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| IFCMontréal is a non-profit organization established in 1986. The creation of IFCMontréal was an initiative by the Ministère des Finances du Québec in collaboration with the Montréal Exchange and the City of Montréal. IFCMontréal's role is to promote Montréal as an international centre for finance through the use of an attractive tax incentive program. This program offers a refundable tax credit to a corporation (representing 30% of an eligible employee's salary, up to a maximum of $20,000) that creates six jobs. It operates with respect to specific activities associated with international financial transactions within the Urban Agglomeration of Montréal. The mission of IFCMontréal is to attract foreign direct investments from the Financial Services Industry, to increase the volume of international financial operations within the Urban Agglomeration of Montréal, and to develop expertise in the field of international finance. To achieve this mission, the Government of Québec launched a number of initiatives to increase the industry`s competitiveness. Notable among these initiatives were the creation in Montréal of the Derivatives Institute of the Montréal Exchange, l'Institut de Finance Mathématique de Montréal, and the implementation of training programs in financial services management. The growth in the number of IFCs since the creation of IFCMontréal confirms that the City is increasingly being recognized as a prestigious centre of international finance. In 1997, there were 45 IFCs, in 2008 there were 113. |
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