Canada’s North is emerging as an unexpected yet promising frontier for global entrepreneurs. The Northwest Territories (NWT)—long known for its stunning landscapes and natural resources—is now catching the attention of savvy investors and business owners looking for unique opportunities in an untapped market.

So, what’s driving entrepreneurs to make the move North? Let’s explore why investing in the NWT is becoming a wise strategic choice.

A Quick Overview: The NWT Business Stream

The Northwest Territories Nominee Program (NTNP) offers a Business Stream that enables foreign nationals to immigrate to Canada by starting or investing in a business in the NWT. Applicants receive a temporary work permit, and if they successfully manage their business, they may be nominated for permanent residency.

It’s a unique pathway that rewards those with vision, adaptability, and a commitment to contributing to the North’s economic growth.

Why Entrepreneurs Are Choosing NWT

1. Less Competition, More Opportunity

Unlike saturated markets in larger cities, NWT offers first-mover advantages in many sectors. From hospitality and retail to logistics and clean energy, there is real space—and need—for innovative businesses.

“You’re not just another business here—you’re often filling a real economic gap.”

2. Government Support & Incentives

The territorial government actively encourages business immigration, offering resources like:

• Business development grants
• Community economic development funds
• Ongoing support for newcomer entrepreneurs

3. High Demand for Essential Services

Many communities are underserved in areas like:

• Grocery and food supply
• Trades and Construction
• Transportation and vehicle services
• Tourism and cultural experiences

This creates strong demand and stable customer bases for newcomers who step in.

4. Strategic Location for Resource-Based Industries

The NWT is rich in diamonds, minerals, oil, and gas and is increasingly focused on sustainable resource development. This could be your ideal launch point if you’re in energy, environmental tech, or supply chain services.

5. Quality of Life & Community Connection

Living in NWT offers a slower pace of life, access to nature, and close-knit communities. Entrepreneurs often find that locals notice, appreciate, and support their business efforts.

Who Qualifies for NWT’s Business Stream?

To be eligible for the NTNP Business Stream, you must:

• Have a personal net worth of at least CAD $500,000 (if investing in Yellowknife) or CAD $250,000 (outside Yellowknife)
• Be willing to invest a minimum of CAD 300,000 in Yellowknife or CAD $150,000 elsewhere
• Own and actively operate the business in NWT
• Have business experience and a detailed business plan
• Meet language requirements (CLB 4 minimum)
• Conduct an exploratory visit
• Demonstrate an intention to settle permanently in NWT

What Kinds of Businesses Are Succeeding?

• Local grocery stores in remote communities
• Equipment rental and repair services
• Indigenous tourism and guided outdoor experiences
• Sustainable housing development and trades
• Niche retail or franchise operations in Yellowknife

Why Work With Change of Phase?

At Change of Phase Consulting Group, we help entrepreneurs navigate the unique challenges and immense potential of investing in Canada’s North. From business plan development and exploratory visit planning to application support and settlement strategy, we’re your guide to succeeding in the NWT.

Thinking About Taking Your Business North?

Book your free consultation today and explore how the NWT could be your next big opportunity.