Business Driven program seeks to attract those individuals, who possess an expertise in running business, in addition to having a considerable amount of money to invest in a new or an already existing business. The selection of applications is done, based upon their ability to create job opportunities for Canadians as well as the foreign nationals living in the province.

The process of application starts with the applicant sharing an idea for a working business, and their intention of moving to the Northwest Territories. After the applicants submit their business concepts along with their applications, they are then moved to get reviewed by the Department of Industry, Tourism and Investment.

Whichever applications get an approval, their plan for business is put to implementation, a certificate of nomination is issued to them, and they are then eligible to apply further for a PR under IRCC.

There are two sub-categories that fall under this program:

• Entrepreneur Stream
• Self Employed Stream (this sub-category is now permanently closed.)

Under this stream, those entrepreneurs who look forward to move permanently to NWT, while getting their own business established and fully operational in the region, get an opportunity to do so. There is no bar on the economic sector to which a candidate should belong; but, the concept of the proposed business, as well as the product they intend to sell, does matter. It holds more significance, if say, the business is set to generate some serious benefits for the local economy, or if the product they’re introducing, has never been proposed to the people of the region before, and so on.

Here are the minimum requirements for a candidate to fulfill, if they are to attain eligibility under this stream:

• They would have to invest at least 300,000 CAD into either buying or starting a business anywhere in the corporate region of Yellowknife, NWT; or, they’d have to make an investment of 150,000 CAD, in case they’re setting up their business outside the corporate area of Yellowknife, NWT.
• Their personal net worth should be 500,000 CAD or more, if they intend to either buy or start a business anywhere in the corporate region of Yellowknife, NWT; or they’d have to show their net worth to be a minimum of 250,000 CAD, in case their business is set to start outside the corporate area of Yellowknife, NWT.
• Their share in this proposed business should not be less than a third; but, if the candidate makes a 1,000,000 CAD or more worth of personal equity investment in the business, they may be allowed to participate in the program, even if their individual ownership is less than 33.3%.
• A deposit of 75,000 CAD will have to be made, in good faith, which will be held by the government, in a trust; it will be released only after making sure that the terms of the Business Performance Agreement are being satisfactorily implemented and executed.
• The candidate will be expected to know and understand the NWT region as well as its economy, fairly well.
• Their communication skills will need to be good enough to operate a business in the region, and be a part of the local community, without a hitch.
• Their educational qualifications and prior experience should be such, that it helps them implement their business plan successfully in the region.
• The business plan must, at least include the following points:
  
  
  • A proposed name for the business, as well as a description about what the business will be about.
  • Information regarding the ownership of the business, which would include corporation, proprietorship, franchise, partnership, acquisition, and such.
  • The industry or sector that this business would belong to; the applicant will have to submit the industry sector code or codes, as per the North American Industry Classification, which would best relate to the investment they’re proposing, as well as the occupation code or codes as per the National Occupation Classification, which would best relate to their skill level and experience.
  • The location they’re proposing for this business.
  • Their plans to establish residence in the NWT.
  • Their contribution towards the everyday management of this business.
  • The total investment they’re proposing, as an individual, and an explanation as to how this money would be spent.
  • The total number of jobs that would be created for the residents of the NWT.
  • The market research they would have conducted and all the analysis supporting that research.
  • If applicable, they’ll have to submit a list of as many visits they might have in the past, or would be conducting in the future, to the NWT.
  • Any training they might be undertaking as their preparation to open a business in the region.
  • The contact information as well as the summary of all the people, including all the businesses and service providers, that the applicant might have contacted, or established a working relationship with, or have had contract or an agreement set up with. The information would at least have to include the name, organization’s name, mailing addresses, email addresses, and phone numbers.

  Applicants are considered to be ineligible under the following conditions:

  • If they don’t meet any of the above listed criteria.
  • If any of the applicant’s dependent family members, irrespective of whether they’re accompanying the applicant to the NWT or not, have a serious ailment or a medical condition.
  • Irrespective of whether they’re accompanying the applicant or not, if any of the dependent family members over 18 years of age, have a criminal record.
  • If they, or any of their family members has child support dispute or an unresolved custody issue to take care of.
  • If they’re a refugee claimant, or involved in a federal removal or appeal process.
  • If it’s found that they have also applied to other provincial nominee programs.
  • If there is misrepresentation of any information on the application, intentionally
  • If they have intentionally tried to, or committed a fraud while writing and submitting their application.
  • If they have proposed to invest in a business, with the sole purpose to draw passive income on their investment from that business.