Investment in The Northwest Territories of Canada

Investment in Northwest Territories of Canada

The Northwest Territories of Canada helps attract foreign immigrants through the Northwest Territories Nominee Program (NTNP). The NTNP itself has two subcategories, one of which is known as the Northwest Territories Business Stream.

This program aims to attract individuals with business expertise and significant investment amounts to settle in the Northwest Territories of Canada and contribute to economic development and job creation through their investments and entrepreneurship. It is also designed for foreign entrepreneurs who have the ability to establish, purchase, or invest in an existing business.

The Northwest Territories Entrepreneurship Program is not based on a points system, and applicants will be invited to officially apply for the program if their business plan is approved by the program officials.

Conditions for investment and entrepreneurship in the Northwest Territories of Canada

To be eligible for the Northwest Territories Business Program, the following conditions are required:

Invest a minimum of $300,000 to start or buy a business in the Yellowknife area or $150,000 outside of the Yellowknife area.

Have a minimum net worth of $500,000 for starting or purchasing a business in the Yellowknife area, and a minimum net worth of $250,000 for starting or purchasing a business outside the Yellowknife area.

Be at least one-third (33.3%) owner of the proposed business. If your investment amount exceeds $1 million, your ownership share can be less than one-third.

Provide a $75,000 deposit as a guarantee and for good conduct to the Department of Industry, Tourism, and Investment. This amount will be refunded if the commitments of the agreement with the province are fulfilled.

Submit proof of language proficiency in English or French at a CLB score of 4.

Have reasonable information and knowledge about the Northwest Territories and its economy.

No minimum educational qualification is specified for this program. However, your educational background should be sufficient to successfully execute your business plan.

For this program, there’s no specified minimum work experience, but you need to have management experience in your chosen business field and convince the program officials that you can implement the business plan. You must have enough financial capability to start and run the business, as well as enough resources to cover your expenses and those of your family until the end of the business agreement. You should possess sufficient communication skills to launch the business in the Northwest Territories and integrate into the local area. You shouldn’t have an active application in other NTNP programs.

Who is not eligible for the Northwest Territories Entrepreneur Program?

If you fall into one of the following categories, you won’t qualify to apply for the Northwest Territories Business Program:

You don’t meet one or more of the main criteria listed in the previous section;

You or any dependent family member (whether accompanying you or not) have a serious medical condition;

You or any dependent family member over 18 (whether accompanying you or not) have a criminal record;

You are an asylum seeker in Canada;

You are involved in an appeal process or are being deported from Canada;

You have an active application in other provincial immigration programs;

You have custody or guardianship disputes that affect any family member;

You have deliberately provided false information during the application process;

You have intentionally committed fraud during the application process;

You are investing in a business that earns its income through passive investment.

Unacceptable businesses in the Northwest Territories Entrepreneur Program:

Restaurants suggested within the city limits of Yellowknife;

Seasonal businesses operating less than 6 months a year;

Home-based businesses providing bed and breakfast services;

Real estate development;

Home-based businesses;

Non-profit organizations and associations;

Property management businesses;

Businesses related to payday loans, check cashing, currency exchange, and ATMs;

Mortgage lenders;

Businesses that have been owned or operated by individuals who have been selected for the Northwest Business Program in the past 5 years;

Any investment plan related to immigration must comply with immigration and refugee protection regulations.

Any business where the investment conditions under the IRPR include a buyout option;

Any business that causes a reputation risk to the government of the Northwest Territories or its business program.

Steps to obtain an investment visa in the Northwest Territories of Canada

To get a work visa under the Northwest Territories Entrepreneur Program, you need to follow these steps:

Step 1: Self-assessment and preliminary reviews

If you meet the requirements for the Northwest Territories business program, develop an efficient business plan and start researching the Northwest Territories, its people, communities, and economy. An effective business concept may involve identifying an existing business in the Northwest Territories or may require creating a full-scale business plan for a new venture.

If you plan to purchase an existing business, it must have been continuously operated by the same owner for 3 years prior to applying for the program.

Step 2: Further research and in-person interview

Before applying to the Northwest Territories Entrepreneur Program, you must make at least one exploratory trip to the region to gain a comprehensive understanding of the local business environment and the steps needed to turn a business concept into a business plan. This trip should last at least 4 working days and does not include travel days, interview days, and public holidays.

After your business trip, you must have at least one in-person interview with the immigration office staff in the region to discuss your business concept and knowledge about the Northwest Territories, as well as to assess your business and communication skills. One interview should take place at the Department of Industry, Tourism and Investment in Yellowknife, and one should happen at the relevant regional office.

