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Northwest Territories Business Stream
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Northwest Territories Business Stream
Northwest Territories is the second largest territory of Canada with a population of mere 45000. Home to Canada’s Northern Lights (aurora Borealis) expedition, the capital of Northwest Territories – Yellowknife receive thousands of visitors to witness this Aurora Beams. Business professionals has unique opportunity to migrate to this beautiful territory by PNP business immigration Canada for Northwest Territories. Like every Canadian province, they too have the business immigration but the accepted applicants will be given Temporary Work Permit for 2 years. After meeting the business requirements, applicants can apply for Canada entrepreneur PR visa.
- The territory is a tight knit community with small town charm makes the place very vibrant, safe and secure for family life.
- Entrepreneurs, business professionals, artisans, skilled professionals are well received in the territory due to less competition and high demand for new things.
- If you move there, you will experience tons of small and large scale business opportunities coupled with beautiful landscape and picturesque locations.
- It has one of lowest business tax rates and fastest growing GDP’s in Canada.
- Northwest Territories has one of the stable economies in Canada due to presence of independent Gold and Diamond mining, natural resource and innovative businesses in Tourism and primary industries
- With a population of around 45,000, the territory has the highest GDP per capita in Canada. This means territory’s economic output that accounts for its number of people.
- Yellowknife is the epicenter of territory’s development and industries of mining, communications, transportation, health, education, commerce, and tourism and government activity.
- The territory is rich in natural resources and investing in a mining business or manufacturing would be a great option for newcomers.
- As explained, tourism is another rapidly growing industries in the region, and you extend your business venture in tourism or hospitality domain.
Business Stream & Investment Options
Canada Entrepreneur Visa for Northwest Territories is for those business professionals who wish to start their own business or invest in operate an existing business. The program will bring to capital investment in the territory that will make way for progress and development.
- Investment in Yellowknife – CAD 300,000
- Investment outside Yellowknife – CAD 150,000
- Net Worth (Yellowknife) – CAD 500,000
- Net Worth (outside Yellowknife) – CAD 250,000
- Good Faith Deposit – CAD 75,000
Northwest Territories Business Stream Process
First Stage – Self-Assessment and Initial Investigations
- If you believe that you suffice the business visa Canada requirements, then you must work on the business concept and research on the territory
- Your business concept must outline whether you are planning to start a new business or acquire an existing business. The already existing business must be in continuous operations for 3 years prior to your application.
Second Stage – In-person Interview in Northwest Territories
- Applicant must make minimum 1 business trip to territory to submit the application and attain more business understanding of the region.
- Must partake in one-on-one interview with the Nominee Program staff to evaluate your business concept and your knowledge of business environment in the territory.
Third Stage – Expression of Interest
- If the interview become successful, you will get 60 days to submit your business concept along with the investment details and summary of your business findings.
- If the immigration authority finds your business concept and findings satisfactory, then you will be issued Invitation to apply.
Fourth Stage – Formal Application
- After receiving the Invitation, applicants have 9 months to submit a complete official application to the Canada business PR nominee program.
Fifth Stage – Application Review & Business Performance Agreement
- Your formal application and business concept will be reviewed by NTPT as per the eligibility criteria.
- After getting selected, applicants must make the refundable good faith deposit of CAD 75,000 and sign a Business Performance Agreement. Applicants must meet the agreement after arriving in the territory.
- After that, applicants will be given Letter of Support for a two-year temporary work permit
Sixth Stage - Request for Nomination and apply for Permanent Residence
- After having conducting business and residing in Northwest Territories for 2 years, you can request for the nomination.
- After getting nominated by the province, within 6 months you apply for the Canada permanent residency permit.
Requirements and Process
Business Stream Eligibility Requirements
- Must make the business investment of CAD 300,000 for the business in Yellowknife and CAD 150,000 for the business outside Yellowknife.
- Must have personal net worth of CAD 500,000 for the business in Yellowknife and personal net worth of CAD 250,000 for business outside Yellowknife.
- Must demonstrate that you have ownership of minimum 33.3% of the business, unless your personal equity investment is minimum CAD 1,000,000.
- Demonstrate Canadian Language Benchmark (CLB) 4 equivalent to IELTS (Reading 4.0, Writing 4.0, Listening 4.0, Speaking 4.0)
- If accepted into the program, you must make the good faith deposit of CAD 75,000 to the Department of Industry, Tourism and Investment.
Business Stream Documents Requirement
- NTNP 01 – Canada business visa application form
- A detailed Business establishment plan
- Canadian Standard Resume
- Interview and Visit Event summary
- Net Worth Financial Verification Report
- Travel Documents and passports of Self and spouse
- Marriage Certificates and Child’s birth certificates
- ECA Assessment report of your Academic Documents
- Language Proficiency Test Results Copy (not older than 2 years) – IELTS or CELPIP for English, TEF or TCF for French
- Business registration license of each enterprise owned
- Registration with taxation authorities and Proof of shareholding enterprise
Business Stream Processing Fees & Time
Under this provincial nominee business stream, there is associated an application fee or Canada business visa cost of CAD 2800. The processing time for the program depends on the complexity of the application since there is less waiting period, the processing time may take up to 12 to 18 months.
Abhinav: India’s Most qualified Immigration Consultant for Entrepreneurs, Investors and HNI’s
- Only Immigration specialist having an expert team and experience in dealing with business and investor applications for almost 2 decades. This is highly demanding, high risk category of Immigration.
- Profile Assessment to identify the right country and program, viz. Residency by Investment or Citizenship by investment or Entrepreneur programs.
- Special advice for dependent/non-dependent children and parents.
- Special advice for clients having limitations of staying outside India for long.
- Documentation Guidance critical to acceptance including all important area of source and path of funds, business and personal net worth.
- Professional Business Plan Drafting.
- Market Research vis-à-vis Business for Sales listings and Start-up ideas.
- Online IELTS Coaching.
- Overseas Company Incorporation.
- Taxation planning and advice.
- Planning and coordinating Exploratory Visits with active assistance from Local associates.
- Start-up Guidance and coordination vis-à-vis Incubators, Angel Investors and Venture Capitalists.
- Application Process through licensed Immigration consultants/Attorneys.
- Turnkey services
- Concierge services for Premium clients.
Fulfill your Canada Immigration Dreams with us, pick up your phone and dial (+91) 859 533 8595 for immediate free counselling or write to [email protected] for assistance on Business Immigration.
