This content is provided through a paid partnership between Moving2Canada and Scotiabank.
Hi {{ first_name | default:there }},
If you’re dreaming of starting a business in Canada, but you’ve only recently arrived or still settling in – you are not alone.
Newcomers to Canada are making a significant impact on the business landscape, with around one-in-four private sector businesses being owned by an immigrant.
But, while you’ll be in good company as a business owner and newcomer in Canada, there are still plenty of hurdles you’ll face along the way.
Your personal finances and business finances are more connected than you might think. Your credit score, for example, can directly affect your ability to access business funding - especially in the early stages.
Scotiabank advisors can support you in managing your finances, improving your credit score, and setting goals for your business.
Tips for starting a business in Canada as a newcomer
First things first, you need to confirm you’re allowed to start a business in Canada as a newcomer. Visit Immigration, Refugees and Citizenship Canada to confirm your legal status.
Otherwise, these may be some things to think about before starting a business as a newcomer:
Validate your business idea: research should form the basis of your business plan. This is the roadmap for your business’ success, and can help attract investment and keep you on track. Scotiabank’s Business Plan Writer can help you structure this from the start.
Choose the right business structure: There are a range of different legal structures your business can have in Canada, and they each have different startup costs, tax obligations, and benefits. The three more common structures are sole proprietorship, partnership, and corporation. Learn more about legal Canadian business structures.
Choose the right name for your business: You’ll need to choose and register a business name. This starts with a brainstorm, goes through a formal name search process, and ends with you registering your business name.
Choose the right bank for your business account: A business bank account builds trust with your customers, makes managing your business finances simpler, and can help to reduce the risk of accounting and legal problems.
Don’t Hesitate to Ask for Help
Starting a business in a new country can be daunting but there are resources available to you as a business owner in Canada.
Scotiabank has already published some articles discussing everything you need to know about starting a business as a newcomer.
If you’re ready to take the next step, a Scotiabank Business Banking Advisor can support you with your business banking needs.
Warm Wishes,
The Moving2Canada team, sponsored by Scotiabank
Legal Disclaimer
This email is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
