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Quebec Immigrant Investor Program (QIIP)

Canada immigration : Significant Changes To The Quebec Immigrant Investor Program (QIIP)

29 March 2018

Canada immigration : Significant Changes To The Quebec Immigrant Investor Program (QIIP)

How can I immigrate to the province of Quebec – Canada in 2018


The province of Quebec has a number of business immigration programs, some which allow candidates to pursue Canadian permanent residence (Canadian PR) and some which allow candidate to apply for temporary residence in Canada ( TRV) .




Quebec Immigrant Investor Program (QIIP)

The Quebec Immigrant Investor Program, or QIIP, is the only passive investment program offered by a Canadian province that can result in a Canadian permanent resident visa (Canadian PR)  . This investor program is pretty popular, and quotas generally fill fast. In 2017 the program had a quota of 1,900.

Quebec Immigration proposes Significant Changes to its popular QIIP 2018 

On March 28th , 2018 , the Province of Quebec published new regulations related to Quebec’s immigration programs, including the Quebec Immigrant Investor Program (QIIP).
 
Changes increase net assets and investment requirements

The Quebec immigration department is set to announce significant changes to a number of its programs, including the Quebec Immigrant Investor Program (QIIP) , Quebec Entrepreneur Program and Quebec self employed program . Important changes to the Quebec Immigrant Investor Program (QIIP) include the following:
  • Candidates must have, whether alone or with the accompanying spouse, net assets of at least CAD $2,000,000 whose lawful origin must be demonstrated; and
  • Make a five-year term investment of CAD $1,200,000 with a subsidiary of Investissement Québec for which the foreign national has entered into an investment agreement with a financial intermediary authorized to participate in the program. 
Other eligibility requirements include being over 18 years of age, having management experience, intending to settle in the province of Quebec and obtaining a passing score under Quebec’s points system.
During the most recent intake period, financing for the investment was available from financial intermediaries.

QIIP Existing Requirements
  • Legally acquired personal net worth of CAD $1,600,000 ;
  • Two years of suitable management or business experience within the five years preceding the application;
  • Investment of CAD $800,000 into a passive government guaranteed investment for a period of five years bearing no interest;
  • Intend to settle in the province of Quebec.

Quebec Entrepreneur Program 2018
 
There are also plans to launch new programs aimed at entrepreneurs and self-employed persons. For interested candidates who now cannot qualify for QIIP 2018 because of these changes, the good news is that Quebec also announced new eligibility criteria for other non-passive program, including the popular Quebec Entrepreneur Program category.

The Government of Quebec is proposing a series of updates to its Entrepreneur immigration Program.

The changes would amend the two components through which entrepreneurs will be selected into one focused on startups supported by a business incubator/accelerator or university and the other on owner-funded and operated businesses.
Under the first component, Quebec’s Immigration Ministry, the Ministère de l’Immigration, et de la Diversité et de l’Inclusion (MIDI), would select entrepreneurs who:
  • Have a passing score under Quebec’s Economic Class selection grid.
  • Settle in Québec 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.
The second component concerns the operation in Québec of an enterprise that the foreign entrepreneur creates or acquires. Under this component, MIDI will select a foreign entrepreneur based on the following criteria:
  • Holds and controls, alone or with the accompanying spouse or de facto spouse, at least 25% of the equity of the enterprise he or she creates or at least 51% 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;
  • Manages the enterprise himself or herself or participates actively as an associate in the management and daily operations of the enterprise;
  • The enterprise does not carry out a restricted economic activity;
  • Provides a start-up deposit and performance guarantee security deposit; and
  • Obtains a passing score under the Entrepreneur program selection grid.
A key change between this last component and the current Acquisition of a business in Quebec component is candidates would now have to pay a performance guarantee deposit that is refundable if certain conditions are met.
Quebec has not yet detailed the financial requirements, such as the deposit or net worth required of applicants to the Entrepreneur program

What are your Canadian immigration options?

 
It is projected that the above regulations will be implemented in August 2018.  Until that time, Quebec Immigration will not be accepting any new applications. The quota, however may still be reached quickly so interested applicants will need to be prepared.

For more information regarding the Quebec Immigrant Investor Program, please contact our offices directly.

Read more news about Canada Immigration by clicking here.

Find out whether you qualify to Canada by completing our free on-line evaluation. We will provide you with our evaluation within 24-48 business hours.
 

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