Starting a Business in the Northwest Territories

To start a business in the Northwest Territories in Canada, it is a good idea to learn more about the permits, licenses, documents, and registrations required. The paperwork, procedures, and steps to go through can be different depending on the type of business entity, the type of business (manufacturing, merchandising, service), and other factors.

Forms of Business Organization

There are several forms of business organization to look into if you plan to start a business in NWT. These are limited company or corporation, cooperative, partnership, and sole proprietorship. А partnership is one option which requires that two or more partners agree to pool financial and other resources. A sole proprietorship, on the other hand, means that you are solely responsible for losses and debts - https://www.debtconsolidation-loans.ca/ There are also different ways to go about this, for example, you may want to look into the pool of franchising opportunities, buy an existing business, start a low-cost business, etc.

Financing and Support

Financial support is provided under the Support for Entrepreneurs and Economic Development Policy. Businesses are welcome to apply for financial assistance in 5 different categories, including community economic development, sector support, and entrepreneur support. You will be asked to fill in the SEED application form and provide information and documents such as your balance sheet, cash flow and income, intent and scope of your project, and loan - https://www.debtconsolidation-loans.ca/debt-consolidation-loans/. Provide details such as interest rates, loan principle, and terms as well. Another option is to apply for a business loan offered by your local credit union or bank, major Canadian bank, or another financial institution. A third option is to apply for funding under different government programs. There are hundreds of assistance, loan, and grant programs, including financing under the Small Business Financing Program.

Licenses and Registrations

Licenses are issued by the Department of Municipal and Community Affairs in the Northwest Territories. Even if you plan to open a business outside community boundaries, you can still apply for a license. There are communities in the NWT that do not issue licenses, including Rae Lakes, Fort Resolution, Fort Good Hope, and Colville Lake, among others. If this is your case, i.e. you plan to open a business in one of these communities, you can apply for a license with the Department of Municipal and Community Affairs. You will be asked to pay a fee and fill in an application, including details such as your position, address, and business name. You will pay a fee of $180, regardless of whether you are a pawnbroker, secondhand dealer, non-resident, or resident. It will take between 2 and 4 weeks to process your application and obtain a business license.

Business Plan

It is a good idea to develop a detailed business plan to communicate your financial goals and objectives to interested parties. These include key employees, business partners, banks, and other entities. A good business plan includes details such as your financial documents, information about managers and executives, sales forecasts, business structure, and more. You may want to include detailed information about the service or products offered, your revenue projections, as well as a description of your businesses’ weaknesses and strengths. Make sure you include your vision or mission statement. Once you have prepared a detailed business plan, you can contact financial institutions in your area to inquire about different financial options. A business plan will definitely improve your chances to obtain a loan with attractive terms and rates - https://www.debtconsolidation-loans.ca/debt-consolidation-strategies-for-canadians/.

What to Do Next?

Now that you’ve gone through all steps, it is time to hire workers and employees, advertise in newspapers, online, and elsewhere, and attract potential customers.


Telecommunications Infrastructure in Yukon, Northwest Territories, and Nunavut

The telecommunications infrastructure is an important and integral component of the local, regional, and national economy, resulting in higher levels of employment, increase in GDP, and more investment in data centers, satellite stations, equipment, etc.

Telecommunications Infrastructure in Yukon

The telecom infrastructure in Yukon requires a degree of improvement when it comes to technical training, satellite equipment, access facilities, and network reliability. Today, just one fiber optic transmission system is used for telecommunications in Yukon. The use of a second system or link will result in better quality and enhanced reliability, innovation, and competitive prices.

There are several cable TV and telecom providers in Yukon, including a community-owned, local provider in Dawson City, Bell in Whitehorse, and Northwestel. Both Shaw and Bell offer satellite services. Northwestel provides services to businesses and local communities, including large and small businesses and individual customers. Customers are offered internet packages, phone plans, and TV packages, including stream TV, local programming, pay per view, and digital channels. Residents can also choose from different bundles, i.e. TV and home phone, cable internet and home phone, TV and cable internet, and home phone, cable internet, and TV. Northwestel also offers promotions to attract new customers. In addition, clients benefit from flexible rate plans.

Telecommunications Infrastructure in the Northwest Territories

Recently, with the introduction of an improved 3G HSPA service, the telecommunications infrastructure in the Northwest Territories saw some improvement. Residents and visitors benefit from a number of services such as mobile calling services, video streaming, texting, and mobile internet available on wireless phones and other devices. The Canadian government made a contribution of close to $15 million toward network upgrades and modern equipment that will benefit businesses and local communities.

When it comes to service providers, Northwestel offers phone, internet, and TV packages to residents and businesses. Ice Wireless is another telecom provider that offers fixed line phone services, Internet, and 3G/4G services. The company also serves remote and rural communities and offers 3G/4G HSPA/UMTS services. Customers can choose from postpaid and prepaid plans and benefit from competitive roaming rates while abroad. Ice Wireless also offers virtual numbers and smartphone devices. Postpaid plans allow users to download content, surf, talk, and text. 3G mobile Internet can be used on smartphones, laptops, tablets, and other devices. There are different prepaid plans to choose from as well, with unlimited outgoing and incoming text messages and calls.

Telecommunications Infrastructure in Nunavut

Over the past couple of years, the federal government has made a significant contribution to enhance the broadband infrastructure in Nunavut. At the same time, a study published by the Conference Board of Canada shows that residents in Nunavut pay higher prices compared to the rest of Canada. They are also offered lower quality services when it comes to high-speed internet and other telecom services. This is partly due to Nunavut's vast territory and the fact that there are remote communities with no road access.

SSi Micro Ltd is the main (and only) telecom provider in Nunavut to serve all communities. The company offers business and broadband internet, standard plans, and more. Beneficial features include no registration fees, easy installation, the option to downgrade or upgrade your plan, no contracts, and more. Businesses also benefit from flexible solutions, little downtime, and dedicated bandwidth. There is no activation fee, whether you are a business customer or individual user. The company's satellite network enables users to make use of video and voice communications.