6 Business Ventures in Canada for Newcomers in 2023

If you’re considering investing in Canada and obtaining an Investment Visa, conducting a thorough business assessment is your first crucial step.

This assessment will help you evaluate the feasibility and potential success of your business venture. It involves analyzing market trends, competition, financial projections, and legal requirements.

In this article, we’ll be 5 Business Ventures in Canada for Newcomers in 2023.

6 Business Ventures in Canada for Newcomers in 2023

Here are 6 Business Ventures in Canada for Newcomers in 2023:

#1. Construction Business

Canada’s construction industry is experiencing remarkable growth, creating significant opportunities for immigrants.

The demand for skilled workers in various construction-related roles, from plumbers to roofers, remains high.

Not only does this sector offer attractive remuneration, but it also allows for incremental earnings as you gain experience.

With over 1.4 million individuals employed in Canada’s construction industry, contributing a substantial $141 billion to the nation’s GDP, it’s a sector ripe with potential for newcomers.

#2. Hospitality Business

Despite the challenges brought about by the COVID-19 pandemic, Canada’s hospitality industry is bouncing back.

Skilled professionals are needed to serve both local and tourist markets. Immigrants can explore various business opportunities in this sector, including hotel housekeeping, wait staff, chefs, and more.

With a thriving $90 billion tourism sector and over 1.9 million jobs available, the hospitality industry is a resilient field worth considering for your investment.

#3. Agriculture Business

The agriculture and agri-food sector are vital contributors to Canada’s economy. Immigrants with expertise in roles like winemaking, farm work, butchery, and beekeeping are in high demand.

This sector contributed an impressive 7.4% to Canada’s GDP, amounting to a staggering $139.3 billion. Provinces such as Alberta, Manitoba, British Columbia, Ontario, and Saskatchewan play significant roles in the agricultural landscape.

If you’re interested in business investment opportunities, agriculture offers stability and growth potential.

#4. Retail and Wholesale

The retail and wholesale sectors, particularly in provinces like Alberta, Saskatchewan, and British Columbia, present promising prospects.

The disruptions caused by the pandemic have led to increased demand for medical products, necessitating the hiring of additional personnel.

These sectors jointly contribute a substantial $209.7 billion to Canada’s GDP. Roles like bookkeepers, visual merchandisers, and retail warehouse workers are in demand.

Consider these sectors when exploring business investment options in Canada.

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#5. Education Business

Education holds a special place in Canada, making it an appealing sector for immigrant entrepreneurs. If you have expertise in education or can provide educational services, there are opportunities to explore.

Offering tutoring services, language courses, or specialized training can be a lucrative venture.

Canada invests approximately 5.9% of its GDP in education, creating a conducive environment for educators to thrive.

Roles within this sector include school/college tutors, curriculum developers, teachers, professors, and education administrators.

#6. Automotive Business

Canada’s automotive service industry presents substantial potential for immigrants looking to invest.

Opportunities exist in areas such as tire stores, automobile service stations, driving schools, mobile oil changes, mobile car wash services, spare parts distribution, and tow trucking services.

These businesses cater to Canada’s thriving automobile market and can be profitable ventures for immigrants interested in the automotive sector. Exploring this industry could lead to a successful and rewarding business endeavour.

How to Buy a Business in Canada for PR

For those seeking Permanent Residency (PR) in Canada, buying an existing business can be a viable path. Here’s a summary of the steps to purchase a business in Canada for PR:

Choose a Suitable Business: Look for a business with a strong sales record and potential for growth.

Create a Solid Business Plan: Develop a comprehensive business plan outlining your strategy and goals.

Get a Positive LMIA and Work Permit: Ensure you have a Labor Market Impact Assessment (LMIA) and a work permit to legally operate the business.

Run the Business in Canada: Actively manage and operate the business according to your plan.

Apply for PR: After a certain period of running the business, you can apply for Permanent Residency.

Buying an existing business in Canada can provide a streamlined path to PR, allowing you to contribute to the Canadian economy while pursuing your immigration goals.

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How to Start a Business in Canada as a Foreigner

If you prefer to start a business from the ground up, there are three primary ways to do so as a foreigner:

#1. Expand Your Current Business

If you already have a business, consider expanding it into Canada by opening an office or subsidiary. While Canadian citizenship or PR isn’t required, hiring a Canadian may be necessary.

#2. Start a Business from Abroad

Begin a business in Canada while residing in another country. Utilize the Investment Canada Act, and ensure you have a Canadian company director and a local agent for incorporation.

#3. Move to Canada and Start

A popular option is relocating to Canada and starting a business from scratch. There are various immigration pathways available for this approach, allowing you to establish your business in a new and promising market.

Quick Read: Canada’s Tech Talent Program for Easy Migration

FAQs

Can I start a business in Canada as an immigrant?

Yes, as an immigrant, you can start a business in Canada. There are several pathways available, including expanding your existing business, starting a business from abroad, or moving to Canada and launching a business.

What are the advantages of buying an existing business in Canada for PR?

Buying an existing business can provide a faster path to Permanent Residency (PR) in Canada. It allows you to demonstrate your commitment to the Canadian economy and potentially benefit from an established customer base.

Why is LMIA necessary to buy a business in Canada?

LMIA stands for Labor Market Impact Assessment. It’s a crucial document to hire foreign workers or buy a business in Canada. It helps demonstrate that there are no qualified Canadians available for the job, making it necessary to hire or invest with a foreigner.

Conclusion

Starting a business in Canada as a foreigner offers a chance to tap into the country’s robust economy and diverse opportunities. Each approach has its requirements and benefits, so it’s essential to choose the one that aligns best with your goals and resources.