Thursday, August 06, 2009

NTNP | Entrepreneur and Self-Employed Business Category



By now, you must have already heard about Northwest Territories Nominee Program (NTNP), the latest immigration program announced recently by Immigration Minister Jason Kenny. Here's additional information about NTNP, particularly about the Entrepreneur and Self-Employed Business categories.

The Entrepreneur category provides an opportunity for immigrants who start a business in the Northwest Territories (NWT) to receive permanent residency status.

The self-employed category of the NTNP is designed to attract professionals who can provide a service that is in demand in the NWT by establishing business outlets or professional practices.

The Government of Northwest Territories' Department of Industry, Tourism and Investment is responsible for the Entrepreneur and Self-Employed Business categories of NTNP. For more information about NTNP Entrepreneur and Self-Employed Business categories, you may contact (867) 873-7361 or visit http://www.iti.gov.nt.ca

Update (August 8, 2009): Eligibility Requirements

The Entrepreneur Business Category applicant must:
  • Invest:
  • A minimum of $300,000 CDN equity into starting or buying a business within the corporate boundaries of Yellowknife, NWT;
  • A minimum of $150,000 CDN equity into starting or buying a business outside of the corporate boundaries of Yellowknife, NWT;
  • Have a personal net worth of:
  • At least $500,000 CDN if starting or buying a business within the corporate boundaries of Yellowknife, NWT;
  • At least $250,000 CDN if starting or buying a business outside the corporate boundaries of Yellowknife, NWT;
  • Have an additional $75,000 kept in a trust account and released upon completion of a Performance Agreement based on a business proposal;

  • Demonstrate a reasonable knowledge and understanding of NWT and its economy;

  • Be able to demonstrate reasonable communication skills; and,

  • Have the necessary experience and education to successfully implement thebusiness plan.

  • The Self-Employed Business applicant must:
  • Have a profession that is identified as a professional skill shortage;

  • Satisfy any certification or accreditation requirements for the particular
    profession or occupation;

  • Be licensed/accepted by the body governing the profession, if any;

  • Demonstrate reasonable communication skills appropriate to the NWT;

  • Demonstrate a reasonable knowledge and understanding of the NWT and its
    economy;

  • Demonstrate that they have sufficient financial resources to start and operate
    the professional practice and to support themselves and any dependents for a
    period of six months; and,

  • Submit a detailed business plan for the business or practice.