Business Stream
Business Stream is for those who want to invest or start a business in the Northwest Territories. The economic sphere in this part of Canada has a list of the most favorable industries to starting a business. These include tourism, film production, agriculture, fishing, manufacturing, restaurant, and food related industries, retail and service industries, mining, oil and gas.
The entire process of moving to the Northwest Territories with the help of the business area can be divided into 8 steps, which are conventionally combined in the following three steps:
1. 1. Evaluation:
- Step You must meet the conditions for selection
- Step You must make business trips to the Northwest Territories in order for Nominee Program representatives to interview you
- Step Submission of an Expression of Interest (EOI). This includes your business vision items and a summary of your trip to the Northwest Territories (this is the previous item)
2. Submitting an Application
- Step You formally provide the necessary document with a detailed business plan.
- Step The Nominee Program representative reviews your application.
3. Approval (to which you will move on only after your application has been pre-approved)
- Step You sign a Business Performance Agreement, which is the basis of your business plan.
- Step You successfully operate your business and make daily obligatory financial transactions for 20 months.
- Step After that you can apply for permanent residency in Canada. Provided you have met all the requirements and passed all the steps, you get a nomination from the Northwest Territories.
The minimum conditions for the selection of foreign workers under Business Stream also include requirements for the amount of investment:
- you may invest at least 300,000 Canadian dollars (CAD) in a business within the city limits of Yellowknife
- you may invest at least 150,000 Canadian dollars (CAD) in a business within the city limits of Yellowknife
The minimum amount of net assets per person must be:
- At least 500,000 Canadian dollars (CAD) for a business within the boundaries of Yellowknife
- At least 250,000 Canadian dollars (CAD) for a business within the boundaries of the City of Yellowknife
- Immediately upon formal submission and acceptance of the application, a charitable security deposit of 75,000 Canadian dollars (CAD) must be opened.
In addition, you must:
- Prove the fact that you own at least one-third (33.3%) of the business, in which
- The foreign worker’s investment fund is 1,000,000 or more (CAD)
- Demonstrate that your proficiency in English and/or French meets the Canadian Language Benchmark (CLB) Level 4.
In addition to financial solvency, the immigrant must be proficient in the following areas:
- In order to understand which business in which industry will best benefit the economy of the territory, you must know about the economy of the Northwest Territories themselves
- You need to have taken at least 1 business trip to the Northwest Territories to familiarize yourself with local businesses
- You must have your own experience and education to enter your own business plan
- You have have an intention to start a business in the Northwest Territories.