Canada is an economically flourishing country that welcomes working professionals and foreign investors to set up their businesses. Whether as start-ups or for business expansion, business opportunities in Canada have caused a massive influx of investors in the last few decades.
Here we will let you know about the top 5 safest and best revenue-generating businesses in Canada. Also, the requirements to open your business in the country.
Top 5 Businesses Opportunities in Canada for Immigrants
The following business sectors are known for revenue generation and stability.
Canadian agro-industries are ever-growing and offer one of the most profitable business opportunities in Canada for immigrants. Agro-industries account for over CAD 49 billion of Canada’s GDP.
The country is also one of the top exporters of agricultural products. In 2016, the export of agricultural products was worth more than CAD 60 billion. Cattle, maple syrup, meat, veal, beef, canola, vegetables, and poultry are among Canada’s top agricultural products.
Provinces like Ontario, Saskatchewan, British Columbia, Alberta and Manitoba provide the best employment and new business opportunities in Canada in agriculture. Even if you do not start your business in Canada right away, you can take up the following jobs in the agriculture sector:
– Truck drivers
The construction business is one of the most steady investments in Canada. Being a well-developed country, Canada has witnessed a massive increase in the new development project nationwide. And even though multiple Canadian construction companies are already at work, there is a surging need for more participants in the sector. This is why business opportunities in Canada in construction are immense. So, as an immigrant, you may have a higher probability of making more profit if you open a business in the construction sector in Canada.
You can even seek employment in this sector to understand how a construction business works in Canada. Ontario has an exceptionally high demand for skilled project directors, general construction labour and construction managers as numerous construction projects are initiated in this Canadian province.
Professional, Scientific and Technical Services
Professional, scientific and technical services are the fourth-fastest growing sector in Canada. It is also one of the most steady sources of revenue generation and holds great investment potential.
The technology sector has grown about 10.5% in the past five years and generated about CAD 193 billion. In 2020, with about 966,617 employees, it was declared the third-largest sector in employment growth. Professional, scientific and technical services have the 5th highest wage among other Canadian sectors.
Technical sectors have been growing rapidly in Alberta, British Columbia and Ontario in the past couple of years. These provinces specially offer business opportunities in Canada to the immigrants who are adept tech professionals.
An evolving sector in Canada comprising some premium schools and universities, the educational sector has grown by 35.5% in the past seven years. It is one of the top employment generating sectors that witnessed the inception of over 35,500 businesses by the end of 2020. The Canadian government contributes about 5.9% of the GDP to better the education sector. Apart from business, there are multiple employment opportunities in this sector under the job roles of a teacher, education administrator, tutor, curriculum developer and lecturer.
Retail and Wholesale
Retail and wholesale business is a rapidly growing industry in Canada. The demand for retail and wholesale products such as motor vehicle parts and their dealerships, petroleum, general merchandise and medical goods are always high in Canada, making it a potentially revenue-generating sector. This is one of the business opportunities for immigrants in Canada who desire to start their own business with minimal capital. Alberta, British Columbia, and Saskatchewan are the ideal Canadian provinces to set up a retail and wholesale business as they offer considerable growth.
5 Fastest-Growing Industries in Canada Best Suited for Start-ups
Currently, numerous start-up opportunities are available in various sectors of Canada. Here are the top 5 fastest-growing sectors in Canada that can offer potential growth to your start-up.
With the interception of technology in our day-to-day lives and new applications emerging every day, the software industry is always one of the most preferred start-ups in Canada. Given the range of products and services the industry innovates and its new players in the market, the Canadian government holds no qualms in funding software start-ups in the country, may it be established by a native or an immigrant.
The e-commerce industry boomed during the onset of the pandemic as social distancing, and stringent curfews heavily influenced the need for online orders and delivery systems. And, now there is no looking back. With a high potential to generate revenue, it is estimated that by 2024 end, the e-commerce industry will grow by 37% and will be worth around CAD 33 billion.
The healthcare industry is growing exponentially with the help of technology. This sector comprises some of the top-ranking start-ups in Canada, ranging from AI induced disease detection mechanisms to pharmaceutical innovations. Serious profit can be made in this industry as Canada seems to be mainly focusing on tele-medicine, advanced medical technology and senior home care since last year.
