Uglobal Immigration Magazine Volume 2, Issue 1 | Page 18

16 UGLOBAL IMMIGRATION MAGAZINE December 2010, Quebec increased the cost of the program by 50 percent in September 2018 and the net worth requirements increased by 20 percent. The main requirements now are: two years of management experience in the last five years (same as before); legal accumulation of net worth of minimum $2 million Canadian dollars (as opposed to $1.6 million previously); and, upon approval by the province of Quebec, make an investment of $1.2 million (as opposed to $800,000 previously). The vast majority of applicants would take the financing option, which has also increased by 50 percent to about $350,000. As another change, Chinese applicants no longer take as much as 70 percent of the 1,900 yearly quotas for QIIP; their cap was lowered to 65 percent, leaving more room for non-Chinese families to apply for QIIP. QIIP is a seasonal program. It typically opens before end of the summer and closes before the end of winter, when the maximum quota of 1,900 files is reached. The program was supposed to be from Sept. 10, 2018, to March 15, 2019, at the latest. However, for several reasons, including the significant increase of the cost of the program, the lowering of the cap of Chinese applicants and geopolitical reasons, QIIP has not been filling the quotas at same pace as in previous years. Therefore, Quebec announced the extension of the QIIP submission period until Aug. 31, 2019, an extension of more than 5 months.