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Canada is widely believed to be one of the top 10 easiest countries to start a business in. The rise of business opportunities in Canada is largely due to Canada’s abundant natural resources, an immensely skilled labor force, and a stable government.
If you can project an image of a prosperous future in the second-largest nation in the world, you'll find business opportunities in canada for foreigners. Canada's business opportunities are diversified. From agriculture to scientific and technical services, a range of industries experiencing a demand for new innovative business ideas has expanded.
To narrow the choices and enable prospective business immigrants to Canada to choose the most suitable business opportunity, we will look at the best business to start in Canada. Particularly, we will examine the top 5 business opportunities in Canada.
Ready to begin the next chapter of your business career? Then you can’t go wrong with choosing to work in one of the Top 5 Business Opportunities in Canada for Immigrants!
Top 5 Business Opportunities in Canada for Immigrants
Canada is a land of opportunities, where finding the best business in Canada for immigrants is made easy by various choices available. A stable economy, a multicultural society, and a supportive government facilitate small business opportunities in Canada.
The industries below have some of the most popular businesses in Canada. Collectively they represent the top 5 business opportunities in Canada for immigrants.
Agriculture
Canada’s agricultural and agri-food sector is one of the popular businesses in Canada, employing 2.3 million people, representing 1 in 19 jobs in Canada, and generating an annual revenue of 188. 63 billion (7%) of Canada’s gross domestic product (GDP). This makes it a highly viable option for business immigration to Canada.
There are so many options available for those wanting to immigrate to Canada due to the high demand for workers in certain occupations, making it easier to find qualified professional and skilled workers in professions such as:
- Farmworkers
- Truck Drivers
- Meat processing jobs such as butchers
Find out more about how to immigrate to Canada and start an agricultural business using the Agri-food Immigration Pilot.
One of the benefits of starting an agriculture business in Canada is government support. Many programs and grants are available to help new farmers get started, and the government is committed to supporting sustainable agriculture practices. Additionally, Canada's agriculture industry is highly regulated, ensuring that high-quality standards are maintained.
Find out more about some of the easiest provinces to immigrate to Canada as a Farmworker.
Accommodation and Food Services
Canada’s accommodation and food services are booming, and the industry was one of the prominent ones that quickly bounced back once the recent pandemic restrictions were lifted. Various occupations are in demand in the tourism and hospitality industry, making it easy to find skilled and experienced service staff s to make your business a resounding success.
One of the benefits of the accommodation and food services industry is the relatively low startup costs. Many hospitality businesses can be started with a small investment, making it an accessible option for immigrants who may not have a lot of capital. The hospitality industry is also a great way to connect with the local community and build strong customer relationships.
Learn why you should work in Canada’s accommodation and food and beverage industry.
Wholesale & Retail
Canada’s wholesale and retail sector has skyrocketed into profitability after taking a slight hit during the pandemic. Projections show that you can expect further increases in wholesale and retail areas such as general merchandise, gasoline stations, and motor vehicle and parts dealerships.
Wholesale and retail businesses are also popular options for immigrants in Canada. With a strong consumer market and a growing economy, Canada has a high demand for goods and services. Immigrants with experience in sales, marketing, or logistics can take advantage of this demand by starting their own wholesale or retail business.
One of the benefits of the wholesale and retail industry is the ability to reach a large customer base. With the rise of e-commerce start-up businesses in Canada, it's easier than ever to sell products online to customers worldwide. Additionally, the wholesale and retail industry is highly competitive, meaning businesses must be innovative and creative to succeed.
Find out m more about why wholesale and retail are among Canada's fastest-growing industries.
Construction
Construction is a steady investment for business investors and those considering business immigration to Canada. New development projects nationwide have increased demand for more construction companies to help carry the load and meet the needs of Canada’s provinces and territories needs. Areas that saw substantial growth are those in the commercial rather than the residential sector.
One of the benefits of the construction industry is the ability to work on a wide range of projects. From small renovations to large-scale developments, there is always a need for skilled construction professionals in Canada. Canada’s construction industry is also highly regulated, ensuring high-quality standards are maintained.
Learn more about how to immigrate to Canada as a Construction worker.
Professional, Scientific and Technical Services
Canada’s professional, scientific, and technical sectors provide a steady source of revenue and a great option for those looking for lucrative business investments or business immigration options to Canada.
With a highly educated population and a strong technology sector, there is a high demand for engineering, IT, and finance professionals. Immigrants with experience in these fields can start their businesses or work for an existing business.
One of the benefits of the professional, scientific, and technical services industry is the high earning potential. Many professionals in these fields earn a high salary, which can provide financial stability and security. Additionally, the professional, scientific, and technical services industry is a great way to connect with other professionals and build a strong network.
Business Immigration to Canada
Taking a leap of faith and deciding to move to another country is bold and difficult. This difficulty is further compounded if you want to start a business in your new country. If you're an immigrant who wants to start a business in Canada, several programs are available to help you.
The most prominent business immigration visa programs include:
- Self-employed program
- Start-up Visa program
Self-Employed Program
To qualify for business immigration to Canada under the Self-employed Program, applicants must demonstrate that they have the relevant artistic or athletic experience that has allowed them to be self-employed while living in their country of origin.
The candidate must furthermore be able to make a reasonably significant contribution to one of these fields through their relevant experience and skills in Canada to be successful in their application. The National Occupation Classification of Canada (NOC) lists all the career types under these two categories.
