Introduction
The Yukon Business Nominee Program (YBNP) seeks individuals with established business acumen who aspire to own and operate a business in Yukon, contributing significantly to the local community.
Objectives
The program aims to attract entrepreneurs with the skills and experience necessary to integrate into and enhance Yukon’s business community, fostering economic growth and diversification.
Applicant Responsibilities
Successful applicants must be prepared to:
- Actively manage a Yukon-based business.
- Engage in day-to-day business operations.
Program Benefits
Approved applicants, designated as nominees, will receive support for a Two-Year Work visa/ permit from IRCC (Immigration, Refugees and Citizenship Canada). This permit allows nominees to:
- Establish themselves and their families in Yukon.
- Develop and operate their business in Yukon.
Pathway to Permanent Residence
At the conclusion of the two-year period, nominees who fulfill all program requirements will be endorsed by Yukon for their Permanent Residence application to IRCC.
Further Details
This program includes comprehensive guidelines on several key aspects:
- Minimum Eligibility Criteria: Detailed requirements that applicants must meet to be considered for the program.
- Nominee Assessment Grid: A scoring system used to evaluate applicants based on various factors.
- Strategic Sectors List: Industries and business areas prioritized by the Yukon government for economic development.
The YBNP represents a strategic initiative to boost Yukon’s economy by attracting skilled entrepreneurs. It provides a structured pathway for business professionals to establish themselves in Yukon, with the ultimate goal of obtaining Permanent Residence for themselves and their families.
Minimum Eligibility Criteria for Yukon Business Nominee Program (YBNP)
To meet the requirements for the Yukon Business Nominee Program (YBNP), candidates must meet specific eligibility requirements designed to ensure they have the necessary skills and resources to successfully establish and manage a business in Yukon.
Eligibility Requirements
Nominee Assessment Grid
- Minimum Score: Applicants must achieve a minimum score of 65 points on the Nominee Assessment Grid.
- Language Ability: This includes earning at least 10 points for language proficiency.
Language Proficiency
- English Proficiency: Achieve a minimum of Level 6 in the exam called IELTS(International English Language Testing System).
- French Proficiency: Alternatively, achieve a minimum of Level 4 in the Test d’Évaluation de Français (TEF).
Business Experience
- Entrepreneurial/Management Experience: Possess at least three years of experience in entrepreneurial or business management roles.
- Relevant Industry Experience: Have a minimum of five years of relevant experience directly related to the proposed business venture.
Financial Requirements
- Net Worth: Preserve at least a net worth of $500,000 CAD, substantiated/ verified by a Yukon accounting firm.
- Liquid Assets: Hold at least $300,000 CAD in liquid assets (cash, bonds, cash derivatives, etc.), also verified by a Yukon accounting firm.
- Legal Acquisition: Provide documented proof that the net worth and liquid possessions have been attained through authorized/ legal means.
Settlement Intent
- Resettlement Plan: Submit a comprehensive Resettlement Plan outlining the applicant's intent to establish residency in Yukon.
- Permanent Settlement: Demonstrate a clear intention to permanently settle in Yukon and actively manage and operate a business within the territory.
These stringent eligibility criteria ensure that candidates possess the necessary financial stability, language proficiency, and business acumen to contribute effectively to Yukon's economic growth. By meeting these requirements, applicants can take a significant step toward establishing a successful business and a new life in Yukon.
Business Plan Requirements
Submission and Approval
After receiving initial approval for eligibility and their proposed business venture, applicants must submit a comprehensive Business Plan. This plan should detail the strategy for establishing aneffective business in one of the trades/ industries registered on the Strategic Sector List.
Key Components of the Business Plan
Investment Requirements:
- The plan must demonstrate a minimum investment of $300,000 CAD into the business.
- The applicant must hold at least 33.33 percent (one-third) ownership of the business.
- The applicant must show evidence of active and ongoing management of the business, ensuring hands-on involvement in day-to-day operations.
Supplementary provisions for the First Year in Yukon as a Nominee
Initial Steps and Meetings
- Mandatory Meeting:
- Upon arrival in Yukon, nominees must schedule and attend a mandatory meeting which is obligatory to attend with a YBNP representative.
- If any delays occur, the nominee must promptly inform the YBNP office.
Residency and Business Start-Up
- Immediate Action:
- Nominees must immediately commence the residency and business start-up process.
- Legal documents supporting these activities must be provided to the YBNP.
Documentation and Proof
- Operational Proof:
- Documentation proving the commencement and ongoing operations of the business must be submitted throughout the year.
