Immigration Announcement
Canada: The Place to make your Business Better as an Immigrant
If you have aspirations of starting your own company in Canada, you’ve got the company. A recent report done by Statistics Canada, it showed that over 5 percent of new immigrants had attained ownership of a private company by the end of their first year in Canada. Meanwhile, a diminutive 3-4 percent of originally domiciled Canadians were reported to have started a business.
This isn’t to say that starting your own company in Canada is child’s play. You must realize that it comes with its own challenges and immigrants face some truly unique ones. As a novice to the Canadian financial marketplace, you may find it difficult to find the right source of seed capital and other means to support your business as it grows. Take the advice given here and you may be able to navigate through the business atmosphere of Canada with ease .
Making Forays into Canada with an Existing Business
If you have a pre-established business and want to expand it into the Canadian market as an immigrant, the process for it is pretty straightforward. You may register in any one of the provinces, choosing one with the easiest registration procedure and lowest fee.
This is what it means to establish what is referred to as extra-provincial incorporation. For example, if you have a business in your home country in Asia, and wish to start a company in Vancouver, you can register your company as an extra-provincial corporation. To spread your business in other provinces, though, you will have to register with the provincial registry of that particular province.
Building A Business in Canada From the Ground Up
There are several ways to start a business in Canada if you are not of Canadian origin and are immigrating here from your home country without an already established business. The first step is to immigrate to Canada as a business immigrant, after which you will be equipped to both starts a business here and reside here as well. Factors other than age and language skills affecting your application are – appropriate experience in cultural activities or athletics, or the capability to purchase and manage a farm.
Strengthen Your Business
Once you have your options to start your business figured out, you can concentrate on making it a runaway success. To do so, there are a few neat tips you can choose to deliver the boost your business needs.
Find a role model or mentor when you set out to build a business from the ground up. You need to find someone with the relevant valued experience to guide you in the right way. There are also a lot of organizations that offer training programs for aspirants- like the Futurpreneur business mentorship program or Startup Canada.
A business requires capital and a lot of that is going to come in the form of loans from banks. As a newcomer to Canada, you may not have a lot in terms of a credit score and without a good credit score, banks may not be keen on lending you money. Signing up for a credit card and using it responsibly is an effective method to build your credit score.
When starting off you must be careful to keep enough money aside to cover your personal expenses. You must follow this religiously before your business gains momentum and starts making a profit.
Finally, you must grow to embrace the Canadian culture and integrate the work ethic into whatever you do. Get yourself immersed in the Canadian way of life by joining volunteer groups and local communities to properly gauge the pulse of your immediate surroundings. This allows you to take profitable decisions in the long term in keeping with the relevant trends so as to ultimately add to your business’ credibility.
In a nutshell, Canada serves as the ideal seedbed for bringing up a company from scratch and also to rake in the riches in no time. So pack your bags and head to Canada to make it big in the business world and enjoy the nation’s warm culture and bonhomie.
