The Canadian Immigrant Investor Program was created by the federal government of Canada to promote the immigration of business people and their families. It enabled qualified investors to obtain permanent resident status in Canada.
Under the program, successful applicants and their families received permanent and unconditional Canadian residential visas and were then eligible to obtain Canadian citizenship. With the passing of Bill C-31 on June 19, 2014, the program was terminated and undecided applications were cancelled.
At the time of termination, qualified investors needed to have at least two (2) years of business management experience; have a minimum net worth of CAD$1,600,000 (legally obtained); alone or with their accompanying spouse, make an investment of CAD$800,000; and meet certain health and security requirements.
Since the federal empowered program is closed, intending investor migrants now go through the various states in Canada that have their own investor migrant programs. One of these states is Quebec.
Why Choose to Migrate Through Quebec Investor Program?
The Quebec Investor program is very popular and is really an option only for people that can make fast decisions. Only 660 applicants are allowed per year and applications should be ready before August 2019 for the QIIP when the program reopens.
The Quebec Immigrant Investor (and spouse) must show a minimum of CAD$2,000,000 in Personal Net Worth. The Immigrant Investor applicant must be a shareholder of a private company since at least 2 years or have been one for at least 2 years out of the last 5 years. If the Immigrant Investor applicant did or does not own a company, he/she must have at least 2 years of Management Experience as a paid employee in an admissible company.
The applicant must take the Quebec Immigrant Investor Financing Option and make a 1 time non refundable contribution of $CAD350,000, including all Government broker fees, or deposit $CAD1,200,000 for a period of 5.5 years and receive no interest on the deposit but assume many related costs.
How the Immigrant Financial Investment Requirement is Utilized by Government
The required investment of CAD$1,200,000 is invested in a term note guaranteed by the Government of Quebec. A portion of the interest generated by the investment of CAD$1,200,000, or the financing option paid upfront is used to pay several financial intermediary, such as the brokerage firms.
The rest of the interest generated by the investment is given to local small Businesses in the form of 0% interest loans, and invested in Sponsoring Refugees and other immigration program that benefit society.
By doing this, the Immigrant Investors to Canada contributes to the economic development of Canada in advance and helps create jobs in Quebec and Canada indirectly. In return for the contributions, Canada and Quebec QIIP gives them the opportunity to become a Canadian Permanent Resident without taking into account all the requirements of the other types of immigration programs.
Note that not only Quebec has an investment migration program, other provinces also run something that is quite similar to that. So, before you make your decision, you need to research the various provinces in Canada to see what investment migration programs they are offering, so as to find out which best suits the investment you have in mind.
5 Ways to Invest in Canada and Get Citizenship Under the Investment Migration Program
There are various ways an entrepreneur can invest in Canada under the investment migration program, and they are thus;
Movie industry (Yukon)
One profitable way you can invest in Canada under the Investment Migration Program is the movie industry. A good state where this kind of business can thrive in Canada is Yukon. Yukon is a unique region of Northern America and many people refer to the territory as the last frontier due to its pristine natural landscape.
Communities in Yukon are deeply connected to nature and you will most likely find them to be a group of friendly, active individuals who love to participate in outdoor activities. Because of this, you would not have a shortage of scenic locations to cast in your movies, and you will have an abundance of willing actors.
Again, the Government of Yukon has identified the film as one of the primary business sector of the province, and a business targeting this industry would have a good chance at success because Yukon has the most holders of degrees per capita in Canada, and they greatly love activities that relate to the outdoors.
Freight Forwarding (Prince Edward Island)
Freight forwarding is another rewarding investment a migrant that came into Canada through the Investment Migration Program can take advantage of. One of the best provinces to start this kind of business is the Prince Edward Island (PEI).
Prince Edward Island (PEI) may be Canada’s smallest province, but its potential for business and economic growth knows no bounds. As one of the Maritime Provinces, PEI is largely affected by the aging workforce that is sweeping the nation. For this reason, the province has turned to immigrants, specifically foreign entrepreneurs and investors, to help build the already growing economy.
The Government of PEI, recognizing the importance of new business development, offers many supportive initiatives, like the Ignition Fund, to entrepreneurs looking to start a new business in the province. With plenty of resources at your disposal and the relaxed atmosphere of the coastal towns, your business in PEI will surely flourish. The Prince Edward Island Work Permit is currently the only business visa option in the province.
- Tourism (Newfoundland and Labrador)
Tourism is another great investment that can flourish in Canada for an entrepreneur that came in under the investment migration program. To get the best from this industry, you have to locate the business in an area that has a lot of tourism potentials and one of such provinces is Newfoundland and Labrador.
Newfoundland and Labrador’s landscape lends itself to adventure and ecotourism opportunities because of the natural tourist sites in the area. Small business enterprises run Newfoundland and Labrador’s economy, in fact, 40% of the entire population is employed by these businesses. Despite the many startups in the province, the region’s potential for business is still largely untapped.
There are currently two new Investor and Entrepreneur visa options available to those hoping to start a business in Newfoundland and Labrador, the International Entrepreneur and International Graduate Entrepreneur streams.
Software Company (New Brunswick)
You can never get it wrong if you open up a software company in Canada as an emigrant that came in under the investment migration program. One city that would greatly favour your startup software company in Canada is New Brunswick. The world may know the province for the Bay of Fundy which has the world’s highest tides, but what many people do not know is that New Brunswick has some of the best business opportunities in all of Canada.
New Brunswick equally has a good number of skilled labour force so your business would not lack a pool of knowledgeable employees. The province has the highest graduation rate and the fastest internet in the country making it a prime spot for productivity.
New businesses flourish in the province due to having the lowest operating costs in Canada and the U.S. For this reason and many others, New Brunswick’s capital city, Fredericton, won startup community of the year in 2016. To start your business in New Brunswick, you will have to meet the requirements for either the Entrepreneurial Stream or the Post-Graduate Entrepreneurial Stream.
Agriculture (Northwest Territories)
One of the industries where Canada is pushing investor migrants into is the area of agriculture, and you can easily make a lot of profit in this country if you deem it fit to invest in the agricultural sector. For you to take good advantage of this industry, one of the provinces that is recommended that you start your agricultural business is in the Northwest Territories.
This territory is found way up north in Canada and it is a prime spot for business. The Northwest Territories is home to an eager and well-trained workforce, in fact, the territory has the lowest unemployment rate in all of Canada. The government here recognizes the importance of business investment and has since created several incentive programs for business and investment.
The sector, for some years, has seen an improvement in the area of agriculture and fisheries, but a lot of work still needs to be done in this area to bring it at par with other provinces with relations to agriculture. As an investment migrant entrepreneur, you can invest in crop, fish and livestock farming. With one of the lowest business tax rates and fastest growing GDP’s in Canada, you are sure to succeed in this province.
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