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What is NWT Business Stream?
The North-West Territory Business Stream is for people who want to start a business in the NWT, purchase an existing business based here, or invest in and operate an existing business based here. There is no wait-list for applicant applying in Business stream, also, processing times are faster.
Applicant requirement
- Applicants must commit to invest:
- A minimum of $300,000 CDN equity* into starting or buying a business within the corporate boundaries of Yellowknife, Northwest Territories; or
- A minimum of $150,000 CDN equity* into starting or buying a business outside of the corporate boundaries of Yellowknife, Northwest Territories.
- Applicants must demonstrate that they own at least 33.3% of the business, unless personal equity investment is at least $1,000,000 CDN, in which case applicant may own less.
- Applicants must also provide proof that they have a personal net worth of:
- At least $500,000 CDN if starting or buying a business within the corporate boundaries of Yellowknife, Northwest Territories; or
- At least $250,000 CDN if starting or buying a business outside the corporate boundaries of Yellowknife, Northwest Territories.
- Applicants must demonstrate that they have achieved a level of proficiency of 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 upon application.
- Results from only International English Language Testing System (IELTS) or the Canadian English Language Proficiency Index Program (CELPIP), if submitting results in English, and the Test d’évaluation de français (TEF) if submitting results in French; are accepted.
- Applicants must demonstrate reasonable knowledge and understanding of the Northwest Territories and its economy
- Applicants must demonstrate reasonable communication skills appropriate to conduct business in the Northwest Territories and to integrate into the local community;
- Applicants need to have the necessary experience and education to successfully implement the business plan;
- Applicants must demonstrate sufficient financial resources to start and operate a business and support themselves sand any dependents for the duration of the applicant’s Business Performance Agreement;
- Applicants can not have an active application with any other provincial or territorial nominee program; not have an active application with any other stream of the Nominee Program in the Northwest Territories; and not be a Refugee Claimant
- Applicants must be ready and willing to settle full-time right here in the North-West Territories.
STEPS FOR NWT Business Stream
- Self-assessment where applicants determine if they meet the minimum eligibility criteria, as listed above.
- An exploratory visit to NWT and face-to-face interview.
- After interview, a pre-screening of applicants business concept is done, along with evaluation of interview results. If applicant is successful, invitation to apply is given for submitting application and business plan.
- Application is reviewed, and, if approved, a Business Performance Agreement is signed.
- Upon signing, a candidate must submit a $75,000 deposit
- The NTNP then issues a letter of support for a two-year work permit, so the candidate can apply to the Canadian government for a temporary work permit
- Once the temporary work permit is approved and signed, the candidate has 60 days to submit a further form and documents. After submission, he or she has a further six months to start the business and make the investment outlined in the Business Performance agreement.
- Once the applicant is accepted and the business plan is implemented, the NTNP will issue a nomination certificate and the applicant, and any dependents, can apply for Canadian permanent resident status.
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