The reopening of the Quebec Immigrant Investor Program (QIIP) has been delayed to April 2021. The program had its share of controversies as only approximately 10% of qualified QIIP applicants actually end up settling in Quebec. After attaining permanent residence, they relocate to other metropolitan cities such as Toronto and Vancouver. The Quebec Investor Program allowed foreign nationals – with a net worth of $2 million or above and prior management/business experience of at least two years – to attain permanent residence by investing $1.2 million over a period of five years, following which the investment was returned, while the provincial government retained the interest.
In the absence of other passive Immigrant investor programs for Canada, aspiring business immigrants can now opt for the Canada Startup Visa, or provincial entrepreneur immigration pathways.
The Startup Visa is a feasible alternative for candidates, primarily owing to its relatively simple requirements and the guarantee of permanently living and working anywhere in Canada. This increasingly popular Canada business immigration pathway simply requires foreign entrepreneurs –with innovative business ideas that can create jobs and compete globally – to obtain the support of a designated organization.
The ‘designated organization’ may be an angel investor, business incubator or venture capital fund. Immigrants who enter through this program are very likely to witness business success in Canada – and can even move to Canada immediately by obtaining a work permit, while their PR application is still being processed.
The QIIP was originally expected to reopen on 1st July 2020, but in consideration of the current immigration climate, it would be advisable for candidates to choose between the federal pathways (the Canada Startup Visa and Self-Employed Persons Program), or identify a Provincial Nominee Program stream that suits their profile. Licensed immigration consultants can help candidates select an accessible pathway, and navigate the entire process to achieve the ultimate goal of permanently residing in Canada’s most vibrant cities.
