The application window during which migrants interested in settling down in the Canadian province of Quebec can submit their application has been extended, from less than one month to months.
The application submission period for the Quebec Investor Programme (QIP) will run from January 19, 2015 until March 20, 2015, announced Citizenship and Immigration Canada (CIC) last week. This is a sigh of relief for aspirant applicants, because the limited timeframe has proven to be challenging for the highly competitive programme.
A total of 1,750 files will be accepted for assessment, with a maximum of 1,200 applications made by applicants from any one country. However, this is only the first stage of application, and actual acceptance is only granted after the assessment has been completed.
An applicant must have, alone or with his accompanying spouse, a net asset worth of at least CAD1.6 million.
An agreement must be signed to invest CAD800,000 with a financial intermediary authorised to participate in the Investor Program, and the applicant must have acquired a minimum of two years’ management experience in the past five years in a company with a minimum of two full-time employees.
Not unimportant is the requirement the applicant demonstrates his/her intention to reside in Quebec.
The application will only be accepted when it is complete when submitted, and applicants will be pre-screened by financial intermediates that have been assigned this task, explained Armand Arton, president and CEO, Arton Capital earlier.
“The government of Quebec has decided to cancel the ‘lucky draw’ as selection process of the target of 1,750 application worldwide and will introduce a quota per financial Intermediary.”
“Each of the intermediates will be allocated a quota of applications that [they] will be able to submit. It will be up to [the intermediaries] to select only the best applications and submit them to the Quebec Government,” he said in July.