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Great News for INVESTORS destined to the province of Quebec.
QUEBEC IMMIGRATION NEWS
1.1
Regulation to amend the Regulation respecting the selection of foreign nationals
Investors are pleased with the proposed changes to the Regulation which were published in the Official Gazette on July 30th. These changes as being very positive for our industry. The Quebec Government has removed some very restrictive definitions and should the Regulation be accepted as proposed, the impact will be very important and extremely accommodating for immigrant investors. Kindly find a comparison hereunder between the present Regulation and the proposed changes and our comments regarding the impact of these changes.
An Act respecting immigration to Qu?bec (R.S.Q., c. I-0.2, s. 3.3, 1st par., subpars. a, b and b.4)
1.
The Regulation respecting the selection of foreign nationals is amended in section 1 by replacing subparagraph e.2 of paragraph 1 by the following:
(e.2) ?investor?s management experience?: the assuming, for at least 2 years in the 5 years preceding the application for a selection certificate, of duties related to the planning, management and control of financial resources and of human or material resources under the investor?s authority; the experience does not include the experience acquired in the context of an apprenticeship, training or specialization process attested to by a diploma;?.
Present Regulation:
?management experience (investor)? : the actual assuming on a full-time basis, in the 10 years preceding the application for a selection certificate, of responsibilities and duties related to the planning, management and control of financial resources and of human or material resources, provided that such responsibilities and duties are not assumed in the context of an apprenticeship, training or specialization process attested to by a diploma;
Although the Quebec Government has made changes to resemble the Federal Government?s definition of acquired management experience, being within 2 years in the last 5 years prior to the submission date of a file, Quebec has retained its own definition of management experience. However, it is important to note one important notion that has been removed in the definition; the notion of full-time management experience. This is very important as it will enable a professional, who is not involved in the management of his/her business on a full-time basis, but is also engaged in his/her professional field, such as an accountant, a lawyer or a doctor for example, to qualify.
2.
Section 8 is amended by striking out ?Foreign nationals in the investors subclass are to be called for a selection interview, as well as? at the beginning of the second paragraph, by replacing ?the foreign national?s? by ?whose? and by adding ?, is to be called for a selection interview? at the end.
Present Regulation:
Foreign nationals in the investors subclass are to be called for a selection interview, as well as any foreign national in the class of persons in a particularly distressful situation, except a foreign national referred to in paragraph a of section 18 or a foreign national referred to in paragraphs b and c of that section who cannot be met and the foreign national´s record contains the information necessary for a decision.
Section 8 has a huge impact on our business. This change essentially means that the Government is no longer under the obligation to call every immigrant investor for a selection interview.
1.
In effect, this new clause will give the Government the right or power to waive interviews. This modification will allow MICC to process more files annually and therefore to reduce the processing delays, all things being equal.
3.
Section 21 is amended by replacing subparagraph d of the first paragraph by?(d) ?investor?:
(i). he has experience in management in a legal farming, commercial or industrial business or for an international agency or a government or one of its departments or agencies;
(ii). he has, alone or with his accompanying spouse, including de facto spouse, net assets of at least $800,000 obtained legally, excluding the amounts received by donation less than 6 months before the date on which the application was filed;
(iii). he comes to settle and to invest in Qu?bec in accordance with the provisions of this Regulation;?.
Present Regulation:
(i)
he has at least 3 years of experience in management:
a.
in a farming, commercial or industrial business that is profitable and legal;
b.
for a government or one of its departments or agencies;
c.
for an international agency;
(ii) he has net assets of at least $800,000 that he has accumulated through legal economic activities; the net assets may include the value of the equity of the foreign national´s accompanying spouse, including de facto spouse, if that equity belongs to the foreign national and is invested in an enterprise in which the investor also controls the equity and has acquired experience in management;
In these proposed changes, there are additional important impacts. In sub-section (i), the removal of the word profitable enables investors, that have businesses which have not necessarily shown a profit, to qualify. In sub-section (ii), the Government is including the assets of the spouse or partner, who is accompanying the applicant, to be included in the net worth. What?s more, the accumulation of the net worth, albeit through licit means, does not need to be acquired through economic activities. This is huge for investors because it means inheritances or other assets which didn?t qualify under the present Regulation, will qualify in the calculation of the net worth under the proposed changes. It is important to note that donations received less than 6 months prior to submitting an application will be excluded. There is no mention however to inheritances for this matter, which are different from a donation because it is money received from the liquidation of an estate following a death as opposed to money received in the form of a gift.
4.
This Regulation will come into force 15 days following the date of its next publication in the Official Gazette of Qu?bec
These present proposed changes will be published for 45 days during which MICC will receive comments. The MICC will take a few weeks to analyze the comments received and the final version should be published in the Official Gazette of Qu?bec beginning of October and changes should come into effect by the end of October ? beginning of November.
There is no mention as to how the applications submitted prior to the effective date will be processed. In the past, for the most part of modifications to the Regulation, files were processed under the Regulation that was most advantageous to the applicant. We are presently communicating with the Government and will inform you as soon as we receive information regarding this matter.
Roy
www.cvimmigration.com
[01-08-2008,12:59]
[**.158.61.154]
Roy |
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