Immigrants continue to make a significant contribution to Canada’s economy and society. In Canada’s aging population, it is expected that the contribution of immigrants will increase. Canada’s best kept secret is the Immigrant-Owned Business! Around 33% of businesses in Canada are owned by immigrants. These businesses play a crucial role in generating employment for workers in Canada and also make a considerate impact on Canada’s economy.
According to Statistics Canada, 24.5 – 30 % of the population will be immigrant in Canada by 2036. Immigration will always be the main contributor in the future growth of Canada. In 2036, Canada will have almost half its population made up of immigrants or second-generation people.
A second-generation person is a non-immigrant individual born in Canada who has at least one parent who was an immigrant in Canada.
Reports revealed that half of all private companies in Canada have been started by immigrants since 1997. This is nearly twice the US immigrant ownership rate, which stands at 22%. As projected by Statistics Canada “Starting in 2031, more than 80% of this growth is projected to come from immigration, compared to about 67% in 2011.”
Immigrants in Canada are statistically more likely than the general population to start businesses. Foreign entrepreneurs are twice as likely to become self-employed than Canadian citizens. Foreign entrepreneurs were 20.1% more likely to innovate than Canadians (weighted average) in terms of production, marketing, and organizational management practices.
Canada’s business sector employs over 12 million people. Entrepreneurs play a vital role in the Canadian economy and in the business sector. Over 2.7 million Canadians work for themselves, while more than 800,000.000 have employees.
Percentage of foreign business owners by sectors
|Computer Systems design& Services
|Data processing, hosting & services
Immigrant entrepreneurs are more likely to be highly educated in the field of science, technology engineering, mathematics (STEM). These immigrant entrepreneurs are also more likely to file patents.
Percentage of Business Owners who are STEM graduates
Ultimately, Immigrants are risk-takers by nature. They willing are to take risks and start a new life in another country. Many immigrants have this entrepreneurial spirit, which can be used to drive businesses of all sixes – small family-owned shops to publicly traded companies. Some of the most successful businesses in the world are created by them. Their entrepreneurial spirit has made Canada a vibrant, diverse country that is among the top ten worldwide.
Key Highlights : Immigration Matters in Business
- 33% of all business owners in Canada are immigrants
- 600,000+ self-employed immigrants in Canada
- 260,000 of self-employed immigrants have paid employees
- 47,000+ immigrants in senior management roles
- 12 million people are employed in Canada’s Business sector
All statistics are taken from Statistics Canada: Economic and Social reports
If you’re an Entrepreneur and looking to migrate to Canada with your family, talk to our experts at Lebiz Canada, #1 Business Consultancy firm for Canada.