The business-driven stream assists foreign nationals with the ability to establish or purchase, an existing business; selected primarily on the basis of its ability to create jobs for the foreign national and other Canadians.
Foreign nationals who wish to apply under the business stream need to follow the application process:
- Self-Assessment and Initial Investigations
- Further Investigations and Face-to-Face Interview(s)
- Initiating the Application Process and Pre-Screening
- Formal Application
- Application Review
- Approval and the Business Performance Agreement
- Developing the Business
The details for each of these steps can be found in the guidelines for the business stream of the Nominee Program. Prospective applicants must take into consideration that decisions on applications are final and there is no appeal process.
New entrepreneurs and/or established business owners and operators who want to apply to the nominee program under the business stream will need a business plan that clearly details the proposed business structure as well as the benefits (immediate and future) for the Northwest Territories. For example, the business structure may be:
- a new business start-up;
- the purchase of an existing business;
- investment as an active management partner in an existing business.
To be eligible for the business stream of the Nominee Program, an applicant must be able to commit to one of the following investments:
- a minimum of $300,000 CDN equity to start or buy a business within the corporate boundaries of Yellowknife, Northwest Territories;
- a minimum of $150,000 CDN equity to start or buy a business outside of the corporate boundaries of Yellowknife, Northwest Territories.
The applicant must also provide proof of a personal net worth of:
- At least $500,000 CDN to start or buy a business within the corporate boundaries of Yellowknife, Northwest Territories;
- At least $250,000 CDN to start or buy a business outside the corporate boundaries of Yellowknife, Northwest Territories;
- 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);
- An additional $75,000 to be kept in a trust account that will be released upon completion of the Business Performance Agreement, based on the applicants business proposal.
In addition to financial means, an applicant also needs to demonstrate the following knowledge and abilities:
- knowledge and understanding of the Northwest Territories and its economy;
- the ability to communicate well enough in English or French to conduct business and integrate into the Northwest Territories;
- the ability to make at least one (1) in-person business trip to the Northwest Territories to gain knowledge about the territory’s business environment;
- the necessary experience and education to successfully implement the proposed business plan.
Forms for the business stream of the Nominee Program can be found here:
For more information on this program, prospective applicants can review the business-stream program guidelines, consult our frequently asked questions, or contact the Business Driven Program, Investment and Economic Analysis at 1 (855) 440-5450.