New

Regulatory amendments, Investors subclass

The Government of Québec has amended the Regulation respecting the selection of foreign nationals as it applies to investor immigrants in order to simplify the program’s administration and improve its performance. The new Regulation will come into effect on February 2, 2009.

The changes concern the definition of management experience, the calculation of net assets and selection based on the applicant’s record. A brief summary follows.

Definition of management experience

Investors currently have to demonstrate that they have at least three years of management experience acquired in the 10 years preceding their application in a farming, commercial or industrial business that is profitable and legal, or for a government or one of its departments or agencies or for an international agency.

Management experience is defined as the actual assuming on a full-time basis of responsibilities and duties related to the planning, management and control of financial resources and of human or material resources.  

Under the amendments :

• Investors will need to have at least two years of management experience acquired in the five years preceding their application. This experience no longer has to be acquired in a profitable business, which will simplify application processing procedures.
• The level of management experience required will be more flexible in order to broaden the pool of managers eligible for the program.
• Management experience will no longer have to have been acquired on a full-time basis and experience acquired in a professional business will be eligible to enable the selection of applicants who practise both management functions and a professional activity. In this case, the professional business should have at least the equivalent of two full-time staff (30 or more hours per week), excluding the candidate.

Calculation of net assets

Investor immigrants are required to have net assets of $800,000. Under the present Regulation, these assets must have been accumulated through legal economic activities and may include the value of the equity of the accompanying spouse, if that equity belongs to the foreign national and is invested in an enterprise in which the investor also controls the equity and has acquired experience in management.

Under the amendments :

• Net assets may include donations and inheritances held by the applicant as well as all the assets of his or her spouse, which would broaden the pool of applicants eligible for the program. However, donations received less than six months prior to the filing of the application will not be accepted.

Selection based on applicant’s record

Currently, all investors are required to attend a selection interview.  

Under the amendments :

• Selection may be based on the applicant’s record, which would allow for more flexibility in administering the program.