|Subject: Quebec Business Investor
||Yesterday, the Minister?s council approved the New Regulation. Regardless of the elections coming up in Quebec, this New Regulation should come into force on February 2nd, 2009. This New Regulation will be similar to the one into force, but there are some important changes as follow:
DEFINITION OF MANAGEMENT EXPERIENCE
Investors will need to have at least two years of management experience acquired in the five years preceding their application. This experience does NOT need to be acquired in a profitable business.
The level of management experience required will be more flexible in order to broaden the pool of managers eligible for the program. Department managers with effective control to work within a budget will now able to qualify, regardless of the number of staff or size of the company.
Management experience will no longer have to have been acquired on a full-time basis to enable the selection of applicants who practise both management functions and a professional activity.
For professionals, they will need to employ a minimum of two (2) staff working a minimum of 30 hours per week. Only 1 staff working even over 60 hours per week will NOT be sufficient. Staff can be family members (unless of course they are full-time students).
CALCULATION OF NET ASSETS
Investor immigrants are required to have net assets of $800,000. Under the present Regulation, these assets must have been accumulated through legal economic activities and may include the value of the equity of the accompanying 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 reply to: Quebec Business Investor)
There were also changes regarding the "calculation of net assets". Amended regs will allow:
1) full value of spouse´s assets to be be counted, regardless of asset class (ie. cash, property, equity,...)
2) assets which were donated or inherited, so long as it has been owned at least six months prior to application.
Also, under the amended regulations, waiving of interview will be possible.