Canada’s Northwest Territories Investment Program is one of the attractive programs for immigrants who intend to invest in Canada. This program seeks to attract applicants or immigrants who, in addition to the necessary work experience, have the expertise to start and develop a business and contribute to the development of the economy of the northwestern regions and its trade. This stream has nothing to do with the scoring system.
Application steps:
- Preparation and submission of business plan and willingness to migrate and live in these areas
- Approval of the business plan by the authorities
- Sending the complete file along with the required documents and business plan to the ITI department
- Receive provincial nomination certificate in case of acceptance
- Applying for Canadian permanent residence from the Immigration Department
What are the requirements for the Invest in Northwest territories?
- The minimum amount of capital required for investment is 300 thousand Canadian dollars to start a business in the Yellowknife area and 150 thousand dollars outside these areas.
- The candidate to participate in this program must have enough information about these areas and their economy.
- Proficiency in French or English up to CLB4.
- There is no minimum educational qualification for this program. But having the work experience and educational qualifications required for the successful implementation of the business plan.
- To start or buy a business in the Yellowknife area, the applicant must have a minimum net worth of 500 thousand dollars, and to start or buy a business outside this area, the applicant must have a minimum net worth of 250 thousand dollars.
- The ability to own at least 33.3% of the desired business shares.
- The candidate must have the necessary financial ability to start a business and financially support himself and all family members during the contract period.
- The applicant must not have an active or pending case in any of the other paths of the provincial program of these areas.
What are the stages of the Invest in Northwest territories?
- Evaluation and preliminary research.
- Additional research regarding the business plan and face-to-face interview.
- Submit an EOI or Expression of Interest form. After conducting the necessary interviews, their results will be communicated to the people. If the interview is successful, the applicant has 60 days to submit the following documents:
A summary of the business concept along with an outline of the investments that will be made.
A summary of your findings and information from a business trip to the northwest regions. - Official application to obtain a work visa and work immigration to Canada.
- After applying, the submitted documents and business plan will be checked. During the review process, you may be asked for additional documents or invited to another interview.
- Verification of the candidate’s file and its signature by the Immigration Department.
- Starting a business after 6 months of staying in Canada and settling in the northwest region. The preparation of the applicant to start a business and make the necessary investments in it is very important. You are required to submit your business performance report to NTNP every 6 months.
- Action to obtain permanent residence in Canada.
Who is not eligible for the Canada Northwest Territories Entrepreneurship Program?
- One or more of the conditions of the Northwest Territories business program that we mentioned at the beginning of this article do not exist.
- The applicant himself or a member of his family has a serious medical problem (whether accompanied by him or not).
- The applicant himself or a member over 18 years of age has a bad history in his family (whether he is with him or not).
- There is a dispute or dispute regarding the custody or support of the child that affects each member of the applicant’s family.
- Asylum seekers in Canada
- People who are involved in the appeal process or removal from Canada
- In one of the nomination programs of another province, they have an active and pending case
- During the application process, they have intentionally provided false and unrealistic information
- Invest in a business that has passive investment income.
- During the application process, they intentionally committed fraud or fraud.
What are the unauthorized businesses in this program?
- Restaurants located in Yellowknife city limits
- Seasonal businesses that operate for less than 6 months a year
- Small accommodations that only offer bed and breakfast
- Management and development of real estate
- Home businesses
- Non-profit organizations and associations
- Any business that has the same listed head office as another registered business
- Payday loans, check cashing, money changers and ATMs
- Businesses in which another applicant of the Northwest Territories Business Program has invested and has not yet
- passed 5 years or is still investing
- Businesses in which investment conditions include a buyback plan according to the regulations for the protection of immigrants and refugees.
- Any business that brings disrepute to the Northwest Territories of Canada and the Immigration Department of this province
- Any immigration-related investment plan in accordance with the Immigrant and Refugee Protection Regulations
