Quebec Updates Help for Entrepreneurs

After consulting with companies in 2021, the government recently revealed Quebec Entrepreneurship Plan 2022-2025 (PQE) which updates assistance to entrepreneurs.

The plan was announced inBoss School of Entrepreneurship (EEB) on May 30 by the Delegate Minister for Economics, Lucy Lakersand by Beauce-Sud member, Samuel Bolin.

PQE consists of two main axes:

  • Encouraging entrepreneurs and providing them with high-quality support and tools. This aspect includes five measures focused on training and support. It has a budget of $57.3 million over three years.
  • Ensuring a business environment conducive to business growth. This axis includes four measures related to support and funding. $64.4 million will be allocated to it over three years.

Each of the measures is accompanied by indicators and targets. We mention in particular, in the context of Action 1 (“Improving Services for Entrepreneurs”), that Entrepreneurs have access to network services Business access in Quebec (AEQ).

The AEQ Network was created in the fall of 2020 and is based in Quebec Immigrant Resource Centers. AEQ consultants work in synergy with economic development organizations in their lands and Investing in Quebec“in order to properly guide companies to help them realize their projects”.

organizational relief

PQE is also an opportunity for the government legault Several programs and strategies launched since 2018, many announced to boost economic recovery after the 2020 recession, recall during the early months of the COVID-19 pandemic.

The government also reiterates its promises regarding regulatory relief. After Omnibus Bill 103, which was introduced last October and returned to the new legislature, and then was adopted last December, the government just introduced Bill 44 on June 7.

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Minister Lecours introduced the bill with her colleague Yuri ChasinMNA of Saint Jerome and Parliamentary Assistant to the Minister of Economy and Innovation (Regulatory Simplification Component).

The legislation consists of 182 articles and amends many laws and regulations. The minister promised that there was not enough time to pass new laws before the end of the current session and the next October elections, Legault’s government would put her back on the order sheet if re-elected. the lesson And the deputy the hunt.

favorable feedback

The disclosure of PQE elicited positive feedback from various organizations in the business community. in Canadian Federation of Independent Business (CFIB), Vice President of Quebec Francois Vincent She considers that “this plan is very welcome, because the entrepreneurial environment in Quebec has been turned upside down especially over the past two years, particularly because of the pandemic.”

CFIB is also emphasizing a special focus on acquisitions. “In 2018, nearly three-quarters of small and medium-sized business owners were considering selling their business within 10 years,” adds Mr. Vincent.

However, the CFIB noted that corporate taxation must necessarily be at the center of the reversal surrounding entrepreneurship in Quebec. The union cites a recent study byInstitute of Statistics Which indicates that in companies with fewer than five employees, 39.4% of entrepreneurs say the number one barrier to growth is the corporate tax rate.

For its part, the Federation of Chambers of Commerce of Quebec (FCCQ) emphasizes the importance given in PQE to aspects of acquisition, acquisition of new technologies, and entrepreneurship support. The plan aims to encourage more than 1,000 business transfers over the next three years through Quebec Transfer Center (CTEQ).

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The FCCQ proposes relaxing tax rules to allow entrepreneurs to move their stock gradually, rather than forcing them to sell more than half of it at once, which many entrepreneurs are unwilling to do.

“In many cases, incremental transfer is more appropriate, which gives some additional time for adaptation and allows for the creation of a gradual succession plan,” he notes. Charles MillardCEO of the FCCQ.

in Association of Youth Chambers of Commerce of Quebec (RJCCQ), we are particularly pleased to see two of its applications included in the PQE, providing strategic support aimed at accelerating business growth and improving the offer of support for acquisitions. He asserts that “to take on a company also means to pledge and innovate” Pierre GrafCEO of RJCCQ.

Training

At EEB, we remember over 1,000 entrepreneurs have been supported over the past 11 years. The procedure for improving the training of entrepreneurs is directly related to Saint-Georges-de-Beauce. The latest agreement between the school and the government was extended for one year and an additional $400,000 was awarded to increase entrepreneurs’ access to these courses throughout Quebec.

L ‘Quebec Business School (ÉEQ) is also pleased with the PQE table and training arrangement. Founded in 1986, ÉEQ has eight branches and a virtual platform. Since 2018, nearly 19,000 entrepreneurs have taken part in a course offered by the foundation.

the findings

The plan is specifically intended to encourage groups that are not underrepresented in entrepreneurship, such as women, youth, ethnic and cultural communities, First Nations, Inuit, people with disabilities, and members of the LGBTQ2+ community.

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The government wants to achieve three goals: to create more businesses, accelerate their growth and enhance the success and perseverance of entrepreneurs.

In the second axis of the PQE, there are certain observations regarding entrepreneurship in Quebec:

  • The rate of business creation in Quebec is still lower than anywhere else in Canada;
  • The five-year survival rate for new businesses is 65% in Quebec and 63% for the country as a whole;
  • The average age of business owners is 50. More than a third of them can retire within 10 years;
  • It is estimated that approximately 12,600 companies could be relocated in 2022.

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