A Step-by-Step Guide to Yukon Business Nominee Program
Run your business as a foreign entrepreneur in the Yukon territory and apply for permanent residency through the YBNP. A step-by-step guide to Yukon Business Nominee Program.
Yukon is among Canada’s smallest territories. This northern territory may be small, but it has a fast-growing economy that attracts business people and entrepreneurs from different countries.
The territory’s Government has helped accelerate economic growth by attracting foreign entrepreneurs to invest and set up businesses in the region. They have done this by introducing a unique immigration program known as the Yukon Business Nominee Program (YBNP).
This guide will examine this immigration program’s eligibility requirements and the application process for immigrating to Yukon via Yukon Business Nominee Program.
What is the Yukon Business Nominee Program?
The Yukon Business Nominee Program is one of Yukon’s Provincial Nominee Programs (PNP) that caters to foreign entrepreneurs and business people. Candidates can apply through this program if they intend to set up or purchase and operate a business in the Yukon. The territory’s Government will issue successful candidates a nomination they can use to apply for permanent residence through the Federal Government.
YBNP Eligibility Requirements
The minimum eligibility requirements for the YBNP are summarized below:
Work Experience
- Prospective business people must possess a minimum of five years of relevant experience to qualify for this program. This includes three years of business ownership or business management experience.
- Candidates can get additional points on their Points Grid if they have more than seven years of relevant work experience.
Net Worth
- Prospective candidates must have a personal net worth valued at $500,000 CAD or more, with a minimum of $300,000 CAD in liquid assets.
- They must also demonstrate they acquired their net worth and assets through legal means by undergoing an assessment with a Yukon accounting firm.
- Entrepreneur applicants can get additional points on their Points Grid if their net worth is higher than $750,000 CAD.
Minimum Investment
- The candidate must invest a minimum of $300,000 CAD in the business in Yukon within the first 24 months.
- The YBNP candidates must also demonstrate how they intend to invest this amount by offering a detailed business proposal with their application.
- Entrepreneur applicants can get additional points on their Points Grid if their investment amount is greater than $400,000 CAD.
Education
- Candidates must have completed high school and possess a diploma that is equivalent to a Canadian high school diploma at minimum.
- They may require higher levels of education depending on the type of business they are pursuing.
- Prospective applicants can earn additional points on their Points Grid if they have a Bachelor’s degree, Master’s degree, or a Ph.D. degree.
Language Proficiency
- Minimum CLB 6 in IELTS or Level 4 on TEF test.
Ownership
- Either 100% full ownership
- Alternatively, 33.3% with Canadian or Permanent Resident partners.
Business Management Role
Applicants must also hold a position in their business that fits under National Occupation Code (NOC) skill levels 0 or A. Skill level 0 typically refers to management jobs, while skill level A refers to professional jobs that require a university degree.
Points Grid Requirements
Yukon Business Nominee Program applicants must also score a minimum of 65 points on the Points Grid. This grid awards scores in the following areas:
- Investment Value: Up to 12 points
- Liquid Assets: Up to 8 points
- Previous Visits to Yukon: Up to 8 points
- Business Ownership or Management Experience: Up to 10 points
- Education: Up to 20 points
- Personal Net Worth: Up to 8 points
- Age: Up to 10 points
- Language: Up to 12 points
- Work Experience: Up to 10 points
- Proposed Business Location: Up to 5 points
Business Type Requirements
The business the applicant intends to set up or purchase must belong to one of the following industries:
- Value-added processing
- Agriculture
- Forestry
- Energy
- Manufacturing
- Information technology
- Cultural industries
- Mining or mineral development
- Tourism products, attractions, services, and facilities
- Film and video production
Step-by-Step Process: Yukon Business Nominee Program
Prospective foreign entrepreneurs can apply for the Yukon Business Nominee Program using the following steps:
Stage 1
- Research & Preparation
- Application
- Document Submission
- Interview
Stage 2
- Work Permit Before Arriving in Yukon
- Post-Landing
- Final Approval for Nomination
- Applying For Permanent Residence
Stage One
1. Research & Preparation
The YBNP applicants must first determine that they meet the eligibility requirements stated above. This includes checking if they scored a minimum of 65 points under the Points Grid. They can also visit the Yukon territory to learn about its business environment and make business contacts. This is not a mandatory application requirement, but it will be helpful in setting up or purchasing their business later.
2. Application
Next, YNPN applicants must fill out their program applications. They must ensure the information they provide in this application is accurate and up to date. Candidates can then submit their completed application in person at 303 Alexander Street, 1st floor in Whitehorse, Yukon
Alternatively, they can mail their application to the following address:
Government of Yukon
Economic Development (F-1)
Box 2703
Whitehorse, Yukon
Y1A 2C6
3. Document Submission
The YNPN applicants who meet the program’s minimum requirements will then be placed in a pool of candidates. Those who are selected will be asked to submit documents verifying the information they declared in their application.