If you plan to buy an existing business in the region, the business owner must also have a separate interview with the provincial immigration office staff.

Step 3: Receive an invitation

In the interview session, after presenting the following documents and answering the questions from the relevant officials, you will have to wait for the outcome:

A written summary of the current business concept and the amount of investment; and

A summary of your findings from your business trip to the Northwest Territories.

If the Department of Industry, Tourism and Investment finds the provided information satisfactory, approves the business concept based on its feasibility for the region, is convinced that you possess the necessary business and communication skills, and believes your intention to settle in the Northwest Territories of Canada is genuine, you will then receive an invitation to apply formally for the program.

Step 4: Submitting the official application to the Northwest Territories Immigration Office

From the time you receive the invitation letter, you have 9 months to submit the required program documents, including your business plan and your net worth assessment report, for the Northwest Territories Entrepreneur Program.

According to the recommendations from the NWT Nominee Program officials, refrain from making your investment until you have signed the operational agreement.

Step 5: Application Review

After applying, the submitted documents and business plan will be reviewed. During the review process, you may be asked for additional documents or invited for another interview.

Your application will be assessed based on the following factors (not limited to these factors):

The potential of the proposed business to create jobs for local residents;

The sustainability of the proposed business in the region for a long duration;

The ability of the business to provide significant economic benefit to the area;

The applicant’s capacity to successfully operate the business based on their past skills and experiences;

Accurate financial statements along with documentation in the submitted business plan.

If your application meets all the above conditions and other required criteria, it will be accepted by the provincial government.

Step 6: Signing the operational agreement and applying for the work visa.

After being accepted into the program, NTNP staff will ask you to sign a business performance agreement. This agreement outlines the commitments that need to be fulfilled for implementing the business plan.

Once you sign the performance agreement and pay the $75,000 deposit, the Department of Industry, Tourism, and Investment will issue you a support letter. With this letter, you are allowed to submit your application for a temporary work visa to the Canadian federal immigration office, IRCC.

If you receive a work permit, you can enter Canada and start setting up your business there.

Obtaining Canadian residency through investment in the Northwest Territories

To get permanent residency in Canada through the Northwest Territories entrepreneurship program, you have two steps ahead:

Step One: Set up and develop your business

Six months after arriving in Canada and settling in the Northwest Territories, you need to prepare to establish and start your business and make the necessary investment. NTNP officials will occasionally visit your business to assess its progress. You are required to submit a performance report of your business to NTNP every six months.

You have two years to develop the business described in the business plan according to the business performance agreement. You must show that you’re actively managing the daily operations of the business, and active management should take place on-site in the Northwest Territories.

Step Two: Obtain provincial nomination and apply for permanent residency in Canada

After meeting the conditions outlined in the business performance agreement, the Government of the Northwest Territories may issue a provincial nomination certificate for you. Once you receive the provincial nomination, you have six months to apply for permanent residency in Canada and submit the required documents.

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Frequently asked questions

What is the application fee for the Northwest Territories entrepreneurship program?

The application fee for the Northwest Territories business program is $2,800.

What is the timeline for obtaining permanent residency in Canada through the Northwest Territories business program?

The process of applying for and receiving permanent residence in the business program of the Northwest Territories of Canada is about two years.

What are the main industries for investment in the Northwest Territories?

Agriculture, fishing, manufacturing, natural resources such as mining, oil and gas, tourism and film industry

What should be included in the business plan for the Northwest Territories program?

The business proposal must include the following elements, but is not limited to them:

The name of the proposed business and a description of its concept

Information regarding business ownership, partnerships, ownership stakes, and voting rights

The industry or field of the proposed business

The proposed location for the business

Plans for settlement in the northern regions

The applicant’s managerial achievements related to the proposed business

Proposed investment amount and an explanation of how the funds will be used

Budgets and anticipated expenses for starting the business

Preliminary financial data and a financial plan (if available)

The number of jobs that will be created for residents of the NWT

Market research conducted and all related analyses

A list of past or planned visits to northern regions (if available)

Any preparation and training for entrepreneurship in the northern regions, including course titles and names of institutions (if available)

The names of organizations, mailing addresses, phone numbers, and emails of specialized service providers the applicant has been in contact with and has an active working relationship or monetary agreement with.

A summary of individuals who have been contracted or consulted for preparing or interpreting the business plan, along with their names, organization names, mailing addresses, email addresses, and phone numbers.

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