Newcomer entrepreneurs—those who have been in Canada for less than a decade—own more than 7% of enterprises in the country but face distinct challenges that impact their growth and integration, according to a new report released Wednesday by the Canadian Federation of Independent Business (CFIB).
The report, From Challenges to Opportunities: The Newcomer Entrepreneurial Experience in Canada, sponsored by Scotiabank, shares insights from 14 newcomer entrepreneurs across the country and highlights the hurdles they encounter when establishing and growing their businesses.
“It takes a lot of courage and resilience to move to another country and open a business,” said Marvin Cruz, CFIB’s director of research and report co-author. “Newcomer entrepreneurs play a crucial role in enhancing the Canadian business landscape and economy by bringing in diverse perspectives and skills.”
Key Challenges for Newcomer Entrepreneurs
According to the CFIB report, the most significant obstacles for newcomer entrepreneurs include:
- Securing financing, given their limited credit history in Canada
- Navigating government regulations and compliance
- Building trust and networks in the business community
- Overcoming cultural and communication barriers
- Accessing information and resources critical to business operations
Despite these challenges, many newcomers choose to start businesses in Canada due to their previous entrepreneurial experience, access to market opportunities, Canada’s strategic location, autonomy and financial success, and the country’s high quality of life and safety, said the national organization.
“As Canada navigates economic challenges, including Canada-U.S. trade tensions, strengthening entrepreneurship is more important than ever. To enhance Canada’s productivity and global competitiveness, it’s essential that all entrepreneurs, including newcomers, are set up for success. That’s why it’s important for policymakers and financial institutions to provide better and ongoing support to Canada’s newcomers in their entrepreneurial journeys,” said Francesca Basta, CFIB’s research analyst and report co-author.
CFIB’s Recommendations
CFIB urges policymakers to take the following steps to support newcomer entrepreneurs:
- Increase awareness of existing government grants and support programs
- Develop an accessible, centralized platform for key business information such as tax rules, labour laws, and licensing requirements
- Simplify regulatory compliance and enhance customer service
- Expand immigration options for foreign entrepreneurs
- Support and promote newcomer organizations and settlement agencies
The CFIB said financial institutions can also play a role by promoting mentorship programs and financial literacy resources, improving access to capital, and streamlining banking setup processes for newcomer business owners.
“There’s immense potential to build a stronger foundation for newcomer entrepreneurs, and when that happens, the benefits will ripple down through the entire business ecosystem,” said one entrepreneur interviewed in the CFIB report.
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