Since the recent past, the real estate in Canada has not only grown but has augmented chances to open new businesses in its various avenues. Apart from the hike in property sales, the industry is also witnessing the need for rental property management services, commercial properties and online assistance. So, even if you do not have a property in Canada or think opening a real estate agency in the country could be too risky, you can try other options within this sector to start your business.
Financial services provide a broad range of opportunities to new entrepreneurs and investors in Canada. As Cryptocurrency has been on a new high since 2021, the domains to open businesses in the finance or fintech sector is immense. Electronic payment processors, cloud-based accounting, automation solutions, etc., are in demand. If your start-up entails any of these, the chances are that you will be quite successful in your business in Canada.
What are the Business Immigration Options in Canada?
To establish a business in Canada, you can opt for any three business immigration options mentioned below.
Entrepreneur Work Permits
The Entrepreneur Work Permit Program is specially created for international entrepreneurs who possess at least 50% shares in any already existing business in Canada. To avail of this program, individuals would have to prove that their business will play a significant role to augment the Canadian economy and employment. Under this program, entrepreneurs can also apply for permanent residence. If they establish and run their business in the country for at least a year.
If you are a newbie wanting to establish your start-up in Canada, a start-up visa can be your best bet. Also known as the Investor Visa Program. It aims to welcome new business ideas in the country and generate more employment opportunities. Settlement funds, a letter of support from a designated organization and fluency in language are some of the requirements for a start-up visa.
Entrepreneur Streams Under PNP
The PNP (Provincial Nominee Program) is another viable option for international entrepreneurs wanting to start a business in Canada. Through this program, you can opt for the province you plan to set up your business in. In Canada, almost all provinces offer entrepreneur streams that support innovative business propositions which promise to boost the Canadian economy and employment.
How Can International Entrepreneurs Start a Business in Canada?
There are five requirements for foreign entrepreneurs and business owners to start a business in Canada.
A Practical Business Plan
A well-formed business proposal is a prerequisite to getting a work permit in Canada. Therefore, doing market research and being specific and as detailed as possible about your plans is extremely crucial.
A well-composed business proposal should describe your business model, vision, value proposition, growth plan, staffing and execution summary and monetization strategy.
Ensure that your business would employ the Canadian populace, does not have an owner-operator model and should not revolve around any passive investments.
Whatever industry you choose to set up your business in Canada. Ensure you have relevant experience in that field and leadership and managerial skills so that the Immigration Officer is confident that you will be able to pull off your business plan in the country. Include details on your educational and professional background as evidence with your business proposal to demonstrate your skill set to the Immigration Officer.
A foreigner must have the required funds to execute the business plan. You have to demonstrate how your business will be stable in the long run and benefit Canada. It is also recommended to have at least CAD 100,000 as seed capital. That will cover the execution expense in the next 1-2 years. If it requires additional revenue, you should also have CAD 300,000-500,000 as liquid funds.
No Criminal History
A criminal record will reduce the chance of getting the permit. The individual shouldn’t have any record of breaching any immigration laws of Canada, too.
Execution and Commitment
Showcase your business plan and execution procedure in your immigration application. Before you apply, you must start taking steps to run the business. You can hire staff members, rent an office space or register a provincial sales tax account. Doing such will manifest your commitment to your business and increase your chances of getting a positive response from the authorities.
There are several prospective business opportunities in Canada for investors. The aforementioned top 5 business opportunities are lucrative for foreign entrepreneurs in Canada to generate a stable revenue stream. However, making a full-proof and comprehensive business plan that complies with Canadian guidelines is necessary.
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Frequently Asked Questions (FAQs)
Agricultural business is the most profitable business in Canada. Agro-industries account for over CAD 49 billion of Canada’s GDP.
The educational sector has grown about 35.5% in the past seven years, making it the fastest-growing business in Canada.
Retail and wholesale business is one of the rapidly growing businesses that one can start under a budget of CAD 50,000 that have a high potential of revenue generation. However, it is advised that you keep at least CAD 100,000 as capital to support your new business in Canada.
Businesses in the construction, healthcare, software, finance and retail sectors are in demand in Canada.