The BDIC is undertaking a review and will be making updates to the Northwest Territories Business Development and Investment Corporation Act (BDIC Act).
Aside from some minor amendments in 2007 and 2018, the BDIC Act and regulations have not been comprehensively updated since the creation of BDIC in 2005. Since then, there have been significant changes in the environment and businesses’ needs. Opportunity exists to introduce amendments to the BDIC Act to enhance clarity and transparency, offer relevant support to entrepreneurs and businesses, and generate positive impacts on the NWT economy.
There were several amendment areas explored during engagement with entrepreneurs, businesses, industry, government, and other stakeholders during spring and summer of 2022. The input and feedback gathered will inform the legislative proposal and future updates to regulations and policies. Once drafted, the updated BDIC Act will be introduced to the 19th Legislative Assembly for their review, amendment, and enactment.
The graphic below shares the process and steps required with the development and introduction of an updated BDIC Act. The BDIC is currently at Step 4.
● Closed: Public Engagement (Step 2) happened May 24 to July 21, 2022
● Results under review
A What We Heard report has been released to summarize the feedback gathered during the engagement. Amendments to the BDIC Act are expected to be introduced in the fall and proposed to come into force in March 2023. This document can be found here.