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New to Canada and new to business?

As a newcomer to Canada, you may be considering the possibility of starting and owning your own business. Starting a business can be exciting, but it can also be quite demanding.

When you are new to Canada, knowing what is involved and finding the right information is essential.

According to a 2011 Statistics Canada publication, Immigrants in Self-Employment, approximately 19 per cent of the more than two million self-employed Canadians were newcomers. If you are an entrepreneur who is new to Canada, here are some tips that can help to transform your entrepreneurial vision into a reality.


Start with a plan


Business planning is essential for anyone starting a business. A business plan is a written document that shows potential investors or bank officials that your business has the potential to succeed. It also helps you plan for the future growth and development of your business. Canada Business Ontario offers a business plan guide that is available in over 10 different languages.

Determine what is involved


In order to complete your business plan, it is important to understand what will be involved in setting up your business. Licensing, registration and tax accounts may be required before you can open your doors. To determine what steps will apply to your specific business idea, make sure that you have a clear understanding of your business before you start gathering information. Many of the requirements will be based on the individual choices you make about your business type, location and structure.


Get the right information


Finding the right information can involve a lot of time and research. To help make it easier to find the right information, Canada Business Ontario is your business information connection. This government service offers information on federal and provincial business programs, services and regulations – all at no charge.

The Start-Up Guide for Newcomers to Canada is designed to help entrepreneurs who are new to Canada learn about starting a business. Canada Business Ontario’s guides and free business information are available in English or French, by calling the Business Info Line at 1-888-745-8888. You can also contact them for access to market research that can help your business plan.

Starting a business in Canada can be both rewarding and challenging no matter where you come from. Some of the most successful Canadian companies were started by newcomers. It all begins with entrepreneurial vision, planning and the right information.
– Joanna Nicholson and Meghan Roth
Courtesy: News Canada

Posted: Feb 1, 2012

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