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The province of Quebec has announced the new quotas and application intake periods for its Investor, Entrepreneur and Self-Employed Worker immigration programs.
The Quebec Immigrant Investor Program will open from September 10, 2018, to March 15, 2019, to 1,500 applications. This number includes a quota of 1,235 applications from entrepreneurs in China.
Interested investors who can provide Quebec government-approved test results showing an advanced intermediate proficiency in French are exempt from the quota and application time frame.
Among other criteria, applications to the Quebec Investor Program will have to meet the revised net assets and investment thresholds of CAD $2 million and CAD $1.2 million, respectively, that come into effect August 2.
The previous requirements were net assets of CAD $1.6 million and an investment of CAD $800,000.
Quebec will accept 25 applications through the new Component One of its Entrepreneur Program and another 35 applications through Component Two between August 15, 2018, and March 31, 2019.
The criteria for the new components come into effect August 2.
Interested entrepreneurs who can provide Quebec government-approved test results showing an advanced intermediate proficiency in French are exempt from the quota and application time frame.
Component One is focused on startups supported by a business incubator / accelerator or university and Component Two is dedicated toÂ owner-funded and operated businesses.
Under Component One, Quebecâ€™s Immigration Ministry (MIDI) will consider entrepreneurs who, among other criteria:
- Have a passing score under Quebecâ€™s Economic Class selection grid.
- Settle in Quebec to operate an enterprise that the entrepreneur creates, alone or with other persons, and that has received an offer of service from an enterprise accelerator, an enterprise incubator or a university entrepreneurship centre.
Component Two focuses on the operation of an enterprise that the immigrant entrepreneur creates or acquires.
Among other criteria, a foreign entrepreneur applying under this component is required to:
- Hold and control, alone or with the accompanying spouse or de facto spouse, at least 25 per cent of the equity of the enterprise he or she creates or at least 51 per cent of the equity of the enterprise he or she acquires. The value of that participation must be equal to or greater than the amount that must serve to start up the business project;
- Manage the enterprise himself or herself or participate actively as an associate in the management and daily operations of the enterprise;
- Provide a start-up deposit of $300,000 if the candidate wants to settle the business in Montreal and $200,000 if the candidate wants to settle the business outside the metropolitan region of Montreal;
- Obtain a passing score under the Entrepreneur program selection grid;
- Have at least financial resources of $900,000.
A key change between Component Two and the Entrepreneur programâ€™s former requirements is candidates will now have to pay aÂ performance guarantee deposit of $200,000 that is refundable if certain conditions are met.
Quebec will accept 50 applications through its Self-Employed Worker Program between August 15, 2018, and March 31, 2019.
Interested applicants who can provide Quebec government-approved test results showing an advanced intermediate proficiency in French are exempt from the quota and application time frame.
As of August 2, candidates accepted through the program will be required to have a minimum ofÂ CAD$100,000Â in net worth.
Candidates who will be based in Montreal also will have to register a start-up deposit ofÂ $50,000 or more at a local financial institution, among other requirements.
The start-up deposit for candidates based in regions outside of Montreal must be at least $25,000.
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First published at https://www.cicnews.com/2018/08/quebec-announces-new-quotas-application-dates-for-business-immigration-programs-0810980.html