Ongoing Monitoring
- Quarterly Meetings and Visits:
- Nominees are required to meet with YBNP staff or receive on-site visits (at their business or residence) on a quarterly basis to ensure compliance and progress.
The detailed Business Plan and additional first-year requirements ensure that nominees are committed to the success of their business venture in Yukon. These measures promote sustained economic contributions and active participation in the local business community.
Additional Requirements for the Second Year in Yukon as a Nominee
Residency and Business Operations
By the second year in Yukon, nominees are required to have their business fully operational, with all family members residing in the territory throughout the year. This period is critical for preparing the necessary documentation to hold up their request application for Permanent Residence.
Required Documentation
Nominees must compile and submit comprehensive documentation, including but not limited to:
- Year-End Financial Statements:
- Detailed financial statements (Notice to Reader) to demonstrate the business's fiscal health.
- Personal Residency Proof:
- Rent receipts or mortgage statements to confirm personal residence in Yukon.
- Utility Bills:
- Personal utility receipts to verify ongoing residency.
- Business Premises Proof:
- Rent receipts or mortgage payments for the business location.
- Business Utility Bills:
- Utility receipts to show the business is operational.
- Business Transactions:
- A list of business suppliers and customers to evidence active business relationships.
- Additional Documentation:
- Any other documents as required by the YBNP to support the application.
- Detailed financial statements (Notice to Reader) to demonstrate the business's fiscal health.
- Rent receipts or mortgage statements to confirm personal residence in Yukon.
- Personal utility receipts to verify ongoing residency.
- Rent receipts or mortgage payments for the business location.
- Utility receipts to show the business is operational.
- A list of business suppliers and customers to evidence active business relationships.
- Any other documents as required by the YBNP to support the application.
Final Assessment
All nominees will undergo a final on-site visit, either at their residence or place of business, to verify compliance with program requirements.
Conclusion
The comprehensive documentation and final on-site verification in the second year ensure that nominees are well-prepared for Permanent Residence application, demonstrating sustained residency and active business operations in Yukon.
Final Approval for Support of Permanent Residence
Completing Requirements for Permanent Residency Support
Nominees must fulfill all necessary requirements during the two-year work period to be eligible for support from the Yukon Business Nominee Program (YBNP) in their application to Immigration, Refugees and Citizenship Canada (IRCC) for Permanent Residence.
Application Process
- Final Approval Letter:
- Upon receiving the letter of final approval from YBNP, nominees must submit their application to IRCC for Permanent Residence within three months.
- Upon receiving the letter of final approval from YBNP, nominees must submit their application to IRCC for Permanent Residence within three months.
- Valid Work Permit:
- Nominees must ensure they maintain a valid work permit until IRCC grants them Permanent Resident status.
- Nominees must ensure they maintain a valid work permit until IRCC grants them Permanent Resident status.
Proof of Eligibility
To be considered for nomination to IRCC, nominees must provide evidence of the following:
- Residency in Yukon:
- Proof that they are residing in Yukon.
- Operational Business:
- Documentation showing that their business in Yukon is operational and active.
- Investment Requirements:
- Verification that they have met the required investment criteria.
- Meeting Requirements:
- Confirmation that they have complied with all meeting and reporting requirements set by the YBNP.
By completing these requirements and providing the necessary proof, nominees ensure their eligibility for Permanent Residence support, facilitating a smooth transition to permanent residency status in Canada.
Nominee Assessment Grid
The Nominee Assessment Grid evaluates applicants based on seven key selection factors, assigning a score to each factor. These factors include Business Resources, Personal Net Worth, Age, Prior Visit, Work Experience, Education and Training, and Language Ability. To be contemplated/ considered suitable or eligible, applicants must achieve a minimum score of 65 points, with at least 10 points in the LinguisticAptitudesegment.
Selection Factors and Scoring
Applicants are assessed across various selection factors, each with its own maximum point allocation:
| Criteria | Maximum Points |
|---|---|
| Investment Value | 12 points |
| Liquid Assets | 8 points |
| Personal Net Worth | 8 points |
| Age | 10 points |
| Prior Visit | 8 points |
| Education and Training | 20 points |
| Entrepreneurial/Business Management Experience | 10 points |
| Work Experience | 10 points |
| Language Ability | 12 points |
| Location of Proposed Business | 5 points |
Total Points and Eligibility
- Total Possible Points: 103 points
- Pass Mark: 65 points
The Nominee Assessment Grid ensures a comprehensive evaluation of each applicant’s qualifications and suitability for the Yukon Business Nominee Program. By scoring a minimum of 65 points and meeting the language requirement, candidates demonstrate their potential to successfully establish and manage a business in Yukon.
