Business Guide Nunavut - Small Business Hub

The Nunavut Small Business Guide:

A Comprehensive Resource for Establishing a Flourishing Business in Nunavut

Welcome to our comprehensive guide, a great resource for individuals seeking to establish, manage, and grow a small enterprise within the region of Nunavut. Our team at CanadianSME Small Business Hub is dedicated to offering essential tools, resources, and insights that can effectively help you navigate every stage of your entrepreneurial voyage. The Nunavut Small Business Guide provides holistic support and information to facilitate the success of businesses operating in Canada’s northernmost territory.

Nunavut: A Unique Environment for Entrepreneurs

It wouldn’t be entirely wrong to state that the most desirable aspect of the province of Nunavut is its abundant natural resources and reliable entrepreneurial ecosystem. This region offers a unique backdrop for startups and small enterprises seeking to capitalize on the prospects presented by its multifaceted industries. Nunavut is renowned worldwide for traditional prints and carvings. Plus, industries such as tourism, mining and mineral exploration, art & crafts, hunting and trapping and fishing offer a plethora of small business opportunities.

Charged Economic Landscape

Since the economy of Nunavut is predominantly reliant on sectors such as mining, fisheries, tourism, and arts and crafts. These industries have always presented a range of potential business prospects, and innovation is the need of the hour in all these industries. This is why the regional government’s active participation in the territory’s economy has been nothing but encouraging and favourable for both new and seasoned entrepreneurs.

Decent Market Accessibility

The remote geographical positioning and ample natural beauty of Nunavut can potentially make this region the tourism and culture hub. What’s more, this region presents distinct prospects for enterprises capable of meeting the region’s demands and capitalizing on its resources.

Young & Skilled Workforce

Nunavut is characterized by a youthful and expanding population demonstrating a notable inclination towards entrepreneurship and self-employment.

Strong Government Support

Like all provincial governments, the government of Nunavut also effectively encourages an environment that supports business. They achieve this by implementing a range of grants and funding programs strategically aimed at stimulating growth and fostering innovation, thereby helping create more opportunities and better business prospects.

Enriching Quality of Life

Nunavut represents the true essence of the Canadian northern region, which is why it’s nicknamed the Great White North. With its breathtaking arctic terrains and cold climate, this province offers a unique way of life, rich in Inuit culture and heritage. Despite the severe winters, the residents of Nunavut are the most friendly and warm people who always come up with unique business ideas and ways to contribute to the larger community and the provincial economy.

Explore the Best Availabe Resources for

SMBs and StartUps in Nunavut

Business Development Bank of Canada (BDC)

At BDC, we know business owners. We’ve been working with them for more than 75 years. We know their challenges and we understand their needs. And we want them to grow and succeed.

Futurpreneur Canada

Futurpreneur has been fueling the entrepreneurial passions of Canada’s young enterprise for over two decades. We are the only national, non-proﬁt organization that provides ﬁnancing, mentoring and support tools to aspiring business owners aged 18-39. Our internationally recognized mentoring program hand matches young entrepreneurs with a business expert from a network of more than 2,600 volunteer mentors.

Kitikmeot Community Futures Inc. (KCFI)

Kitikmeot Community Futures Inc. (KCFI) is a lending agency focused on creating and maintaining small businesses in the region. As a non-profit corporation our mandate is to create and/or maintain employment in the region by promoting and assisting new viable small businesses or helping existing businesses through a wide range of services from strategic planning and monitoring, technical and advisory services, business counseling and assistance by providing loans.

Baffin Business Development Corporation (BBDC)

Baffin Business Development Corporation (BBDC) is a not-for-profit corporation and the Community Futures organization for the Qikiqtaaluk region of Nunavut. BBDC's mandate is to provide financial assistance and advisory services to new or expanding small businesses that will create new wealth and new jobs for residents of the region.

Nunavut Economic Developers Association (NEDA)

The Nunavut Economic Developers Association assists Community Economic Development Officers in each municipality. It provides the officers with professional development, networking, advocacy and the exchange of information and ideas.

The Nunavut Small Business Guide:

A Comprehensive Resource for Establishing a Flourishing Business in Nunavut