Quebec immigrant investor program
The Quebec government created in 1986 its Immigrant Investor Program for Assistance to Business in order to favour the unconditional entry of businesspeople and their families to Quebec as permanent residents. The program provides subsidies to Quebec businesses in the process of realizing admissible projects. Under this program, potential immigrant investors who agree to respect certain requirements and make a passive investment in Quebec will obtain a Quebec Selection Certificate. The program allows immigrant investors and their families to obtain a Canadian permanent resident visa.
Total (2011) : 7,903,001
Estimate (2016) : 8,294,656
Total (2013) : CAD $362.846 billion
Per capita : CAD $44,499
The program is meant for immigrant investors who want to settle in the province of Quebec. To qualify, an applicant must:
- have a net worth of C$1,600,000 obtained legally;
- have at least two (2) years of management experience acquired in the five (5) years preceding the application. This experience does not need to be acquired in a profitable business and/or on a full-time basis;
- management experience acquired in a professional business will be eligible to enable the selection of applicants who practice both management functions and a professional activity. In this case, the professional business should have at least the equivalent of two full-time staff (30 or more hours per week), excluding the immigrant applicant.
Mains Features of the Quebec Program
- Investment : CAD $800,000
- Financing Option : The financing plan enables immigrant investors, to borrow and therefore invest only a portion of the minimum investment required, while still satisfying all of the program requirements.
- Interest on the investment : 0%
- Guarantee : The investment is fully guaranteed by a five (5) year term note payable to the immigrant investor in the amount of C$800,000 issued by IQ Immigrants Investisseurs Inc., which is fully and unconditionally guaranteed by the Government of Quebec.
- Investment term : IQ Immigrant Investisseurs Inc. invests the funds at the market interest rate for a five (5) year period, i.e. as stipulated in the Regulation Respecting the Selection of Foreign Nationals. The return on the investment is paid to IQ Immigrants Investisseurs Inc., which uses it to finance its assistance program for small -and medium-sized businesses.
- Withdrawals : No withdrawals are permitted during the five (5) year period
- Financial Intermediary : Industrial Alliance Securities Inc
Governmental Application Process fee : CAD $15 111
This payment is also valid for the applicant’s dependants.
How to apply
To submit an application under the Quebec Immigrant Investor Program, the foreign national will first have to submit the following documents:
- The applicant will start by filling out and signing the Power of Attorney – Mandate to allow Leduc International to communicate with the government on their behalf.
- The applicant will have to fill out and sign the Application for a Selection Certificate − Investor.
If the application includes dependants over the age of 22 the dependant will have to fill out and sign the Application for Selection Certificate – Dependent child aged 22 or older or who is married or a de facto spouse, if applicable.
- Sign the investment agreement with a financial intermediary (Industrial Alliance Securities) authorized to participate in the Investor Program and their Power of Attorney.
- In addition, the applicant will have to submit with his/her application the supporting documents found in the Supporting documents in Section 1 List of documents to submit in support of an Application for a Certificat de sélection du Québec in effect since August 1, 2013 and the Declaration by applicant.
When the Ministère is ready to review the foreign national’s application, it will notify the applicant with a letter requesting that he/she updates Section 4 of the update of the Application for a Selection Certificate − Investor, submits the Narrative document – Businesspeople (Writing guide) and provide the remaining supporting documents in Section 2 in the list of documents to submit in support of an Application for a Certificat de sélection du Québec in effect since August 1, 2013.
The Government of Quebec has issued a maximum quota of 1,900 applications to be submitted in the period of May 30, 2016, to February 28, 2017. Out of these 1,900 applications, there is a maximum of 1,330 applications coming from the People’s Republic of China including Hong-Kong and Macao. This quota applies for candidates who do not possess an intermediate or advanced level of the French language.
Candidates with an intermediate knowledge of French
- Applications submitted by candidates that can demonstrate an advanced intermediate level of French (B2), as demonstrated by a standardized test, are not subject to the above period of intake and can file at any time.
- These applications will have priority processing.
The Government of Canada modified the definition of “dependent child” in the Immigration and Refugee Protection Regulations.
A dependent child shall be considered:
- a child who is less than 19 years of age and not a spouse or de facto spouse;
- a child who is 19 years of age or older and has, since the age of 19, been unable to meet their needs and is dependent on the financial support of their parents due to a physical or mental condition.
Consequently, children who are studying full time, and are 19 years of age or older, can no longer be considered dependent children.