The Northwest Territories (NWT) Entrepreneur stream offers a promising avenue for entrepreneurs and business-savvy individuals seeking to establish themselves in this northern region of Canada. Designed to attract those with innovative business ideas and the drive to create employment opportunities for Canadians, this program provides a pathway to residency for those who can present a viable business plan.
To qualify for the NWT Entrepreneur stream, candidates must meet several requirements:
Entrepreneurs are required to own or commit to owning at least one third (33.3%) of the business they plan to establish or acquire in the NWT. However, candidates with a personal net worth exceeding CAD 1,000,000 may qualify even if they own less than one-third of the business.
The minimum investment and personal net worth requirements vary based on the location of the business:
Candidates are also required to sign a business performance agreement and provide a good faith deposit of CAD 75,000, refundable upon meeting the agreement’s conditions.
Prospective applicants must develop a comprehensive business plan outlining their proposed venture’s viability and potential for job creation in the NWT.
If deemed satisfactory, candidates are invited to submit supporting documents for their business concept within 60 business days.
Upon approval of the supporting documents, candidates may formally apply to the program. They have six months to submit a complete application.
If accepted, candidates receive a letter of support for a two-year temporary work permit. This permit allows them to establish their business in Canada without requiring a Labour Market Impact Assessment (LMIA).
After meeting the conditions outlined in the business performance agreement and operating the business for a specified period, candidates may be eligible for nomination for permanent residency in the NWT. They have one year from nomination to submit a federal application for Canadian permanent residence.
The NWT Entrepreneur stream offers a promising opportunity for individuals with entrepreneurial aspirations to establish themselves in Canada’s northern territories. By fostering business innovation and economic growth, this program not only benefits the entrepreneurs but also contributes to the development and prosperity of the Northwest Territories.
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