Start-up and security deposit are no longer required under stream 2 of the Quebec Entrepreneur Program for candidates with applications already in the system, Quebec has confirmed.
The new rules take effect as of Wednesday March 31, 2021, following the publication of new regulations in the Official Quebec Gazette.
Quebec Immigration Minister Nadine Girault first outlined the plan in a draft regulation published on Wednesday December 9, 2020.
It applies to applications received before November 1, 2020 which are yet to be processed. New applications are currently suspended until November 1, 2021.
The decision means candidates are no longer required to have start-up funds and deposits totalling up to $500,000.
Under the former terms of stream 2 of the Quebec Entrepreneur Program, candidates were required to 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 was also required.Â
All of these will now be waived for those with applications already in the system that are yet to be processed.
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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:
Stream 1
For candidates creating a business in Quebec with support from a business accelerator, a business incubator or a university entrepreneurship centre.
Stream 2Â
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.Â
The candidate must prove that they have legally acquired a net value of $900,000, alone or with their spouse if applicable.