Business Resources
Points in the Business Resources section are awarded based on the planned investment amount in the proposed business venture. This investment is a critical factor in the overall assessment of the applicant's commitment and potential contribution to Yukon's economy.
Investment Value and Corresponding Points
| Investment Value ($CAD) | Points |
|---|---|
| Less than $300,000 | Ineligible |
| $300,000 - $400,000 | 6 points |
| $401,000 - $750,000 | 8 points |
| $751,000+ | 12 points |
Liquid Assets
Points for Liquid Assets are awarded based on the verification of various readily accessible financial resources. These include cash, demand deposits with banks or financial institutions, short-term deposits, and readily marketable investments such as publicly traded stocks or bonds.
Points Allocation for Liquid Assets
| Liquid Assets ($CAD) | Points |
|---|---|
| Less than $300,000 | Ineligible |
| $300,000 - $450,000 | 6 points |
| $451,000+ | 8 points |
Detailed Description
- Cash:
- Immediate currency available for use.
- Demand Deposits:
- Funds held in bank accounts that can be withdrawn at any time without prior notice.
- Short-term Deposits:
- Financial deposits with a maturity period of less than one year.
- Marketable Investments:
- Investments such as publicly traded stocks or bonds that can be rapidlytraded in the market for money/ cash.
- Immediate currency available for use.
- Funds held in bank accounts that can be withdrawn at any time without prior notice.
- Financial deposits with a maturity period of less than one year.
- Investments such as publicly traded stocks or bonds that can be rapidlytraded in the market for money/ cash.
To maximize their score in the Liquid Assets section, applicants should ensure they have substantial and verifiable financial resources. This not only enhances their eligibility but also demonstrates financial stability and readiness to invest in their proposed business ventures in Yukon.
Personal Net Worth Evaluation
Points for Personal Net Worth are granted based on substantiated evidence of assets minus liabilities. This assessment aims to gauge the applicant's financial standing and capacity to invest in the proposed business endeavor.
Points Allocation for Personal Net Worth
| Net Worth ($CAD) | Points |
|---|---|
| Less than $500,000 | Ineligible |
| $500,000 - $750,000 | 6 points |
| $751,000+ | 8 points |
Detailed Description
- Ineligible (Less than $500,000):
- Applicants with a personal net worth below $500,000 are ineligible for points in this category.
- Moderate (Between $500,000 and $750,000):
- Applicants with a personal net worth ranging between $500,000 and $750,000 are eligible for 6 points.
- High (Above $751,000):
- Applicants with a personal net worth exceeding $751,000 are eligible for 8 points.
- Applicants with a personal net worth below $500,000 are ineligible for points in this category.
- Applicants with a personal net worth ranging between $500,000 and $750,000 are eligible for 6 points.
- Applicants with a personal net worth exceeding $751,000 are eligible for 8 points.
The Personal Net Worth assessment plays a crucial role in determining the financial capability of applicants in the Yukon Business Nominee Program. By providing substantial evidence of assets surpassing liabilities, applicants can enhance their chances of meeting program eligibility requirements and establishing a successful business in Yukon.
Age Assessment
Points for age are allocated based on the applicant's age as indicated on their passport. This evaluation considers the applicant's age in relation to their potential to contribute to the Yukon Business Nominee Program and their capacity to manage and operate a business effectively.
Points Allocation for Age
| Age | Points |
|---|---|
| 21-49 | 10 points |
| 50-51 | 8 points |
| 52-53 | 6 points |
| 54-55 | 4 points |
| 56+ | 0 points |
Detailed Description
- Optimal Age Range (21-49):
- Applicants aged between 21 and 49 are awarded the maximum of 10 points, reflecting their prime years for entrepreneurial endeavors.
- Moderate Age Range (50-53):
- Applicants aged between 50 and 53 receive 8 to 6 points, acknowledging their experience and potential contribution to the program.
- Advanced Age Range (54-55):
- Applicants aged between 54 and 55 are allotted 4 points, recognizing their continued capability and experience in business management.
- Senior Age (56+):
- Applicants aged 56 and above do not receive points in this category, considering factors such as retirement and potential limitations in long-term commitment.
