Yukon Start-Up Visa Program

Yukon is among Canada’s smallest territories, yet it has witnessed a fast-growing economy thanks to untapped world-class critical mineral and precious metal deposits. The provincial government has implemented many business-friendly policies that helped accelerate economic growth by attracting foreign entrepreneurs to set up regional businesses.

Yukon Startup-Visa-Program

Why should you invest in Yukon?

Investing in Yukon presents several compelling opportunities across various sectors. Here are some reasons why investing in Yukon can be attractive:

Abundant Natural Resources

Yukon possesses a wealth of natural resources, with valuable minerals such as gold, silver, copper, zinc, lead, and others plentiful in the region. The mining industry in Yukon presents lucrative opportunities for investment in exploration, development, and production.

Strong Mining Industry

The Yukon government is committed to environmentally and economically sustainable mining and has started multiple programmes to support the industry. The Yukon Gateway Project is the most significant infrastructure announcement for the territorial government and the industry.

Renewable Energy

Yukon boasts plentiful resources for renewable energy production, including hydroelectric power, wind, and solar energy. Investing in renewable energy projects in the region can harness Yukon’s clean energy potential and promote sustainable development.

Tourism and Hospitality

The clean and vast wilderness, breathtaking landscapes, and rich cultural heritage of Yukon attract many tourists, making it a sought-after destination. Enhancing tourism infrastructure, accommodation options, adventure tourism, and cultural experiences can maximize Yukon’s potential in the tourism industry.

Innovation and Technology

Yukon is actively involved in innovation and technology to stimulate economic diversification and growth. Supporting technology startups, research and development initiatives, and innovation hubs can nurture entrepreneurship and pave the way to new economic possibilities within the province.

Government Support

The Yukon government actively encourages investment. Programs like the Yukon Business Investment Tax Credit and the Yukon Mineral Exploration Program offer incentives to investors.

Top 3 industriesto Invest in Yukon

What Investment Opportunities Await in Yukon?

With its abundant natural resources, growing economy, and skilled workforce, Yukon offers several promising investment opportunities. Let’s explore some key areas:

Minerals and Mining

  • Arguably, the Yukon possesses the world’s most tremendous geological potential. Many discoveries have been made in metals and minerals mining in the last ten years.
  • Only 12% of the Yukon has ever been staked, and the territory is vastly unexplored
  • Yukon has more than 2,700 known mineral deposits, showing great geological potential.

Infrastructure for Mining

The provincial government has made substantial investments to bolster infrastructure supporting the mining industry. Key elements include:

  • Robust Road Infrastructure: With over 5,000 km of government-maintained roads, transportation for mining operations is well-established.
  • Clean Hydro Power: Yukon relies on 95% clean hydroelectric power, ensuring a sustainable energy supply.
  • Airports: Both international and community airports facilitate efficient logistics for mining companies.
  • Deep-Water Ports: Access to three deep-water, ice-free ports enhances trade and export opportunities.

The provincial government has been working on regulatory certainty, using its customized tri-party process to create a clear framework for companies and investors.

Tourism and Hospitality

Yukon’s pristine wilderness, breathtaking landscapes, and cultural diversity make it an attractive tourist destination. Investment opportunities in the tourism sector include:

  • Accommodation: Building hotels, lodges, and eco-friendly accommodations.
  • Restaurants: Meeting the culinary needs of travellers.
  • Adventure Tourism: Responding to the growing demand for unique travel experiences.

Real Estate Market

  • As immigration to Yukon gradually increases, the real estate market is thriving.
  • Opportunities exist in both residential and commercial properties, particularly in urban centers like Whitehorse.

Important Factoids

Here are some important facts about the business sector in Yukon:

  • Labour Force Participation: 73.2%
  • Median Household Income: $125.8K
  • Unemployment Rate: 3.6%
  • Total Employment: 24K
  • Top Employment Sectors: Mining and Natural Resources,
  • Government and Public Administration, Construction, Healthcare and Social Assistance and Retail and Services
  • The Yukon River is one of North America’s longest and iconic rivers.
  • Yukon is home to several Indigenous peoples, including the First Nations and Inuit.

Yukon Business Nominee Program

The Yukon Business Nominee Program (YBNP) seeks creative entrepreneurs with established entrepreneurial and business acumen. These individuals will manage their own enterprises, thereby contributing to the growth of the northern territory’s economy. Prospective applicants for the YBNP must have a genuine interest in owning and running a business in Yukon.

The provincial government will issue eligible candidates a nomination they can use to apply for permanent residence through the Federal Government.

Common Eligibility Criteria – Start-Up Visa Program

The objective of the Yukon Start-Up Visa program is to allow innovative foreign entrepreneurs to create new jobs and contribute to the province’s economy.

  1. Express Entry Not Required: Unlike other immigration programs, the YBNP does not require applicants to go through the Express Entry system.
  2. No Job Offer Needed: Applicants do not need a job offer to be eligible for the YBNP.
  3. Language Proficiency: You must have a minimum Canadian Language Benchmark (CLB) Level 5 in either English or French.
  4. Education Level: Applicants must have completed a post-secondary degree within the last ten years. An Educational Credential Assessment (ECA) is also necessary.
  5. Work Experience: A minimum of 6 months of work experience as a business owner or manager is essential.
  6. Investment Support: Applicants must demonstrate the support of a venture capital fund, angel investor, or business incubator.
  7. Voting Rights: To be eligible, you must have at least 10% voting rights in all company shares.
  8. Settlement Funds: Applicants must demonstrate sufficient settlement funds to support themselves and dependents.

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Frequently Asked Questions (FAQs)

Here are some frequently asked questions about the Yukon Startup Visa:

How can I get support from a designated organization?

A designated organization can be a Canadian venture capital fund, an Angel investor group, or a business incubator program. It is essential to contact them to learn how to get their support.

The individual must present their business concept and persuade them to provide a Letter of Support. The approach and requirements for presenting to these designated organizations differ. If you can convince them with your presentation, they will furnish you with a Letter of Support.

Who reviews the start-up visa application?

The designated organizations first review your business proposal. If approved, they will issue a Letter of Support. Afterward, you must submit your application to Canada’s federal government authority—Immigration, Refugees, and Citizenship Canada (IRCC). Reviewing your application will take approximately a few months to a year, and then IRCC will decide on it.

What support is available to entrepreneurs under the program?

The designated organizations (angel investors, venture capital funds, and business incubators) in Yukon dedicated to entrepreneurship offer their members various forms of support, such as mentorship, networking opportunities, access to funding, and development resources for businesses. Entrepreneurs could also take advantage of the start-up culture in the province.

For more information on the Yukon Startup Visa Program, please contact our immigration experts.

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