The List of Required Documents
- All application forms.
- Letter of reference
- IELTS/TEF Certificate
- The professional business evaluation (if purchasing a business)
- Financial Verifications
- Representative Consent Form (if applicable)
4. Interview
The territory will invite successful YBNP applicants to attend an in-person interview. If approved by Economical development, the applicant becomes a candidate and is issued a Letter of Support.
Stage Two
6. Work Permit
The territory will then issue the candidate a letter of support. The candidate can use this letter to apply for a two-year work permit that allows them to come to Yukon and establish or purchase their business.
7. Post-Landing
Candidates must operate their business and meet the terms and conditions disclosed in the Performance Agreement they signed with the territory. The Yukon Government will then issue them a nomination they can use to apply for a permanent resident status with the Federal Government.
Year One Requirements
First Meeting (On Arrival): A Candidate must meet with the Economic Department at a date and time set by the department, to submit appropriate documents and sign a performance contract. Failure to attend can result in the withdrawal of support from YBNP.
YBNP Business Agreement: A candidate must sign a binding YBNP business agreement, that will help in nominating the candidate for PR.
Documents required through Year One:
- Business Registration
- Business purchase agreement
- Utility hook-ups
- Capital asset purchases
- Six-month financial statements
- Other documents required by YBNP
- Govt. issued ID
- Personal residence rent receipts or mortgage statements.
- Personal utility receipts for the year
All candidates must meet with the staff of YBNP or be visited on-site on a quarterly basis.
Year Two Requirements
The business must be operational by year two.
Documentation to support the application for year two.
- Year-end financial statements
- Personal rent slips or mortgage statements
- Personal utility receipts
- Business mortgage payments
- Business utility receipts
- List of business suppliers and customers
- Other documents as required by YBNP
8. Final Approval for Support of Permanent Residency
Candidates must complete necessary requirements during the two-year work period to be supported by YBNP. Once the Economic Development issue the letter of Final Approval the candidate becomes a nominee.
9. Applying For Permanent Residence
The nominee must apply for permanent residence within 3 months after getting the Final Approval.
Supporting Documents
Residency in Yukon
- Lease agreement or mortgage for residence
- Utility bills & payments in their name
- SIN Card
- Personal Tax Returns
- Confirmation of child school enrollement
Business is Operational
- Components of the approved business plan are in place
- Business licenses and registrations
- Registration with CRA and tax number
- Business tax returns
- Purchase agreement
- Shareholder agreement
- Invoices and Receipts
- Notice of Reader financial statements
- List of suppliers and contact numbers
Meetings
- Scheduled meetings attended
- Scheduled meetings met requirements
- Site visits are satisfactory
Extension of Work Permits (Until you receive permanent residence status)
- The candidate can request a letter of support from Economic Development for one year of work permit extension to their original two-year work permit.
- Economic Development reserve the right to deny the extension.
How ELAAR can help you?
Prospective business people who wish to immigrate to Yukon via the Yukon Business Nominee Program should book a consultation with our senior business immigration experts. Our exceptional team of Regulated Immigration Consultants is familiar with the YBNP’s requirements and application process. We can help optimize your application to improve your odds of receiving a provincial nomination. Please contact us today and start working towards your new business life in Yukon.
FAQ: Yukon Business Nominee Program
1. Who is qualified to submit a YBNP application?
A minimum net worth, suitable company management experience, a workable business plan for Yukon, and the desire to fully participate in the venture are usually requirements for eligibility.
2. What kinds of companies are eligible for the YBNP?
Companies ought to support Yukon’s economic development and align with government aims. Businesses in a variety of industries, such as tourism, technology, agriculture, and more, may qualify.
3. What are the YBNP’s funding requirements?
Typically, applicants must be ready to invest a certain amount in the prospective or current Yukon firm and meet certain net worth requirements.
4. What is the YBNP application process?
A thorough business plan must be submitted, due diligence checks must be performed, an invitation to apply (ITA) must be received, and an expression of interest (EOI) must be submitted.
5. Can I apply for YBNP with family members included?
Yes, applicants may list their dependant children along with their spouse or common-law partner on their application.
6. How much time does it take to process a YBNP application?
Depending on the application’s completeness and other variables, processing timeframes may change. It’s a good idea to frequently check the YBNP website for processing time updates.
Apply for Yukon Business Nominee Program
Move to the beautiful Yukon territory as a foreign entrepreneur and get permanent residency through Yukon Business Nominee Program (YBNP).
