The Trudeau government continues to signal yet again that immigration policy will play a significant role in fueling Canada’s post pandemic economic recovery. Specifically, measures taken by the Canadian government serve to underscore Canada’s commitment that immigration will be part of the solution not part of problem. Canada is ready to welcome a historic number of new immigrants to our country. Among them will be entrepreneurs and investors from around the globe who are ready, willing, and able to make investments in our economy.
On April 19, 2021 Deputy Prime Minister and Minister of Finance Chrystia Freeland tabled Budget 2021 entitled “A Recover Plan for Jobs, Growth, and Resilience”. This Budget focuses on the fight against COVID-19 and creating more jobs and prosperity for Canadians in the years and decades to come. It should come as no surprise that immigration policy will play a vital role in this process. Budget 2021 is the official government recognition that Canada’s immigration system is critical to supporting our economic recovery.
Deputy Prime Minister Freeland has reiterated publicly the government’s commitment to immigration, including a plan to draw and attract even more talented, highly skilled people to Canada. She has stated that investments in Budget 2021 will support an immigration system that is easier to navigate and more efficient in welcoming the dynamic new Canadians who add to Canada’s strength.
These new policy announcements are calling out to dynamic foreign entrepreneurs who have the capabilities and financial resources to make lasting contributions to our economic recovery in Canada.
While immigrant entrepreneurs have the potential to make direct investments by starting new businesses and creating jobs, Canada also recognizes how critical job creation is essential for economic growth and recovery. This is reinforced by the growing literature on immigrant entrepreneurship that attempts to identify factors influencing the success of immigrant-owned businesses.
In Canada, while the research continues to evolve, preliminary data also shows that Immigrant entrepreneurship evolves to a higher level than amongst natural born Canadians. These findings in Canada are consistent with global research by other developed countries. Immigrants in Canada have a higher rate of business creation than Canadian-born citizens. And the longer they stay in Canada, the higher their likelihood of starting a business.
Another recent study by Statistics Canada found that immigrant-owned businesses create more jobs than Canadian-owned businesses. That study also found that immigrant businesses were more likely to grow quickly. Further research performed by Statistics Canada was recently released in a study that shows immigrant businesses are much more likely to engage in international trade with their home region than their Canadian counterparts.
This suite of new research conducted by the Government of Canada and its partners all use several scientific measures that show businesses started by immigrants have simply outperformed businesses started by Canadians and the benefits to our economy have been significant. New businesses are not the only economic benefit of entrepreneurial immigrants. New business immigrants are needed to take over from the thousands of baby boomer business owners who are looking to retire as part of Canada’s aging population demographics.
If you are a foreign entrepreneur or investor, there has never been a better time than the present to look at Canada as your family immigration destination to begin the next chapter of your life. The intent of the Canadian government is clear – we will adopt policies that facilitate economic growth in Canada while ensuring foreign nationals can derive maximum immigration benefits from their investments in Canada. If you want to launch a new business in Canada or even purchase an existing business, contact Kadri Law at 519-258-8188 to learn about new and exciting pathways to Canadian Immigration for you and your family members.