Canada is one of the most liberal and welcoming countries in the world for expats. For those of you looking to relocating to a new country for your business needs, Canada can be a great choice. When it comes to investment and business immigration into Canada, the Quebec government has considerable powers in the matter. On April 2016, 2016, the Quebec’s government tabled the Quebec Immigration Regulation, which administers the admission of any foreign national into its province.
With the new regulation in place, there are a few business migration laws that need recognition.
The Entrepreneur Program
Now Canada has a new entrepreneur program for individuals who receive support from an accelerator, incubator or a university entrepreneurship center. He or she can also acquire 51% control of a business or 25% ownership of a business he created.
Under the Quebec Immigration Regulation, any foreign national entrepreneur can choose either of the two streams provided. The stream 1 is for candidates receiving support from a Canadian business accelerator, Incubator or university center. The primary condition to apply to this stream is the score in the threshold score in the selection grid. The service offered from the business accelerator/incubator or the university entrepreneurship center is evaluated based on the nature of the business project, company’s region of operation, proposed and operation plans and expertise of the supporting entities.
The second stream is for candidates who control 25% of a new enterprise or acquire 51% of an established enterprise which has a value higher than the funds needed to start the project. The acquired business must have 5 years of operational history, to ensure that it is not started by a former entrepreneur. The individual must also partake in the day to day activities of the business
The individual entrepreneur must also give a startup deposit of $200,000 of it is outside the metropolitan area or $300,000 if it is within the said area. A further $200,000 must also be deposited with a local financial institution until the realization of the business project, which will be returned after satisfying the terms and conditions of the project. The entrepreneur must also have a legal qualifying net worth of $900,000 alone or with a spouse as applicable.
Expats are also not allowed to engage in financing, insurance, real estate development or brokerage and sale and distribution of pornographic products.
At the same time, an investment program follows a requirement to increase the investor’s net worth and investment requirements. A foreign national with enough management experience who is alone or accompanying his/her spouse and has a net asset of at least $2 million obtained legally and invests $1.2 million for 5 years in a business is allowed to migrate to the country under the Quebec regulation The individual must have suitable management experience from commercial, industrial, professional or government agency.
A self-employed worker is different from a skilled worker if the person has 2 years of applicable experience and a personal net worth of $100,000, which is sufficient settling fund to settle in the Quebec province. They must meet occupational license requirements and must submit a startup deposit depending upon the place of business.
All the entrepreneur applicants along with the self-employed candidates and investors are assessed under a common grid under the regulation. Learn more about Investment migration and Quebec Immigration Regulation today, and find if you are clear all the requirements.