Immigrants In Canada Are More Likely To Set Up A Business And Create Opportunities Compared To Locals

In a new study done by the Business Development Bank of Canada (also known as the BDC), it has been found out that the scene for entrepreneurs in Canada has been growing and developing. In fact, it has become even more diverse. The changes have been attributed to the immigrants to Canada who have been helping pave and create new landscapes in this field.

The study has also found out that the new immigrants in Canada have a much higher chance of starting their own business in the country. The businesses that these immigrants make and start in the country have been known to grow rapidly. These businesses have also been known to open more jobs which are good for the labor market and the economy of the country. The ventures of immigrants in Canada in terms of starting their own businesses is higher compared to the individuals in Canada who have been born in the country.

More results from the study

According to the study from the BDC, the immigrants in Canada have a higher entrepreneurial rate as compared to the Canadian-born. In fact, the rate is double for the immigrants. This means that immigrants in the country have twice more chances of starting a business than those who were born there. The business could be just about anything. It can also mean starting a business from scratch or purchasing an already existing business and running it themselves.

In 2018 alone, there were a total of 251,600 immigrants who have become entrepreneurs when they moved to the country. This number is higher by 22% as compared to the number of immigrant entrepreneurs back in 2006. It reflects that immigrants are quite ready to take risks and venture into business despite being in foreign soil. They perhaps see the opportunities and the chance to grow that business in Canada.

The number could still grow

Given the results of the study and the current trend in immigrant in Canada, the BDC has stated that it can be expected that there would be more immigrant entrepreneurs in the country in the coming years. Previous studies have shown that by 2032, it is projected a huge amount of the growth in population in Canada would be attributed to immigrants. The estimate would be 80% of the growth in population would be taken by the newcomers.

The BDC has also concluded that with more and more immigrants joining the country each year, it is highly likely that the country is also continuing to be diverse. And with this trend, it also means that more and more entrepreneurs would most likely sprout in the country. This is a good thing not just for the immigrants but also for the locals as well since more jobs are created. The economy is also going to be benefitting from this since good businesses help strengthen the economy.

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