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Quebec Entrepreneur Program
QUEBEC ENTREPRENEUR PROGRAM
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Quebec Entrepreneur Program- A Guide!
A Canadian immigration program called the Quebec Entrepreneur Program was created to assist international business owners in starting up operations in the province of Quebec. For foreign business owners with the capital and entrepreneurial skills necessary to start a new venture in Quebec, this is an exceptional immigration opportunity. Successful candidates are granted permanent residency in Canada.
Although this immigration program is located in the French-speaking province of Quebec, applicants do not need to be fluent in French. However, while choosing applications, the linguistic ability might be taken into consideration.
All candidates for permanent residency through Quebec immigration programs must demonstrate their familiarity with Quebec values as of January 1, 2020. This can be accomplished by passing a test on Quebec values or finishing a course in Quebec.
For whom is the Quebec Entrepreneur Program open to applications?
There are two streams within the Quebec Entrepreneur Program, and each has its own set of requirements for participation.
Stream One
The potential immigrant entrepreneur must submit a business project concept for a company they want to start and run out of Quebec in order to qualify for Stream One of the Quebec Entrepreneur Program.
A service proposal from a Quebec-based company incubator, business incubator, or university entrepreneurship center should already have been made to candidates.
There is no list of incubators, accelerators, and centers for entrepreneurs that can benefit immigrant business owners in Quebec.
There are no established standards for identifying these corporations, however, those who are interested in applying might refer to this list for examples of the projects these companies have worked on.
The immigrant entrepreneur candidate must show that the business accelerator, business incubator, or university entrepreneurial program satisfies the necessary definition in order to fund their company project:
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Business accelerators:
These are organizations in Quebec that provide assistance to business owners whose initiatives are meant to foster the expansion of cutting-edge corporations, particularly in getting investment.
Business incubators:
These are organizations in Quebec that provide entrepreneurs with coaching and hosting services for their innovative business ventures.
University entrepreneurship centers:
These are associated with or managed by academic institutions in Quebec and offer business mentorship services.
The documented offering from the Quebec organization to help the immigrant entrepreneur’s business proposal is a crucial part of an application to the Quebec Entrepreneur Plan.
A complete support strategy, an operations strategy and budget, as well as the organization’s knowledge of the industry, must all be included in this offer letter in addition to the services the organization wants to provide the entrepreneur.
Stream Two
The prospective immigrant entrepreneur must make Quebec their permanent home in order to start a new firm or buy an existing one in order to qualify for Stream Two of the Quebec Entrepreneur Program. As a component of their application, applicants will need to provide a business plan outlining their proposed venture.
To start a firm, an entrepreneur has to own and manage at least 25% of the company’s equity capital, and to buy an existing company, an entrepreneur must possess and control at least 51% of the company’s equity capital.
The company should not have been bought from an immigrant entrepreneur chosen under this program five times previous to the submission deadline, and it must have been operating throughout that time.
A beginning deposit and a security deposit must be made by the applicant at a financial institution in Quebec. For companies situated outside of Montreal, the initial deposit requirement is CAD $200,000, whereas it is CAD $300,000 for companies based in Montreal. The business must be established before using the startup deposit. The $200,000 CAD security deposit is refundable if the applicant can show that their business plan has been implemented.
Payday finance, debt, property development, insurance, and sex-related businesses are not permitted to participate in this program.
Application procedures for the Quebec Entrepreneur Program
Only during specified intake times are applications accepted for the Quebec Entrepreneur Program.
The intake times and quotas for the program do not apply to French-speaking applicants. The results of a recognized language test must be submitted by applicants as proof of their French language competency.
Quebec accepts new permanent residents through a two-step application procedure.
Province-level selection:
Province-level selection takes place. All Quebec immigration candidates must submit a Certificate de selection du Québec application to the province of Quebec (CSQ).
Admission:
Federal admission takes place. After receiving a CSQ, an individual must apply to the federal government for permanent residence status in Canada. Similar to all applicants for permanent residency, candidates must pass a medical examination and a police background check to guarantee they are eligible to enter Canada.
A candidate would become a permanent resident of Canada once their application has received approval on both the federal and provincial levels.
Entrepreneurs must create a paper-based application in order to apply to the program. The submission must contain a thorough business plan and any necessary supporting paperwork. It should have proof of personal net worth, education, language proficiency, etc. The Ministere de l’immigration et de la diversité’s website has complete information on the required paperwork and supporting documentation (MIDI).
The Direction de l’enregistrement et de evaluation comparable in the city of Montreal must receive full applications by mail. The entrepreneur will obtain their CSQ after their application is accepted, which will allow them to submit a permanent residency application.
What alternative immigration possibilities to Canada are there for business people?
In order to implement their company ideas in Canada, entrepreneurs have access to a number of immigration choices. For bright foreign business people who have gained the backing of a designated Canadian business group, the Start-up Visa Program is a fantastic choice. In addition, numerous Canadian provinces (apart from Quebec) have entrepreneurial immigration schemes through PNP streams. Ontario and British Columbia are two states with active entrepreneurial PNP programs.
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