conducting business or holding a high-level management position in a private company, government or NGO.
- Having owned and operated a business for two years in the previous five years, OR
- Having held a high-level management position for two years in the previous five years in a private company, government or NGO.
- Invest $1.2 million in a passive government guaranteed investment for a period of five years and receive no interest. Applicants may finance their investment.
The most application window for the QIIP opened on September 10, 2018, and closed on August 31, 2019. The Quebec government set a quota of 1,900 applications to be received.
This included 1,235 applications from China and Macau and up to 665 from elsewhere. Applicants with advanced intermediate abilities in the French language are not subject to quota limitations.
In July 2018, Quebec moved to increase investment and net worth requirements for the first time in nearly 9 years.
The changes saw a new investment requirement of $1.2 million, up from $800,000. The qualifying net worth amount increased to $2 million from $1.6 million.
Quebec Immigrant Entrepreneur Program: Primary Requirements
The Quebec Entrepreneur Program aims to recruit individuals who have the skills and experience to operate a business in the province. The program has been revamped in 2018 and is now operating under two streams:
- First stream consists of creating a business in Quebec with support from a business accelerator, a business incubator or a university entrepreneurship center.
- Second stream consists of creating or buying an existing business, of which the entrepreneur must control at least 25% if it’s a new enterprise or at least 51% 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 CAD, alone with their spouse if applicable.