Age plays a significant role in determining an applicant's suitability for the Yukon Business Nominee Program. By considering the applicant's age, the program ensures a diverse pool of experienced entrepreneurs while prioritizing individuals in their prime years for business development and management.
Prior Visit Assessment
Points for prior visit are granted based on verifiable evidence that the applicant has traveled to Yukon before submitting their application. This evaluation acknowledges the applicant's familiarity with Yukon's business environment and their potential commitment to establishing roots in the territory.
Points Allocation for Prior Visit
| Visit Duration | Points |
|---|---|
| Less than 3 days | 0 points |
| 3-6 days | 4 points |
| 7-10 days | 6 points |
| 11+ days | 8 points |
Detailed Description
- Brief Visit (Less than 3 days):
- Applicants who have visited Yukon for less than 3 days do not receive points in this category, as it may not provide sufficient exposure to the territory.
- Short Visit (3-6 days):
- Applicants who have visited Yukon for 3 to 6 days are awarded 4 points, indicating a moderate level of exposure and engagement with the territory.
- Medium Visit (7-10 days):
- Applicants who have visited Yukon for 7 to 10 days receive 6 points, demonstrating a more substantial commitment and exploration of the region.
- Extended Visit (11+ days):
- Applicants who have visited Yukon for 11 days or more are granted 8 points, reflecting a significant investment of time and interest in the territory.
Prior visit points recognize the applicant's firsthand experience with Yukon, showcasing their interest and potential commitment to establishing a business and residency in the territory. By acknowledging the duration of the visit, the assessment ensures a fair evaluation of the applicant's familiarity with Yukon's business landscape.
Education and Training Evaluation
Points for education and training are assigned based on verified documentation of completed educational programs. This assessment acknowledges the applicant's academic achievements and their potential to contribute to the Yukon Business Nominee Program through their knowledge and skills.
Points Allocation for Education
| Years of Education | Education | Points |
|---|---|---|
| 12 | Completed secondary school | 10 |
| 12-13 | Completed Post-secondary Program of 1 year | 12 |
| 14-16 | Completed Post-secondary Program of 2 years | 16 |
| 17-18 | Bachelors | 18 |
| 18+ | Masters or Doctorate | 20 |
Detailed Description
- Secondary Education (12 years):
- Completion of secondary school earns applicants 10 points, recognizing foundational knowledge and skills.
- One-Year Post-secondary Program (12-13 years):
- Completion of a one-year post-secondary program awards 12 points, indicating additional specialized training.
- Two-Year Post-secondary Program (14-16 years):
- Completion of a two-year post-secondary program grants 16 points, demonstrating a deeper level of education and expertise.
- Bachelor's Degree (17-18 years):
- Attainment of a bachelor's degree yields 18 points, reflecting a comprehensive undergraduate education.
- Master's or Doctorate (18+ years):
- Acquisition of a master's or doctorate degree earns applicants the maximum of 20 points, highlighting advanced education and specialized expertise.
The education and training assessment recognize the significance of academic qualifications in the Yukon Business Nominee Program. By awarding points based on the level of education attained, the program ensures that applicants with diverse educational backgrounds have the opportunity to contribute their expertise to Yukon's business community.
Entrepreneurial/Business Management Experience Assessment
Points for entrepreneurial or business management experience are allocated based on verifiable documentation of relevant professional background. This evaluation acknowledges the applicant's practical expertise and leadership skills, essential for successfully managing and operating a business in Yukon.
Points Allocation for Experience
| Years | Points |
|---|---|
| 3-5 | 8 |
| 6+ | 10 |
Detailed Description
- Moderate Experience (3-5 years):
- Applicants with 3 to 5 years of entrepreneurial or business management experience are awarded 8 points, indicating a solid foundation in business practices and operations.
- Extensive Experience (6+ years):
- Applicants with 6 or more years of entrepreneurial or business management experience receive 10 points, demonstrating a significant depth of knowledge and proficiency in strategic decision-making and leadership.
The assessment of entrepreneurial or business management experience underscores the importance of practical skills and leadership qualities in the Yukon Business Nominee Program. By recognizing applicants' professional backgrounds, the program ensures that individuals with diverse expertise and experience levels have the opportunity to contribute to Yukon's economic growth and development.
Work Experience Assessment
Points in the work experience category are granted based on verifiable evidence of relevant professional background, particularly for the business being proposed. This assessmentconfirms that applicants own the requiredproficiency/ expertise and practical skills essential for the successful establishment and management of their proposed business venture in Yukon.
