The Northwest Territories is home to an eager and well-trained workforce, in fact, the territory has the lowest unemployment rate in all of Canada. The government here recognizes the importance of business investment and has since created several incentive programs for business and investment.In the last few years we have seen growth and success in the sectors of Agriculture, Fishery, and Manufacturing and with one of the lowest business tax rates and fastest growing GDP’s in Canada, we will surely see continued success.
If you want to start your business in Northwest Territories, you will need to qualify for the Business Stream.
Northwest Territories Business Stream
|Investment requirements||You must commit to one of the following investments:|
- at least $300,000 CAD in buying or starting a business within the corporate boundaries of Yellowknife; or
- at least $150,000 CAD in buying or starting a business outside of the corporate boundaries of Yellowknife.
|Net worth requirements||You must be able to prove that you have a personal net worth of:|
- $500,000 minimum to start or buy a business within the corporate boundaries of Yellowknife;
- $250,000 minimum to start or buy a business outside of the corporate boundaries of Yellowknife; and
- $75,000 for a deposit of good faith to the Department of Industry, Tourism and Investment once your application has been accepted.
|Personal requirements||You must:|
- own at least one-third of the business or if you own less than that, you must have invested at least $1,000,000 CAD in the business;
- have Canadian Language Benchmark level 5 in either English or French;
- have demonstrable knowledge and understanding of the territory’s economy to ensure that your business brings growth to the region;
- be able to complete at least one business trip to the territory to research its business environment;
- have the experience and qualifications to successfully implement your business plan; and
- have the intention to settle in the Northwest Territories full-time.