Canada eyes Entrepreneurs with Quebec Investor Program Suspension

TORONTO: Canada is known to welcome over 300,000 immigrants every year from across a variety of immigration programs including skilled, professional and investor categories.

The Quebec Investor Program, which allowed investors to obtain Canadian permanent residence with a $1.2 million investment, has been suspended until July 1, 2020 and the suspension took effect Friday, November 1, 2019. Quebec's Immigration Minister, Simon Jolin-Barrette, attributed the suspension to the fact nearly 20,000 applications for permanent residence through the Quebec Immigrant Investor Program are yet to be processed. To participate in the Quebec Investor Program, individuals invested $1.2 million, and displayed a net worth of at least $2,000,000 and a minimum of two years of management experience within the past five years, among other criteria.

In the absence of the most popular immigration vehicle to Canada, the Entrepreneur Permanent Residency Program has gained popularity, Vazir Group reported.

The Entrepreneur Program grants permanent residency in Canada to successful candidates within 9 to 12 months. The total cost of the Entrepreneur Program for Canada is $180,000. "We observed a surge in Entrepreneur applications and interest amounting to a 300 per cent increase across all our offices within a mere 4 weeks of the Quebec Investor Program suspension announcement. Besides being a fraction of the cost of the Quebec Investor Program, Entrepreneurs receive true assistance in realizing their potential, which in turn stimulates the creation of more employment to maintain the economic balance.", said Vrinda Gupta, Managing Partner of Vazir Group.

"When it comes to nationality the most prominent interest and increase that we observed has been from applicants hailing from across, Indian, Pakistani, Bangladeshi, Sri Lankan, Syrian and Egyptian heritage," she added. Every year, the government of Canada welcomes more than 300,000 immigrants from different countries from around the world. Canada provides a basket of allowances and other facilities that helps them flourish in country along with their families.