Quebec is planning to remove requirements for both start-up and security deposits under stream 2 of the Quebec Entrepreneur Program for candidates who have already submitted applications.
Provincial Immigration Minister Nadine Girault outlined the plan in a draft regulation published in the Gazette officielle du Quebec on Wednesday December 9, 2020.
The move would mean candidates would no longer be required to have start-up funds and deposits totalling up to $500,000.
Under the current terms of stream 2 of the Quebec Entrepreneur Program, candidates must invest starting funds of $200,000 for a business outside Montreal, or $300,000 in the Montreal area. A minimum guarantee deposit of $200,000 is also required.
Intake of new applications under stream 2 of the Quebec Entrepreneur Program is currently suspended until November 1, 2021.
The new change is aimed only at those with applications already in the system.
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What is the Quebec Immigrant Entrepreneur Program?
The Quebec Entrepreneur Program aims to recruit individuals who have the skills and experience to operate a business in the province. The program operates two streams:
For candidates creating a business in Quebec with support from a business accelerator, a business incubator or a university entrepreneurship centre.
For candidates creating or buying an existing business. The candidate must control at least 25 per cent if it’s a new enterprise, or at least 51 per cent of an acquired enterprise.
Under the second stream, the entrepreneur candidate must invest starting funds of $200,000 for a business outside the metropolitan area of Montreal, or $300,000 for a business located in the metropolitan area of Montreal. A minimum guarantee deposit of $200,000 is also required, as an assurance and might be returned upon realization of the business project.
The candidate must prove that they have legally acquired a net value of $900,000, alone or with their spouse if applicable.