The following lists cultural and sporting activities under the eligibility criteria for the self-employed visa program.
| Eligible Occupation | NOC 2021 Code |
|---|---|
| Painter | 53122 |
| Dancer | 53120 |
| Journalist | 51113 |
| Writer | 51111 |
| Musician | 51122 |
| Designer | 52120 |
| Sports coach | 53201 |
| Athlete | 53200 |
| Referee | 53202 |
| Program leaders | 54100 |
Start-up Visa Program
The Startup Visa Program is a general Business Immigration or "Investor" Visa option that allows you to immigrate to Canada by starting a business anywhere in Canada. You and your business will have to meet a set of requirements to be successful with your application.
In general, your business must be innovative, create jobs for Canadians, and be able to compete internationally. While you wait for your application's approval, you can also apply for a temporary work permit to keep you busy in Canada.
Start-up Visa program requirements can be outlined as follows in the table below:
| Start-up Visa Program Requirements | |
|---|---|
| Business requirements |
Once a designated organization commits to your business:
Once you receive permanent residence, you must make sure that:
|
| Letter of support |
You must get a letter of support from a designated organization that proves they are willing to invest in and support your startup. These organizations include:
|
| Language requirements | You must score a minimum of Canadian Language Benchmark level 5 in speaking, reading, listening, and writing in English or French. |
| Settlement money | Because the Canadian government doesn’t give financial support to this visa, you must prove that you have enough money to settle yourself and your family in Canada. |
What do you Need to Start a Business in Canada?
Starting a business in Canada requires some planning and preparation. You'll need to:
- Conduct market research and come up with a business idea that is viable
- Choose a business structure
- Produce a product or service
- Register your business
- Obtain any necessary permits or licenses
- Set up a Canadian business bank account
- Outline your goals, target market, marketing strategy, and financial projections
- Develop a business plan and secure funding for your business
One of the benefits of starting a business in Canada is the support available from the government. Many resources are available to help you with every step of the process, from developing your business plan to finding funding. Additionally, the government offers tax incentives and grants to help small businesses get started.
Provinces Where The Top 5 Business Opportunities For Immigrants Are Most In-demand
While there are business opportunities for immigrants across Canada, some provinces are more in-demand than others. Alberta, British Columbia, Manitoba, Nova Scotia, and Quebec are all great options for immigrants who want to start a business.
Alberta
Alberta is a province in western Canada known for its oil and gas industry. However, it also offers opportunities for entrepreneurs in other sectors, such as technology and tourism. The province has a low tax rate for small businesses and offers various startup funding programs. The two major cities in the province, Edmonton and Calgary, are host to the fifth and third largest cities in Canada respectively, a figure that represents a huge consumer market opportunity for prospective business immigrants to Canada.
British Columbia
British Columbia is a province on Canada's west coast known for its natural beauty and outdoor recreation. It also has a thriving technology sector and offers opportunities for entrepreneurs in industries such as healthcare and education. The province offers various tax incentives and funding programs for startups.
Vancouver, the 3rd largest city by population in Canada and the largest in British Columbia, is a huge hub for trade and commerce on the Pacific, offering a range of opportunities for entrepreneurs of all kinds.
Manitoba
Manitoba is a province in central Canada known for its agriculture and manufacturing industries. It offers opportunities for entrepreneurs in sectors such as renewable energy and transportation. The province offers various funding programs and tax incentives for startups.
Nova Scotia
Nova Scotia is a province on the east coast of Canada known for its seafood and tourism industries. It also offers opportunities for entrepreneurs in sectors such as technology and renewable energy. The province offers various funding programs and tax incentives for startups.
Quebec
Quebec is a province in eastern Canada known for its culture and history. It offers opportunities for entrepreneurs in sectors such as aerospace and information technology. The province offers various funding programs and tax incentives for startups.
What is it Like Being a Business Owner in Canada?
Work Schedule Freedom
Being a business owner in Canada can be challenging, but it can also be rewarding. You'll need to be prepared to work hard and make sacrifices, but you'll also have the freedom to be your boss and pursue your passions.
Educated Workforce and Government Incentives
Canada has a stable economy and a highly educated workforce, which can be a business asset. In addition, the government offers various incentives and funding programs for startups.
Community Impact
Additionally, you can positively impact your community and create jobs for others.
The Benefits of Being a Business Owner in Canada?
There are many benefits to being a business owner in Canada. Some of the most significant benefits include:
Access to an Educated Labor Market
Canada has a highly educated workforce, with many of the population holding post-secondary degrees. This can be an asset for businesses, as it means that there is a pool of highly skilled workers to draw from.
Canadian Business Incentives
The Canadian government offers various business incentives and funding programs, such as tax credits and grants. These can help to reduce the costs of starting and operating a business.
Financially Mobile Customer Base
Canada has a relatively high standard of living, meaning the population has a relatively high disposable income. This can be an advantage for businesses, as it means that there is a large customer base with the ability to spend money on goods and services.
Learn more about Canadian disposable and median household income.
A Stable Economy
Canada has a stable economy, with a low inflation rate and a strong banking system. This can be an advantage for businesses, as it means a stable environment in which to operate.
Close to the United States
Canada is located close to the United States, the largest economy in the world, according to worlddata.info. This can be an advantage for businesses, as it means a large market for goods and services nearby.
Canada offers many opportunities for immigrants who want to start a business. Its stable economy, educated labor force, and business incentives make it a welcoming environment for entrepreneurs. By considering Canada's top 5 business opportunities, immigrants can find success and build a new life in this beautiful country.
Find out more about why to start a business in Canada.
FAQs
What is the Base Corporate Tax in Canada?
Canada's base corporate tax rate varies by province, but the federal rate is currently 15%, according to the Canadian government website.
Are the Differences in the Eligibility Requirements to Start or Buy a Business in Canada?
The eligibility requirements to start or buy a business in Canada vary by province and by industry. However, you will generally need to be a Canadian citizen or permanent resident, have a viable business idea, and meet any necessary licensing and permit requirements.
