Regulatory Changes to Quebec Immigrant Investor Program

01/15/2009

MICC held a technical seminar in Montreal. The objective was to exchange with brokers and lawyers who are significantly involved with the Investor program, about the upcoming changes for 2009.

 

The new changes to the Investor category had been announced last fall, so we would not repeat again the new rule concerning the management experience, spouse assets and interview waivers. As for today뭩 meeting, MICC insisted that file processing will NOT get any easier or more lenient. It is NOT because an applicant is good that he will get a waiver, but waivers will instead go to files that are well prepared according to the New format and with strong & convincing evidence.

 

More a more detailed analysis, please find below the items discussed and our conclusion regarding these upcoming changes:

 

I.              About the file submission

 

1.1  All files will be submitted in Hong Kong or Montreal. File can no longer be submitted to Damascus since January 1st, 2009.

 

1.2  Between January 15 and February 2, 2009, a new form will be released by MICC. It will replace the many forms that we used to submit. Therefore the DCS + Investor 뺸ppendix +Declaration from the spouse + D-18 (declaration to settle in Quebec that used to be presented during interview) have been reformatted into one single form. For all cases submitted on February 2nd or after, this new form will have to replace the old forms.

 

1.3  Between February 2nd and April 1st, the new form mentioned above at section 1.2 will be suggested but old forms can be submitted instead. Starting from April 2nd, all files submitted will be required to include this new Quebec form.

 

1.4  Same as always, applicants will have to submit a complete file. There is no intention at all from Quebec to accept simplified application. On the opposite, Quebec now asks for more documents as you will read from Section 1.5.

 

1.5  All files submitted on or after February 2nd must include as always the usual supporting documents (financial statements, reference letters, proof of assets, etc), but very importantly the 9 following documents :

a)     The new Quebec form (or all the old forms if file is submitted before April 2nd)

b)     Investment agreement

c)     Broker declaration

d)     Processing fees

e)     Narrative document

f)      Proof of family relationship

g)     Passports

h)     Diplomas

 

1.6  If the file does not include all 9 essential documents mentioned at 1.4, along with supporting documents, the file will be returned in full without any file number awarded;

 

1.7  You may have received a sample of the Narrative document mentioned at Section 1.4, if not we shall gladly send one copy to you. This new Narrative document will be essential and it must follow the guidelines set up.

 

 

II.            About files analysis

 

2.1  As of today, files had always been reviewed by analysts, with finance & accounting background. Those analysts used to study the file, especially the financial aspects of the files, in order to prepare guidelines for the officer during the interview. Starting from February 2nd, those analysts will have an increased role since they will have a key impact on whether the file can enjoy an interview waiver or not. In a nutshell, the financial analysis of the file (i.e the financial statements validity) should play a major role in the decision to waive the interview or not.

 

2.2  Since December 23, 2008, and every month after that, MICC will send letters asking for additional documents within 60 days. Every single file will benefit from such letter, unless the file has already been scheduled for interview. Applicants will enjoy no benefit from submitting the requested documents before the 60-day deadline, since their file will only be studied 60 days after the update MICC letter has been issued.

 

2.3  When the additional documents are submitted and the file is complete, MICC analysts will review the file and recommend if the file should be accepted as is, or if an interview is necessary. If the interview is not requested, a final approval should be sent within 30-45 days. If an interview is necessary, the file would go at the end of the interview queue and MICC would not commit on how fast an interview date should be given;

 

2.4  If an interview is necessary, no new update will be requested from the applicant other than the one mentioned at section 2.2

 

2.5  There is NO particular profile concerning the interview waivers. The onus is on the consultant and their lawyers to present a file that would benefit an interview waiver. A complete Narrative document along with key supporting evidence should allow any case to obtain an interview waiver

 

2.6  Some files WILL NOT be eligible to interview waivers:

 

a)     If points awarded from the selection grid (excluding points for Language and Adaptability) are insufficient, an interview will be necessary. This means that if the applicant reaches 39 points for his management experience, age, education and investment agreement, but needs even 1 point for his language or adaptability, he shall be called for an interview for verification in person;

 

b)     Cases from Iran, India, Pakistan and some other countries in the Middle-East area won뭪 be able to benefit from interview waivers for the moment because of lack of agreement between Quebec and the Canadian Federal authorities

 

 

III.           Targets

 

3.1  The target is set for 50% interview waivers, but MICC is aware that this target will most likely not be reached this year. We may expect that 15-25% files could be accepted without an interview;

 

3.2  The 2008 target of accepted Investors have not been met. Quebec expects to catch up this lack of investors in 2009

 

3.3  Target for 2009 is set up at 2410 investments. This target is exceptional due to 2008뭩 shortage of acceptances and the global economy situation. MICC would analyse about 3200-3400 files, therefore we can expect an overall success rate of 70-75%. This would mean a lower acceptance rate compared to last year for all cases. Since some cases would be accepted without any interview, we can expect that the acceptance rate after interview would be quite lower than the 75-70% overall rate.

 

In a nutshell, let it be known that all files (unless already scheduled for interview) will be required an update, and this update will have a key impact on the decision to waive the interview or not.

 

Quebec does NOT lower its standards as per the quality of the files, therefore the updates will have to be carefully prepared and well supported. The opportunity to get interview waivers for applicants should not be missed.

 

Should the updated documents fail to convince MICC to give an interview waiver, chances of success at the interview would most likely be lower.

 

As a final conclusion, now more than ever applicants have a golden opportunity to have their file accepted without the stress and complexity of an interview. Since Quebec selection standards remain high, and with a more precise emphasis on the financial data analysis, let뭩 take this opportunity to put the necessary efforts and get the most interview waivers possible through a well organized collaboration for mutual benefit.