86 UGLOBAL IMMIGRATION MAGAZINE
roadmap towards a work permit in the first place , eventually allowing for an application to RBI if conditions apply .
WHAT IS THE QUEBEC IMMIGRANT INVESTOR PROGRAM ( QIIP )?
QIIP was the Golden Child of immigration programs . It was so popular that many people still crave for it tto come back . But the QIIP we all knew is no longer an option since 2019 , when Quebec announced a temporary suspension for about a year . Another year of suspension was announced after that , and so on . The QIIP is suspended until Dec . 31 , 2023 , but there ’ s no guarantee it will reopen on Jan . 1 , 2024 .
There is indeed a project to eventually reopen the QIIP , which had been suspended continuously for more than four years , but the requirements proposed are the following :
• High proficiency in French
• Recent Management experience
• Net Worth of minimum CAD 2,000,000 with proof of legal accumulation
The start-up visa option offers three ( 3 ) streams :
1 . Incubator stream – cheaper alternative , but longer processing times .
2 . Angel Fund Stream – a Canadian Angel Fund must commit to invest CAD 75,000 .
3 . Venture Capital stream – a Canadian Venture Capital Fund must commit to invest CAD200,000 .
Fast-track and open work permits
After announcing a sharp increase in the targeted visas to be issued for start-up applicants in November last year , more good news came this summer . On Jun . 26 , 2023 , Canada ’ s Immigration Minister announced several more good news , including a new fast-track procedure that would benefit about 20 % of all Start-up Visa applicants . Basically , the investors choosing the Angel Fund stream or Venture Capital stream would all benefit from a fast-track procedure leading to Permanent Residence in about 18 to 24 months . However , applicants not benefiting from the fast-track can face processing times of between four and five years .
• A non-refundable cost of CAD 500,000
• Temporary residence in Quebec for two years
• A pathway to apply for Permanent Residence
Current time frames are for QIIP are : four years for selection by Quebec , then five years wait for permanent residency . Therefore , it would take nine years from file submission to the province of Quebec until Canadian Permanent Residence Visas . But the good news is that anyone that qualified for the QIIP meets the requirement for the Start-Up Visa Program .
“ Compared with QIIP , this Startup Visa Program is significantly faster , cheaper , easier and brings more benefits .
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WHAT IS THE START-UP VISA PROGRAM ?
Compared with QIIP , this Start-up Visa Program is significantly faster , cheaper , easier than QIIP and brings more benefits , given all applicants should own at least 10 % shares in a new Canadian start-up company .
Requirements of the Start-up Visa Program are the following :
• Basic knowledge of English or French ( CLB 5 out of 12 ).
• Obtain a Letter of Support from a Canadian-designated Angel Fund or Venture Capital Fund for a fast-track process , or from an incubator for the regular process .
Invest 10 % in a start-up that would be innovative that can compete at a global level . While immigration lawyers can guide investors on obtaining their Letter of Support and investing 10 % in a qualified start-up company , investors would have to select one of the three different streams .