Top Industries in Canada to Consider for Business Immigration Opportunities
Canada has a robust economy and an overall positive stance and outlook on immigration. The country realizes that immigrants bring a significant benefit to the culture and economy. Canada ensures this outcome through a variety of well-managed immigration pathways. Among the list are business and entrepreneurial options. These programs are meant to encourage foreigners with appealing, beneficial skills and characteristics to pursue employment or to seek to invest, setup, or purchase a business in Canada.
However, like any country or economy, there are certain industries which provide more opportunities and benefits than others. In the case of business immigration, there are certain types of businesses that are more advantageous. Whether that is in terms of likelihood of business success or favorability in an immigration case, the following industries are among the top to consider for business immigration.
Technical & Scientific
Every country is eager to recruit the most talented technical and scientific professionals and Canada is no exception. Several provinces even have immigration streams in place specifically for these individuals. Technological and scientific developments and advancements have the potential to bring great advantages and opportunity to their home nation. It is for this reason that business and work opportunities in this industry are thriving across the country. British Columbia and Ontario have specific immigration programs for business and work in these fields and if you are planning on starting a new enterprise, Alberta or Ontario have seen significant growth in these areas in recent years.
Lodging & Tourism
IBISWorld is predicting a 5.4% decline in economic output of the hospitality industry for 2020, mostly resulting from changes due to the pandemic. This includes increased cleaning protocols and heavy restrictions on occupancy and the use of event spaces. A mid-term outlook of the industry is uncertain at this time as other countries continue to struggle with controlling the pandemic. These changes have been fueled by suspensions on international travel, flight limitation, and border closings.
Although this industry is expected to rebound in time, these disruptions have sadly resulted in many struggling hospitality and tourism businesses. The upside is that where there is failure, opportunities arise. This is one industry where there is opportunity for those that can quickly adapt or establish more modern daily operating procedures and revenue streams. It is also an industry that, despite current challenges, will always be needed and some provinces still wish to develop. With the exception of bed and breakfasts, which are ineligible under some provincial nominee programs (PNPs), this industry is ripe with opportunities for business immigration.
Food & Beverage Services
Food service is another industry that was hit hard by restrictions due to COVID-19. However, this sector is bouncing back quickly as restrictions are being lifted. People will always need to eat, and going out to eat and sharing a meal with friends and family has always been a common cultural practice. It is one of the activities that people were most excited to get back to. There is still a great deal of room within food service to launch and grow a thriving business, even as pandemic operating and capacity restrictions remain in place. As limitations are further lifted, this industry will thrive again.
Despite the pandemic, nearly every province is focused on developing food service and related industries. This includes, but is not limited to, British Columbia, Alberta, Saskatchewan, Manitoba, Prince Edward Island, New Brunswick, Newfoundland and Labrador, and Nova Scotia.
Wholesale & Retail
Although wholesale and retail took a hit at the tail end of 2019, it showed a month on month increase in the first half of 2020. In this case, overall, the pandemic seems to have been of benefit as more people were at home, shopping online. Although the outlook for brick and mortar stores is not as encouraging, retail in general has a promising future and there is still ample opportunity to grow existing businesses or start new ones.
You may want to focus on launching or purchasing a wholesale or retail business in Alberta, Saskatchewan, and British Columbia. These provinces in particular have shown considerable growth in this sector in previous years. The trick in this industry is to adequately explore the types of products you intend to distribute and sell.
Moving forward, Joorney Canada will be exploring specific opportunities by province and/or industry. Make sure to sign up for our newsletter to stay current on the latest.