​Immigrating and starting a business in Canada

22 July 2024 by National Bank
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​Setting up a business in Canada can be challenging when you’re a foreign entrepreneur. In addition to developing your project, you’ll need to familiarize yourself with the Canadian business environment as well as new rules and laws. These tips will help get your entrepreneurial project off the ground.  

​How can you develop your business project in Quebec or elsewhere in Canada?

​To bring your business project to fruition, you’ll first need to draw up an analysis of your project, personal situation, Canadian market demand and the process of starting and running a business. To maximize your chances of business success, there are several things to consider.​

​Understanding the Quebec and Canadian markets  

​To start off on the right foot, you need a good understanding of the Canadian business landscape, economic environment and market dynamics. If you already know what sector you want to work in, start by learning more about it.   

​​Ask yourself these questions to help better guide your research:

  • ​What are the strongest and most in-demand economic sectors in Quebec and elsewhere in Canada?
  • ​What are the different legal business forms in Quebec?
  • ​Is there demand for the type of business you’re interested in?
  • ​Is there a lot of competition in the field?
  • ​Are the resources needed to make your project a success readily available in Quebec or elsewhere in Canada?
  • ​Is your chosen sector regulated or does it require specific permits or licences?

​​These resources on the Government of Canada and Quebec government websites can help you get started:

​​Need inspiration for your entrepreneurial project? Immerse yourself in your new environment and the culture that surrounds you: it’s a great source of creative ideas!

Assess your new situation and personal finances

​Immigrating is a long-term project that comes with its own share of changes – and not everything goes according to plan. That’s why you should also factor your new financial and personal situation into your business plan.

​Pro tip: Take stock using our online financial balance sheet tool:

Know who to turn to

​When starting a business, it’s essential to surround yourself with a solid network of contacts and support. Don’t hesitate to call on the organizations at your disposal to find resources and professionals who can guide you through the process.

What support organizations and programs are available for business projects in Quebec or elsewhere in Canada?

​Need a hand to get started? Explore these programs and organizations for a wealth of useful resources.

​Incubators and accelerators

​Numerous incubators and accelerators can help aspiring entrepreneurs. They offer support and mentoring in areas such as financing, management, networking, customer development, attracting investors and employees and more. Some even offer specific training programs for foreign business owners.​

​Here are a few across Canada to explore:

  • Creative Destruction Lab (CDL): Promotes companies specializing in science and technology.
  • Founder Institute: An impressive international network serving start-ups and early-stage businesses.
  • Next 36: Supports students and recent graduates in the realization of their entrepreneurial projects.
  • The DMZ: Provides support to technology companies.
  • gBETA: Focuses on projects with a social mission.
  • Futurpreneur Canada: Loans, mentoring and resources to help young people (18–39) launch and develop their projects.

​​Quebec also has a large number of incubators and accelerators:

  • ACET: Specifically designed for technology companies.
  • National Bank Accelerator – HEC Montréal: Supports entrepreneurs and companies in their expansion phase.
  • Centech: Founded by Montreal’s École de technologie supérieure (ÉTS) to help technology companies grow.
  • La Piscine: Targets entrepreneurs in the creative and cultural sectors.
  • Réseau Mentorat: Province-wide mentoring service for entrepreneurs.

​Government of Canada programs

​The Government of Canada provides programs and tools for entrepreneurs. These include:​

​​National Bank also offers tailor-made solutions to meet your financial needs.

Discover our financing solutions for businesses

Are there visa immigration programs for entrepreneurial projects in Canada?

​Ready to take the plunge? There are several types of visas available to help you immigrate and start your business in Canada. Depending on your situation, you may find the three programs detailed below useful.

​Start-up visa program

​With a particular focus on innovative business projects, this program aims to attract foreign entrepreneurs who want to launch globally competitive, job-creating businesses.

​​Applicants must meet the following criteria:

  • ​Obtain a letter of support from an organization designated as an angel investor group, venture capital fund or business incubator. Consult the list of designated organizations here.
  • ​Have sufficient knowledge of English or French (level 5 in the Canadian Language Benchmarks).
  • ​Prove you have sufficient personal savings to get set up in Canada.

​​If you’re accepted, this visa program leads to permanent residency.

​To learn more: Start-up visa program

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Self-employed persons program

​This program is designed for people with relevant experience in cultural activities or athletics who wish to settle permanently in Canada as self-employed workers.

​​Applicants must meet the following criteria:

  • ​Have participated in international cultural or athletic activities, or have been self-employed in the cultural or athletic field.
  • ​Have the intention and ability to create their own job in Canada.
  • ​Meet the selection criteria established for the program (experience, education, age, language skills and ability to integrate).
  • ​Meet medical and security screening requirements.

​​If you’re accepted, this visa program leads to permanent residency.

​​To learn more: Immigrate as a self-employed person: about the process

​​For the program specific to Quebec, click here.

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​Start-up visa optional work permit

​Are you waiting for a response from the start-up visa program and looking to begin the process of establishing your project in Canada? If so, you may want to apply for an optional work permit. Unlike a regular temporary work permit, you don’t need to provide a job offer from a Canadian company.

​This permit is valid for one year and is reserved for people who’ve already applied for a visa to start a business. It only allows you to work on the development of your project.​

​Applicants must meet the following criteria:

  • ​Prove that your business will bring substantial economic benefits to Canada.
  • ​Prove you have sufficient personal savings to get set up in Canada.

​​To learn more: Start-up visa optional work permit

Where should you start your business in Canada?

​Canada’s major metropolises, such as Montreal, Toronto and Vancouver, offer many advantages for entrepreneurial projects. For example, they generally offer access to a wider customer base and more resources (mentoring, networking, etc.).  

​​On the other hand, smaller towns and regions shouldn’t be overlooked and definitely have their upsides. For instance, operating costs and rents are lower, and there’s less competition. You could also benefit from tax advantages by setting up and running a business outside of major urban centres.

​​Do your research and consider the industry you want to pursue – some regions may be more advantageous than others.

​Business success isn’t guaranteed, and it’s often contingent on how hard you work to get it off the ground. The secret? Get the right information, equip yourself with the right tools, and above all, surround yourself with the right people!

​Our National Bank of Canada representative offices abroad can answer all your questions about the business ownership experience and connect you to our network of institutional and private partners.

​Ready to get started? Don’t hesitate to contact our experts and consult our bank of resources.

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