Points Allocation for Experience
| Years | Points |
|---|---|
| 5-7 | 8 |
| 8+ | 10 |
Detailed Description
- Moderate Experience (5-7 years):
- Applicants with 5 to 7 years of relevant work experience are awarded 8 points, reflecting a substantial foundation in the field and the potential to contribute effectively to the proposed business.
- Extensive Experience (8+ years):
- Applicants with 8 or more years of relevant work experience receive 10 points, demonstrating a significant depth of knowledge, expertise, and leadership capability essential for business success.
The assessment of work experience ensures that applicants possess the requisite skills and knowledge to excel in their proposed business venture in Yukon. By considering the duration and relevance of the applicant's professional background, the program aims to attract individuals with diverse experiences and expertise, fostering innovation and growth in Yukon's business community.
Language Ability Assessment
Points for language ability are granted based on verifiable evidence of proficiency in either English or French. This evaluation ensures that applicants possess the necessary language skills to effectively communicate and operate a business in Yukon.
Points Allocation for Language Ability
| Level | Points |
|---|---|
| IELTS 7/TEF 5 and above | 12 |
| IELTS 6/TEF 4 | 8 |
| Lower than IELTS 6/TEF 4 | 0 |
Detailed Description
- High Proficiency (IELTS 7/TEF 5 and above):
- Applicants with an IELTS score of 7 or above, or a TEF score of 5 or above, are awarded the maximum of 12 points, indicating exceptional language proficiency suitable for business communication and operations.
- Moderate Proficiency (IELTS 6/TEF 4):
- Applicants with an IELTS score of 6 or a TEF score of 4 receive 8 points, demonstrating a solid level of language proficiency conducive to effective business communication.
- Insufficient Proficiency (Lower than IELTS 6/TEF 4):
- Applicants with a language proficiency level lower than IELTS 6 or TEF 4 do not receive points in this category, highlighting the importance of strong language skills for business success in Yukon.
Language proficiency is a critical factor in the success of business ventures in Yukon. By awarding points based on the applicant's language ability, the program ensures that individuals with strong communication skills have the opportunity to thrive in the territory's business environment.
Location Assessment for Proposed Business
Points for the location of the proposed business are allocated based on the geographic area where the business intends to operate. This evaluation considers the potential impact of the business on the economic development and sustainability of Yukon's diverse communities.
Points Allocation for Location
| Location | Points |
|---|---|
| In Whitehorse and surrounding areas | 0 |
| In rural communities | 5 |
Detailed Description
- Urban Location (Whitehorse and surrounding areas):
- Businesses proposed to be located in Whitehorse and its surrounding areas do not receive points in this category, acknowledging the existing infrastructure and economic opportunities in urban centers.
- Rural Location (Rural communities):
- Businesses proposed to be situated in rural communities are awarded 5 points, recognizing the potential for economic growth and development in these areas and the importance of fostering entrepreneurship outside urban centers.
The assessment of the proposed business location reflects the program's commitment to promoting economic growth and development across Yukon, including rural communities. By incentivizing businesses in rural areas, the program aims to create opportunities for sustainable development and prosperity throughout the territory.
Strategic Sectors List
Businesses eligible under the YBNP must operate within specific sectors identified on the Strategic Sectors List. It is imperative for nominees to ensure their proposed business aligns with the sectors listed to meet the program's eligibility criteria.
Eligible Sectors
The following sectors are deemed eligible under the YBNP:
- Information Technology
- Manufacturing
- Value-added processing
- Forestry
- Tourism Attractions,Products, Services, and Amenities
- Energy
- Mining/mineral development
- Agriculture
- Cultural industries
- Film and video production
Ineligible Sectors
Businesses within the following sectors are not eligible under the YBNP:
- Holding companies
- Most professional services
- Financial services
- Retail, wholesale operations, distribution operations
- Passive investments
- Restaurants
- Business, consultation, and personal services
- Real estate
- Gas stations
Nominees must ensure their proposed business operates within one of the eligible sectors outlined on the Strategic Sectors List to fulfill the YBNP's eligibility requirements. By focusing on specific sectors, the program aims to prioritize businesses that contribute to Yukon's economic growth and development in strategic areas.
Disclaimer: The information about the Yukon Business Nominee Program (YBNP) is a general guide and may change without notice. Readers should conduct their own research and consult official sources or authorized representatives for the most current guidelines. The accuracy and applicability of the information to individual situations are not guaranteed. Given the complex nature of the YBNP, professional advice from legal, financial, or immigration experts is recommended before making any decisions or investments.
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