Quebec Immigrant Investor Program will re-start in January 2024, according to Premier Francois Legault.
Francois Legault, the premier of Quebec, recently unveiled several planned modifications to the province’s immigration policies. The Quebec Immigrant Investor Program and other business immigration programs in Quebec will see some substantial adjustments. The most important adjustment to Quebec’s economic immigration program will be the requirement that all applicants for economic immigration must possess excellent oral French proficiency.
Investors, business owners, and independent contractors would be impacted by the changes to business-class immigrants. For those who qualify, oral French proficiency will be a requirement for principal applications.
According to Quebec’s government, there are now extremely few workers that can speak French well. Additionally, it thinks that making French a prerequisite will facilitate immigrants’ assimilation into Quebec’s business sector and make it simpler for them to support the province’s economy.
New applications are not presently accepted into the QIIP. It was expected to start in April 2023 but was put on hold in 2019. But it was revealed in March last year that the program would be shut down until January 2024.
What are the changes in the Quebec Immigrant Investor Program?
AURAY Capital summarized the QIIP adjustments in a newsletter they published:
Unchanged standards:
- Have accumulated a minimum management experience of two years within the five years prior to the application’s submission;
- Possess a net worth of at least C$2 million (including spouse’s assets).
New Criteria
- Show at least level 7 competency in the Échelle québécoise des niveaux de compétence en français des personnes immigrantes adultes in spoken French;
- Possess a diploma that was earned before the application’s due date and at least satisfies Quebec’s requirements for a high school diploma;
- Have received a work permit after receiving notification from the MIFI that a PCSQ will be issued;
- The principal applicant must have at least six months of living experience in Quebec within two years of the work permit’s issuance or;
- The applicant’s spouse or de facto spouse must have lived there for at least another six months;
- Make a C$1 million, 0%-interest, risk-free investment with IQ Immigrants Investisseurs Inc. within 120 days of the decision to welcome you. Besides this, a non-refundable financial gift of C$200,000 to this business through a financial intermediary.
Quebec’s business immigration
The Quebec Immigrant Investor Program began operation in 1985. It is the only program for passive investor immigration available in Canada.
High-income persons that the province considers can assist in creating jobs while contributing to the economy. They may benefit from business immigration in Quebec. Additionally, investor immigrants participating in the QIIP apply for citizenship in exchange for a $1.2 million interest-free loan to the province. The candidate has no obligation to manage a firm. Moreover, the loan has the potential to be repaid in full within five years.
Candidates must have two years of full-time management experience in one of the following industries: agriculture, business, industry, government, or an international organization. It is not necessary for the organization where the candidate obtained their experience to be lucrative.
On the other hand, Quebec business owners must actively run their enterprises. For entrepreneurs, there are two avenues. A business incubator, accelerator, or provincial university may have provided help for the establishment of new companies or startups in Stream One.
Stream Two’s emphasis is on privately owned, owner-operated businesses.
As part of their application, every Quebec Entrepreneur Program candidate is required to complete a business project. After the project has been evaluated, the applicant must appear for a selection interview.
All applicants for the Quebec Entrepreneur program must provide proof of their intention to settle there.
