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“ Also , this program has fully replaced the QIIP as the ideal program for HNWI individuals seeking to get permanent residence in Canada .
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The June 2023 announcement also included a new optional Open Work Permit for applicants and their spouses in between and six months so that investors can wait from within Canada while their application are processed and get any employment .
These new Open work permits replace the previous closed work permits that used to forbid investors from taking any side employment in Canada while their permanent residency application was processed .
Who is the ideal candidate ?
There are usually two types of applicants : founders of start-ups who have developed a technology , and investors willing to take 10 % equity and finance the founder ’ s start-up company . For investors who would have typically applied under QIIP , they would now need to invest significantly less money and get the chance to profit from their investment in a new startup company in Canada . The focus is not so much on the investor ' s wealth as it was under the Quebec program but on its added value to the start-up , investment in a genuine new Canadian start-up that would be innovative , hiring of Canadians , and competing at a global level .
WHAT ARE THE PROVINCIAL NOMINEE PROGRAMS ?
For an investor who wants to keep control over its destination within Canada , the PNPs are rarely the best way forward because of the uncertain path towards permanent residency .
According to the general manager of one of Canada ’ s popular PNP once , these programs normally CAD 500,000 net worth entrepreneurs willing to invest and relocate in their province temporarily , while they assessing their support them to apply for residency .
A VISA PROGRAM FOCUSED ON BOOSTING ENTERPRENEURSHIP IN CANADA
Canada ’ s Start-Up Visa is a federal program ; therefore , applicants are free to settle anywhere they wish across Canada , except in the province of Quebec that has its own immigration programs .
Also , this program has fully replaced the QIIP as the ideal program for HNWI individuals seeking to get permanent residence in Canada .
JULIEN TETRAULT
Julien Tétrault is a Canadian lawyer . He holds a bachelor ’ s degree in law and a second degree in business law from the University of Montreal . Tétrault founded JTH Lawyers Inc in 2013 . He founded and acted as president of the Immigrant Investor section of Québec Lawyers Abroad . He obtained his accreditation of President , Directors and Officers of Canadian Financial Institutions in 2014 and acted as Executive Vice-President , Business Immigration of a Canadian financial institution . He obtained accreditation by Ministère de l ’ Immigration , de la Diversité et de l ’ Inclusion and Investissement Québec to act as an authorized financial intermediary under the Quebec Immigrant Investor Program . Through his private practice established in 2002 , Tétrault represented over 1,000 immigrant investors from over 80 countries , mostly through the QIIP and the Start-Up Visa Program .