Prime Minister Francois Legault recently announced plans to modify Quebec’s immigration policy. Several substantial changes will be made to the QIIP – (Quebec Immigrant Investor Program) and other business immigration programs in Quebec.
Quebec will require all economic immigration applicants to have excellent oral French proficiency as the most significant adjustment to its immigration programs.
A change in business-class immigration would affect investors as well as small business owners and independent contractors. In order to apply for principal positions, applicants will need to demonstrate oral French proficiency.
Quebec’s government reports that there are now fewer and fewer workers who have a good grasp of French. The company also believes that adding French as a prerequisite would make it easier for immigrants to assimilate into Quebec’s business sector.
QIIP does not accept new applications at this time. A start date of April 2023 was originally planned but was delayed in 2019. The program was also shut down until January 2024, as was announced in March of last year.
Quebec Immigrant Investor Program – Other changes
AURAY Capital summarised the QIIP adjustments in a newsletter they published:
Criteria remain unchanged:
- Minimum net worth requirement for eligibility: C$2 million, including spouse’s assets.
- Management experience requirement: At least 2 years of relevant managerial experience within the 5 years prior to submitting the application.
New criteria:
- Prove that you have at least level 7 proficiency in French in spoken form, according to the Quebec Scale of Adult Immigrant French Skill Levels.
- Obtain a diploma that corresponds to at least a secondary school diploma in Quebec prior to the date of application.
- Upon receiving a notification of intent to issue a selection certificate (PCSQ) from MIFI, a work permit has been issued.
- A minimum of 6 months of residence in Quebec is required for the principal applicant within 2 years of issuance of this work permit. The spouse or de facto spouse included in the application must also have resided in Quebec for at least 6 months during this period.
- Through a financial intermediary, make a nonrefundable financial contribution of $200,000 to this company within 120 days of the acceptance decision as a risk-free investment at 0% interest for a 5-year term with IQ Immigrants Investisseurs Inc.
Quebec’s business immigration – An overview
Canada offers only one passive investor immigration program, the QIIP, which was established in 1985.
Quebec may benefit from business immigration by encouraging high-income individuals to create jobs and contribute to the economy. Investor immigrants participating in the QIIP are eligible to obtain citizenship in exchange for an interest-free loan of $1.2 million. Within five years, the candidate will repay the full loan, and he or she will not be required to manage a firm.
Two years of full-time experience managing a business, industry, government, or international organization in one of the following industries are required. Candidates do not necessarily have to work for a profitable organization to gain experience.
Unlike Quebec business owners, Quebec business owners must take an active role in running their businesses. Two avenues are available to entrepreneurs. Startup companies in Stream One may have received assistance from business incubators, accelerators, or provincial universities.
The focus of Stream Two is on businesses owned and operated by private individuals. A business project must be completed by every candidate for the Quebec Entrepreneur Program. A selection interview will be conducted following the evaluation of the project.
Québec Entrepreneur program applicants are required to show proof of their intention to settle in the province.
