Northwest Territories
Northwest Territories NWT Business Stream
The Northwest Territories (NWT) Nominee Program Business Stream offers a path to Canadian Permanent Residency for those interested in establishing, purchasing, or investing in a business in the NWT.
There are several benefits to starting a business in the NWT and choosing the NWT Nominee Program. Applicants can expect:
- No wait-list for applications;
- Faster processing times;
- Personalized attention for your application; and
- Program staff that are there to support you throughout the entire application process.
Minimum Eligibility Criteria for Northwest Territories NWT Business Stream
There are minimum eligibility criteria to qualify for the NWT Nominee Program Business Stream. A prospective applicant must be able to commit to one of the following investments:
- A minimum of CAD 300,000 equity to start or buy a business within the corporate boundaries of Yellowknife, NWT;
- A minimum of CAD 150,000 equity to start or buy a business outside of the corporate boundaries of Yellowknife, NWT.
The prospective applicant must provide proof of a personal net worth of:
- At least CAD 500,000 to start or buy a business within the corporate boundaries of Yellowknife, NWT;
- At least CAD 250,000 to start or buy a business outside the corporate boundaries of Yellowknife, NWT;
- Provide to the Department Of Industry, Tourism and Investment a good faith deposit of CAD 75,000 once formally accepted into the program.
The prospective applicant must also:
- Demonstrate that they own at least one-third (33.3%) of the Business;
- Where your personal equity investment is at least $1,000,000 you may own less than one-third (33.3%) of the Business pursuant to the Immigration and Refugee Protection Regulations Section 87(6)(B)(Ii); And
- Demonstrate that they have achieved a proficiency of level 4 against the Canadian Language Benchmark (CLB 4) in English or the equivalent language level against the Niveaux De Competence Linquistique Canadiens (NCLC) In French.
In addition to financial means, an applicant also needs to demonstrate the following knowledge and abilities:
- Knowledge and understanding of the NWT and its economy and which Businesses will bring significant economic benefit to the territory.
- The ability to make at least one (1) in-person business trip to the NWT to gain knowledge about the territory’s business environment;
- The necessary experience and education to successfully implement the proposed business plan; and
- A willingness to settle full-time in the NWT.
Ineligibility for Northwest Territories Business Stream
Applicants may be disqualified for reasons including, but not limited to:
- Non-compliance with the above eligibility criteria.
- Serious medical conditions affecting the applicant or any dependent.
- Criminal records of the applicant or any adult dependent.
- Unresolved family disputes involving custody or child support.
- Refugee claimants in Canada.
- Involvement in federal appeal or removal processes.
- Active applications with other provincial nominee programs.
- Engagement in misrepresentation or fraud during the application process.
- Proposing investments in businesses primarily aimed at passive income generation.
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Business Plan Overview for Northwest Territories Settlement and Development
Comprehensive Business Strategy
The business plan should be a detailed, well-structured roadmap for effective establishment and growth in the Northwest Territories. It must demonstrate the applicant’s thorough research into various factors such as market trends, economic climate, and cultural aspects relevant to the business. The plan should reflect the candidate’s awareness of their own management capabilities and limitations.
Applicant’s Involvement and Third-Party Assistance
While third-party guidance in developing the plan is permissible, it’s essential that the applicant fully understands and is aware of all aspects of the plan. Lack of knowledge about the plan’s content can result in application rejection.
Essential Elements of the Business Plan
The plan must encompass, but is not limited to:
- Business name and concept overview.
- Ownership structure (partnership, sole proprietorship, corporation, franchise, acquisition).
- Target industry or sector.
- Relevant industry sector and occupation codes (as per North American Industry Classification and National Occupation Classification systems).
- Chosen business location in the Northwest Territories.
- Strategies for relocation to the Northwest Territories.
- Applicant’s management role and contribution.
- Detailed investment strategy and allocation.
- Initial funding and expenditure forecast.
- Pro-forma financials and financing strategy, if necessary.
- Employment opportunities for local residents.
- In-depth market research and supporting analysis.
- Record of past or planned visits to the Northwest Territories.
- Entrepreneurial training or preparation (including courses and institutions).
- Contact details of professional service providers involved.
- Summary of consultants involved in the plan’s development.
Excluded Business Ventures
Certain businesses are not eligible under the Nominee Program Business Stream, including:
- Restaurants within Yellowknife city limits.
- Seasonal businesses operating less than six months a year.
- Bed and Breakfasts.
- Property Management.
- Real Estate Development.
- Home-based businesses.
- Non-profits and associations.
- Businesses sharing a head office with another registered business.
- Financial services like payday loans, cheque cashing, currency exchange, and ATMs.
- Pawnbrokers.
- Businesses formerly managed by Nominee Program business stream nominees within the last five years.
- Any scheme violating Immigration and Refugee Protection Regulations related to investment.
- Businesses that might negatively impact the reputation of the Nominee Program or the Government of the Northwest Territories.
Northwest Territories Business Stream Nomination Process Overview
1. Preliminary Assessment and Initial Research
Interested candidates should evaluate if they meet the Business Stream criteria. This involves developing a business idea and researching the Northwest Territories’ community, economy, and market. Prospective applicants can either identify a new business opportunity or prepare a detailed business plan. For those considering purchasing an existing business, it should have been operational under the same owner for at least three years.
2. In-depth research and Personal Interview
Candidates are required to visit the Northwest Territories for a minimum of four full business days, excluding travel and holidays, to understand the local business environment. This visit should lead to a face-to-face interview at the Department of Industry, Tourism and Investment in Yellowknife and a regional office. For acquisitions of existing businesses, the current owner must also attend a separate interview.
3. Expression of Interest
Following the interview, successful candidates are given 60 days to submit a business concept summary and findings from their visit. Approval depends on the viability of the business concept, the applicant’s skills, and commitment to settling in the Northwest Territories.
4. Official Application Submission
Invited candidates have nine months to submit a comprehensive application, including an application fee, a Third Party Financial Verification Report, a detailed business plan, and a NTNP-05 form. Incomplete applications will not be processed.
5. Application Evaluation
The submitted application and business plan undergo a thorough review. Criteria include job creation potential, sustainability, economic benefits to the Territory, the applicant’s capability, and realistic financial projections. Further documentation or interviews may be requested.
6. Agreement and Approval
Approved applicants will be notified and must sign a Business Performance Agreement. This includes a $75,000 CAD deposit and outlines the business plan execution terms. A support letter for a two-year work permit is provided upon agreement signature.
7. Business Development
Within six months of arrival, the applicant should start establishing the business, adhering to the Business Performance Agreement. Regular progress reports are required, including evidence of investment.
8. Final Nomination
Successful fulfillment of the agreement terms may lead to a nomination certificate from the Government of Northwest Territories. Nominees must apply for permanent residence within six months of nomination.