Quebec Premier Francois Legault declared the Quebec Immigrant Programs. However, there will be some crucial updates in Quebec’s Business Immigration Program. Interestingly, it includes the Quebec Immigrant Investor Program!
The most noticeable change in Quebec’s immigration programs is that it will be making it compulsory for all of the province’s economic immigration applicants to have solid oral French skills before they apply.
Interestingly, the Quebec Immigrant Investor Program changes will affect investors, self-employed workers, and entrepreneurs. Therefore, principal candidates who fall into these categories must also know oral French.
Quebec’s government asserts that the current proportion of workers who know French is really low. Moreover, it believes in making the language a requirement to promote the integration of immigrants into the province’s business community. This will make it simpler for applicants to contribute to the economy of Quebec.
The Quebec Immigration Investor Program is presently closed to new candidates. It was suspended in 2019 & was supposed to open in April 2023. However, it was announced last year in March that the program would stay closed until the month of January 2024.
What Are The Other Significant Changes?
A newsletter released by AURAY Capital summarizes the changes in the Quebec Immigration Investor Program as follows:
- Unchanged Criteria
- Have a net worth of C$2 million
- Have obtained at least 2 years of experience in management in the 5 years preceding the application submission
- New/ Modified Criteria
- Showcase minimum proficiency in Spoken French corresponding to Level 7 on Échelle québécoise des niveaux de compétence en français des personnes immigrantes adultes.
- Get a diploma before the submission date of the application arrives. However, this must correspond in Quebec to a secondary school diploma.
- Have been issued a work permit following MIFI’s notice of intent to obtain/ issue a selection certificate.
- Within two years of issuing the work permit, the applicant must have lived in the province for at least six months. In addition, the applicant’s spouse must also have resided in the region for six months.
- Create a five-year risk-free acquisition at 0% interest of C$1 million with IQ Immigrants Investisseurs Inc., and make a non-refundable monetary contribution of $200,000. This is done via a financial intermediary within 120 days of the acceptance decision.
Quebec’s Business Immigration
Established in 1985, the Quebec Immigration Investor Program is Canada’s only passive investor program.
Business Immigration in Quebec benefits high-income people who can help create jobs & contribute to the economy. The investor immigrants in the Quebec Immigration Investor Program can also apply for permanent accommodation in return for an interest-free credit/ loan of $1.2 million. Moreover, the loan is guaranteed to be repaid within five years & applicants aren’t expected to manage a business.
Applicants must have two years of full-time management experience in a particular industry, like commercial, agriculture, industrial, or government/ international agencies. The company wherein the candidate gained experience does not have to be profitable.
On the contrary, entrepreneurs in Quebec are expected to manage their businesses actively. There are two streams for entrepreneurs. The first stream focuses on new companies/ startups established in Quebec with the help of business incubators/ accelerators or universities.
The second stream focuses on owner-funded & operated businesses.
For all entrepreneurship programs in Quebec, applicants need to complete a business project as a part of their application. After that, the next project will be accessed, and the candidate can then attend the selection interview.
All entrepreneurship applicants in Quebec must exhibit their intentions to live in the province.