I-0.2, r. 4 - Regulation respecting the selection of foreign nationals

Section 34.1 Disposition versions

2012-09-01

34.1. A foreign national who applies for a selection certificate as an investor shall file with the Minister an investment agreement signed with a broker or a trust company that entered into an agreement with the Minister and one of the subsidiaries of Investissement Québec and that will be, in Québec, the foreign national’s mandatary with the Minister and the subsidiary.

The Minister shall examine the agreement and shall award the applicant the points provided for in the Regulation respecting weighting if the agreement complies with the provisions of this Regulation.

The agreement must contain at least the following conditions, which must apply for the full term of the agreement:

(a)  an undertaking for the foreign national to make an investment of $800,000 with a broker or trust company which must invest the amount with one of the subsidiaries of Investissement Québec after the Minister has sent a notice of intent to issue a selection certificate to the foreign national, not later than 120 days after the issue of that notice, for the purpose of financing

i.  the Programme des immigrants investisseurs pour l’aide aux entreprises (chapter I-16.0.1, r. 3) or any program established to replace it;

ii.  the exercise of the Minister’s responsibilities under the Act respecting the Ministère de l’Immigration et des Communautés culturelles (chapter M-16.1); (A provision of an agreement filed before 2 March 2005 that differs from the provision of this subparagraph is without effect after that date. (O.C. 25-2005, s. 6))

(a.1)  the opening of a separate account in the name of the foreign national by the broker or trust company;

(a.2)  the establishment of the identity of the foreign national by the foreign national’s name, sex, date of birth, permanent address, citizenship, personal telephone number, the type of document proving the foreign national’s identity, the number of that document and the place of issue; any change in any of the particulars must be notified to the broker or trust company by the foreign national within 30 days of the change;

(a.3)  a prohibition against the foreign national’s changing brokers or trust companies from the date of filing of the application for a selection certificate, except for reasons related to the broker or trust company, such as bankruptcy, cessation of management activities, an acquisition or amalgamation, or a proven fault; (A provision of an agreement filed before 2 March 2005 that differs from the provision of this subparagraph is without effect after that date. (O.C. 25-2005, s. 6))

(b)  the term of the investment is 5 years and is computed from the date on which the amount of $800,000 is invested by one of the subsidiaries of Investissement Québec; that date may not be prior to the date of the sending by the Minister of the notice of intent to issue a selection certificate to the investor;

(c)  the agreement or any other deed signed in connection with that agreement or investment, except those entered into for the purposes of a program referred to in subparagraph a, must not provide for a hypothec, a guarantee or any other security granted by a third party in favour of a foreign national or a member of his family;

(d)  the investment with one of the subsidiaries of Investissement Québec must be irrevocable before the end of its term, unless the selection certificate is cancelled, the application for a selection certificate is refused or the investor’s application for a visa or permanent residence within the meaning of the Immigration and Refugee Protection Act (S.C. 2001, c. 27) is denied and, in those cases, the agreement must provide that the broker or trust company is required to reimburse the investment to the investor by depositing the investor’s funds in the country from which the funds originated, in an account in the investor’s name, and file a document with the Minister attesting to the reimbursement of the investment within 30 days of the deposit; (A provision of an agreement filed before 2 March 2005 that differs from the provision of this subparagraph is without effect after that date. (O.C. 25-2005, s. 6))

(e)  within 30 days of the maturity of the investment, the broker or trust company shall reimburse the investment to the investor and shall file a document with the Minister attesting the reimbursement.

O.C. 1080-86, s. 2; O.C. 646-88, s. 1; O.C. 1968-89, s. 2; O.C. 1725-92, s. 5; O.C. 1323-95, s. 12; O.C. 828-96, s. 13; O.C. 503-98, s. 5; O.C. 307-99, s. 2; O.C. 597-2000, s. 1; O.C. 728-2002, s. 22; O.C. 25-2005, s. 2; O.C. 982-2010, s. 3; ; S.Q. 2010, c. 37, s. 140.