Guide to Starting Business in Canada for Foreigners

canada-business

With a strong economic growth, low taxes, and business costs Canada has been luring many foreigners to set up business in this country. Towards this end, Canada encourages aspiring entrepreneurs from around the world offering many types of immigrant visas such as Visa for self-employed persons and visas for Start-up entrepreneurs. These visas allow you to live and set up your own business in Canada. Plethora of resources such as this article helps you find more information on liberal visa policy of the Canadian government.

Evaluate your options for setting up a business in Canada:  As a foreigner immigrant in Canada, you need to explore your options to set up a business in foreign land. Whether you want to set up a new business or buy a franchise in Canada, or buy an independent business. You need to consider factors such as legal status required to set up business, skills required, financial requirements, etc.

Prepare a Strong business plan: Drafting your business plan is a very important step in the process of setting up your business anywhere, especially in a foreign land such as Canada. If you have a business idea under consideration, you can attend workshops, seminars to understand how to make it a successful one. If you have to prepare a business plan from the scratch, you have many books, guides that can help you in the right direction.

Register Your Business Name: A Business name is mandatory for your business, as it works as your business identity, and a legal necessity. Research well to come up with a suitable business name that people can easily associate with the product or service you offer, and the value addition that your business would offer them. Once you have named your business, register it with an appropriate registration authority. You will have to register your business with an appropriate agency based on the nature of your business, for example, finance business requires registration from FINTRAC. Your small business may also need registration from GST/ HST/ PST depending on the nature of the business and the volume of the business per year.

Plan your finances: As a small business owner, you may have to invest money on your own, but in case if you need financial assistance, you will have to seek help from various sources, that offer assistance to small businesses. You will also have to insure your business. You can look up various sources online and offline for financing options.

Market Your Offerings: You need to market your services and products. You may want to use a mix of both conventional marketing techniques and the modern digital media tools including search engine and social media to help your business gain visibility and sales.

Plan Your Business Growth: You may also need employees in the future, so be prepared to find employees for your small business. Check with the local job agencies, websites to scout for employees. Once you start hiring work force for assistance you will have to register with Workers compensation Board in the province.