The Quebec Entrepreneur Program has two streams. It is one of the three Quebec Business programs together with other two (Investor and Self-Employed Worker).
1. Stream with support organizations
This stream under Quebec entrepreneur program is to create and operate a business that have received a service offer from a support organization i.e. business incubators, business accelerators and university entrepreneurship centres.
You can carry out your project alone or with others, up to a maximum of three other foreign nationals who have submitted applications for permanent selection as entrepreneurs for the same project.
What is a support organization?
- A “business accelerator” is an organization with an establishment in Québec that offers support services, particularly for finding financing, to people whose business projects are aimed at the growth of innovative companies;
- A “university entrepreneurship centre” is an organization managed by an academic institution referred to in Section 1 of the Act Respecting Educational Institutions at the University Level (chapter E-14.1), or an organization affiliated with such an institution and that provides mentoring services to entrepreneurs;
- A “business incubator” is an organization with an establishment in Québec that offers mentoring services, including hosting, to, people whose business projects are aimed at the creation of innovative businesses.
What the the support organization will present?
- A service offer in which it presents the services it intends to offer the entrepreneur to accomplish his/her project.
- The proposed support plan (list and description of services that it plans to offer the applicant to carry out the project);
- The operation plan (detailed budget for the service offer and the schedule for carrying out the support activities, i.e. the services offered);
- Its expertise as a business accelerator, business incubator or university entrepreneurship centre (its skills and achievements in relation to the entrepreneur’s project).
2. Stream with financial institutions
Under another stream under the Quebec entrepreneur program, you will work with a financial institution. You need to present a formal business plan to elaborate how will you create or acquire and operate a business.
Two deposits at a financial institution
A startup deposit and a security deposit at a financial institution in Québec are required with a deposit agreement:
- Use the startup deposit to set up a business. The required amount is lower (CAD $200,000) if you set up your business outside the Montréal metropolitan area (CMM). $300,000 is required if the business is located in the CMM.
- The security deposit serves as insurance that your business will actually be created. It will be refunded when you demonstrate that your business plan has been carried out.
Investment requirements
- Have a minimum net worth of CAD $900,000, alone or with your spouse or de facto spouse, and you must demonstrate that this money has been legally acquired.
- Own and control at least 25% of its equity capital. At least 51% of the equity capital for buying a business.
Ineligible activities
- Payday loans, cheque cashing, or pawnbroking
- Real estate development or real estate or insurance brokerage
- Production, distribution, or sale of pornographic or sexually explicit products or services related to the sex industry, such as nude or erotic dancing, escort services or erotic massages
Restrictions
Your business must have been in operation during the five years prior to your date of application. You cannot acquire a business purchased, in the five years prior to submitting your selection application, from an immigrant selected as an entrepreneur under the program.
Other factors and criteria:
- your age
- your level of education
- your French and English language skills
- your financial self-sufficiency
- your visits to Québec
- your family in Québec