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The Quebec Immigrant Investor Program to start again in January 2024

The Quebec Immigrant Investor Program to start again in Jan 2024

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The Quebec Immigrant Investor Program to start again in Jan 2024: Premier Francois Legault of Quebec recently said that he wants to make some changes to how Quebec’s immigration programs work. Among them, Quebec’s Business Immigration Programs, like the Quebec Immigrant Investor Program (QIIP), will get some big changes. It is also important to know about What is the requirement for Quebec Skilled Worker Immigration?.

The most important change to Quebec’s economic immigration programs is that everyone who wants to move there for work will have to show that they can speak French well before they can apply.

Changes to the business class will have an effect on investors, business owners, and people who work for themselves. Principal candidates who fit into these groups will have to be able to speak French.

The government of Quebec says that a very small number of people know French right now. It also thinks that making French a requirement will make it easier for immigrants to work in Quebec’s business community and help them add to the economy.

Right now, no one can apply for the QIIP. It stopped working in 2019, and it was meant to start up again in April 2023. But in March of last year, it was said that the program would be stopped until January 2024.

What else is different?

In a report put out by AURAY Capital, the changes to the QIIP are summed up as follows:

The same rules apply:

  • Have a net worth of at least C$2 million, which includes the assets of your partner. 
  • Have had at least 2 years of management experience in the 5 years before submitting your application.

Changed/New requirements:

  • Demonstrate minimum proficiency in spoken French, which translates to level 7 on the Échelle québécoise des niveaux de compétence en francais des personnes immigrantes adultes;
  • Have a diploma that was earned before the application was submitted and is at least equivalent to a secondary school diploma in Quebec; Have been given a work permit after the Ministry of Immigration, Settlement, and Integration (MIFI) sent a notice of intent to issue a selection certificate (PCSQ);
  • Within 2 years of the date this work permit was issued, the main applicant must have lived in Quebec for at least 6 months, and he or she, or his spouse or de facto partner, must also have lived there for at least 6 months.
  • Make a risk-free C$1 million investment with IQ Immigrants Investisseurs Inc. with no interest for 5 years and a non-refundable financial gift of $200,000 to this company through a financial broker within 120 days of the acceptance decision.

About people coming to Quebec for work

The QIIP has been around since 1985 and is Canada’s only immigration program for passive investors.

Business immigration is a type of immigration in Quebec that may help high-income people who the province thinks can create jobs and help the economy. Investor immigrants in the QIIP can get permanent residency if they give the state a loan of $1.2 million with no interest. The loan will be paid back in full within five years, and applicants don’t have to run a business.

Candidates must have at least two years of full-time management experience in a certain field, such as agriculture, business, industry, government, or a foreign organization. The candidate’s previous job doesn’t have to be at a profitable business.

In Quebec, on the other hand, business owners are supposed to run their businesses themselves. Entrepreneurs can go in two different directions. Stream One focuses on new companies or startups that are started in the province with the help of a business incubator/accelerator or a university in the province.

Stream Two is about businesses that are owned and run by their owners.

As part of their application, everyone who wants to join the Quebec Entrepreneur Program has to do a business project. The idea will be looked at, and then the applicant will be asked to come to an interview.

All applications for Quebec Entrepreneur must show that they plan to live in Quebec.

Summary:

  1. QIIP reopens with changes.
  2. French skills are essential.
  3. Language aids integration in economy.
  4. QIIP criteria and investment details.
  5. French Proficiency, diploma, work permit needed.
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