Key points about the program
The program for attracting foreign entrepreneurs to Quebec has been operating for decades, but in 2018 it was restarted, taking into account changes in the economy. Now it has two streams: applications for opening innovative and classical businesses, mainly small and medium ones, are considered separately.
In the first case, support from business incubators, accelerators or university entrepreneurship centers will be a necessary condition, and in the second case, own investments and capital.
Entrepreneurs and their are expected to come to Canada, study the business environment, launch families or buy a ready-made business. And after that they will prepare a business plan for participation in the program.
Every year, a few dozen of the best are selected from all submitted applications. In 2020, these are 60 projects: 25 in stream 1 and 35 in stream 2. Approved applications receive the Quebec Qualifying Certificate (CSQ), which entitles businessmen and their families to apply for permanent residence at the Federal Department of Immigration (IRCC).
Requirements for business and candidates
Stream 1: innovative business
Come to Quebec to do business.
Get a support offer from a business accelerator, business incubator or university entrepreneurship center based in Quebec.
The project can be implemented alone or with a maximum of three foreign citizens.
Present your project in the form of a business plan or service proposal from a supporting organization. This is necessary even if the business is already running successfully.
Stream 2: classic business
Come to Quebec to set up, run or acquire a business.
Making an initial deposit in a Quebec bank is the money you use to start your business.
– 200 thousand CAD ($146 thousand) – if the company is located outside Greater Montreal,
– 300 thousand CAD ($219 thousand) – in Greater Montreal.
Open a security deposit in a Quebec bank in the amount of 200 thousand CAD ($146 thousand). It serves as a guarantee that the business will actually be created. After the business plan is completed, the money can be returned.
Confirm the presence of net worth in the amount of 900 thousand CAD ($657 thousand) alone or together with your spouse. You will also need to prove that the money was acquired legally.
Present your project in the form of a business plan.
In a new business, the applicant must own and control at least 25% of the shares. In the acquired business – at least 51% of the shares.
Projects in the following areas of activity are not eligible for selection:
– check cashing or secured loans,
– real estate development or real estate insurance brokerage,
– pornography, erotica, sex services.
Also, an acquired business that has already won a selection less than five years ago cannot participate in the program.
Requirements for candidates
Together with the applicant, his closest relatives can apply for permanent residence: spouses (official and civil), children (including adults, if they are dependent).
Requirements at the Quebec level
Have at least two years of managerial experience leading a successful company.
The applicant, his spouse and adult children must pass an examination on knowledge of democratic values and the values of Quebec.
Good knowledge of state languages will be a big plus. Applications from applicants with an advanced intermediate (B2) French level are considered outside the quota.
Another significant plus is “connections with Quebec”. It is expected that the applicant and his family will enter Quebec in advance on a temporary visa and start a business before applying.
The age, education and financial situation of candidates are also taken into account.
Canadian level requirements
Pass a due diligence and medical examination.
The key document is a detailed business plan that will convince the officials of the potential of your project.
In addition, you will need the following.
For stream 1
Documents from the supporting organization: plan of services offered to your project, work plan (detailed budget and schedule for the provision of services), certificate of expertise of the organization itself.
For stream 2
Bank statements on the creation of two deposits.
Confirmation of the availability of the necessary capital and its origin.
If the company is already operating – statutory documents and financial statements.
To apply for permanent residence at the federal level
Valid foreign passport
Language Test Results
Birth certificates, internal passports, registration information – for yourself and your spouse
Children’s birth certificates
Certificates of criminal records
Two photographs of each entrant
Fee payment receipts
Proof of sufficient funds to live in Canada