Quebec government has announced a plan to remove the start-up and security deposits requirement under stream 2 of the Quebec Entrepreneur Program for individuals with applications already in the system.
Nadine Girault, Quebec’s immigration minister outlined the plan in a draft regulation published in the province’s official Gazette on Wednesday, December 9, 2020.
The move would mean certain candidates would no longer be required to declare start-up funds and security deposits totalling up to $500,000.
Under the old terms of stream 2 of the Quebec Entrepreneur Program, applicants must invest starting funds of at least $200,000 for a business outside Montreal, or $300,000 in the Montreal city. A minimum guarantee deposits of $200,000 is also required.
Intake of new applications under stream 2 of the Quebec Entrepreneur Program is temporarily being suspended until Nov. 1, 2021.
The new change is targeted only at those with applications already in the system.
About Quebec Immigrant Entrepreneur Program
The Quebec Entrepreneur Program aims to recruit people who have the required skills and experience to manage a business in the province. The program runs two streams:
Stream One (1)
For candidates creating a business in Quebec with support from a business accelerator, a business incubator or a university entrepreneurship centre.
Stream Two (2)
For candidates buying or creating an existing business. The candidate must control at least twenty-five (25) percent if it’s a new enterprise or at least fifty-one (51) percent of an acquired enterprise.
Under the second stream, the entrepreneur candidate has to invest starting funds of at least $200,000 for a business outside the city area of Montreal, or $300,000 for a business located in the city area of Montreal.
A minimum security deposit of $200,000 is also required, as an assurance, and may be returned upon realization of the business project.
The entrepreneur candidate must show that they have legally acquired a net worth of $900,000, alone or with their spouse if applicable.