This category of the Northwest Territories Canada PNP Program aims to attract candidates with a clear intention of setting up a new business or taking over an existing one in the Northwest Territories.
Through this stream, NWT’s provincial immigration program is looking for applicants who have experience in running their business entities and also possess sufficient funds to start a new one in the Northwest Territories of Canada to enhance the growth and development of the economy.
If the candidate wishes to purchase an existing business, he/she must possess sufficient investment. Candidates are also shortlisted on their capability of creating jobs for the Canadian residents and also for the foreign nationals in the northwest territory of Canada.
The application process of the business-driven program begins with the candidate sharing his working business concept and demonstrates his/her keen desire to move to NWT.
IRCC then reviews Their applications and business proposals. If the candidate’s business plan is approved and executed, the candidate if offered the nomination certificate. After this, the candidate can apply for permanent residency at IRCC.
There are two broad categories under the business-driven stream of the Northwest Territories Canada PNP Program :
i) The entrepreneur stream:
This stream facilitates the immigration of candidates who plan to set up their own business in NWT and also reside in NWT itself.
Applicants from all business sectors are eligible here. However, if you plan to set up a shop of a new product or service which is not currently present in the territory, you are offered priority of assessment over other applicants.
You may also be preferred if your business plan is probably to offer significantly more benefits to the territory’s economy in comparison to other business proposals received.
ii) Self-employed stream:
This stream is not accepting any new applications at the moment. It may re-open for new applications sometime in 2019.
This stream is valid for individuals who can aid in business growth by opening new business outlets and centers of professional practices.
This stream is strictly for self-employed candidates only and does not consider professionals employed by businesses as eligible.
Nomination Process of Business Driven Northwest Territory Provincial Nominee Program
- Self-assessment of eligibility and initial investigations
- Further studies and person-to-person interviews
- Commencing the application process and pre-screening
- Formal application submission
- Application review
- Application approval and business performance agreement
- Establishing the business entity
- Nomination of the candidate.
Basic Requirements for the Entrepreneur Stream:
For an applying candidate to be eligible as an entrepreneur under the Business Driven Program of Northwest Territories Canada PNP Program, the applicant must:
- Make an Investment :
o Atleast CAD 3,00,000 for starting or purchasing a business within the corporate boundaries of Yellowknife, Northwest Territories; or
o Atleast CAD 150,000 for starting or buying a company outside of the corporate limits of Yellowknife, Northwest Territories.
- Must have a minimum personal net worth of:
o Minimum CAD 500,000 if commencing or purchasing a business within the corporate boundaries of Yellowknife, Northwest Territories; or
o Minimum CAD 250,000 if initiating or buying a company outside the corporate limits of Yellowknife, Northwest Territories.
- Showcase that they are the owner of atleast one-third (33.3 percent) of the business;
o If the applying candidate makes a personal equity investment of CAD 1,000,000 or more, he or she may own less than one-third (33.3 percent).
- Offer a good faith deposit of CAD 75,000 to be held in a trust with NWT and released upon satisfactory execution of the terms of the Business Performance Agreement by the candidate.
- Showcase sufficient knowledge and understanding of the Northwest Territories and its economy.
- Showcase appropriate communication skills to establish and conduct business in the Northwest Territories of Canada and to integrate into the local community; and
- Possess the necessary work experience and education to implement the business plan successfully.
Basic Requirements of Eligibility for the Self Employed Stream:
For candidates to apply for immigration to the Northwest Territories of Canada under the Self Employed Stream of the Business Driven Program, there is a pre-defined set of rules. Each applicant must:
- Be a dignified member of the profession relevant to which there is an identified professional skill shortage in the Northwest Territories.
- Fulfill any certification or accreditation requirements for the business or occupation applied for.
- Be capable of meeting all Northwest Territories regulatory authority requirements if in a regulated job;
o If no regulatory authority exists within NWT, then the Canadian licensing body will be consulted for the same.
- Showcase sufficient communication skills to conduct business in the Northwest Territories and to integrate the same into the local community.
- Possess and showcase reasonable knowledge and understanding of the Northwest Territories and its economy.
- Also, showcase access to sufficient monetary resources to start and commence a professional practice and to support themselves or any family members or dependents for a period of six months; and
- Submit a detailed business proposal and plan for the business practice.
The Business Plan Guidelines of the Business Driven Stream:
The business plan that the candidate plans to propose to IRCC for its immigration process via the Northwest Territories Canada PNP Program must be a detailed one which has been well thought of for successful establishment and prepared with professional assistance for business development in NWT.
- The plan should mention the process that the applicant plans to execute for the success of his business venture and that its business operations can begin upon the candidate’s arrival.
- This plan should also share details of the research conducted by the candidate relevant to the economic, market and cultural factors of the province and also showcase the candidate’s skills and experience.
- The applicant may take help from any third party for the development of his business plan.
- However, NWT expects the candidate to have precise knowledge and understanding of the strategy and its execution.
- The application may be denied if the authorities feel that the candidate lacks the experience of the plan.
Required Content of the Business Plan:
The business plan submitted for business-driven stream must include the following:
- Proposed name of the company and the description of the business concept;
- Business ownership details – partnership, proprietorship, corporation, acquisition, franchise, others;
Proposed business industry/sector;
Applicants must mention:
- The industry-specific sector code(s) that are the best possible match for their proposed investment (as per the North American Industry Classification); and
- The occupation code(s) that are the best possible match for their experience levels and skillset (as per the National Occupation Classification) system.
Suggested location for the business;
- Plans for residing in the Northwest Territories.
- Management contribution the applicant intends to make for the proposed transaction.
- Proposed investment amount for the business and detailed explanation of how it will be spent.
- Fore-casted start-up expenses and funds.
- Pro‐forma financial data and if applicable, a financing plan.
- Number of jobs that are probable to be created for NWT residents.
- Market research performed and all other supporting analysis documents.
- A list of planned past or future visits to the Northwest Territories, whenever applicable.
- Any preparation and training for entrepreneurship in the Northwest Territories of Canada (to include course titles and institution names).
- All details like name, mailing addresses, organizations, phone numbers, emails of contracted professional business service providers whom the prospective candidate has contacted to establish an active working relationship or made a payment on the contractual agreement.
- A summary of the people contracted or consulted for the preparation or compilation of the business plan, including the name, organization name, mailing address, e‐mail address and phone number of each.
When Not to Apply for Business Driven Stream of Northwest Territories Canada PNP Program?
There are a few rules that can declare the applicant to be ineligible or immigration under the business-driven stream.
The candidate is considered inappropriate if, he/she :
- Does not meet any of the eligibility mentioned above criteria.
- Alternatively, any dependent or family member of the candidates has a severe medical condition.
- If any family member or dependant above the age of 18 whether or not accompanying the candidate has a criminal record.
- Has yet-to-be resolved custodial or child support disputes affecting any member of their family.
- Is a refugee claimant in Canada.
- Is involved in a federal appeal or removal process.
- Has active applications with other provincial nominee programs of Canada.
- Has intentionally misrepresented data during the application process.
- Has intentionally committed fraud during the application process; or
- Has proposed investment into a business entity, where the business is being established and operated primarily to derive passive investment income.