There are few who will argue against the fact that the future of the global economy is being shaped by technological advances. Across a wide range of industries, from food production to fabrication, the Canadian economy as we know it continues to be influenced by game-changing new technology – and immigrants are at the forefront of many of these ground breaking innovations.
The skills required to compete globally in this rapidly changing environment are in high-demand and persistent low-supply. To combat this shortage of skilled workers, Canada has made business immigration to Canada more attractive to new immigrants, hoping to recruit top talent.
Recognizing the importance immigrants’ play in supporting local businesses and the economy, Canada has created an immigration system that streamlines the immigration process, particularly for highly sought-after skilled workers and entrepreneurial individuals looking to bring their business ideas to Canada. While other countries are tightening borders and limiting immigration, Canada is focusing on enticing talented and innovative individuals into the country – and it has paid off.
There are four main immigrant classes accepted into Canada each year: business, economic, family, and refugee. Contrary to popular belief, business and economic class immigrants represent the vast majority of immigration to Canada and account for almost 60% of new Canadians. Along with their innovation, talent, and in-demand skills, these Canadian immigrants have also spurred investment, created jobs, filled high-skilled job vacancies, and supported local communities.
According to data compiled by Statistics Canada, businesses owned by immigrants account for just over 17% of all private or incorporated companies but account for over 25% of job creation. This increased job growth has been partially attributed to the fact the immigrant-owned businesses tend to be younger and more specialized, both of which support job growth at an accelerated pace. Furthermore, immigrant-owned businesses appear to have a survival rate equal to or greater than their Canadian-born counterparts – with 58% still in operation after seven years.
But not only are immigrants creating a large number of jobs for Canadians, but they are also creating high-quality employment opportunities in fields such as professional, scientific, and technical services, retail trade, and transportation.
Business and economic class immigrants also play an essential role in supporting Canadian businesses by bringing their skills and experience to fill vacancies in highly specialized jobs, particularly in skilled trades where Canadian-born participation is lacking.
Strong immigration policies, coupled with an attractive business environment including good infrastructure, access to an educated workforce, high quality-of-life, and low corporate taxes, have given Canada the tools it needs to compete in an increasingly competitive global environment. However, to maintain this enviable position, Canada needs to continue to attract top talent and international enterprises with generous immigration policies, including the Canada business immigration program. To that effect, Canada has announced plans to increase the numbers of immigrants accepted into the country, targeting a rate of 1% of the Canadian population per year until at least 2023.
If you have been considering making Canada your home and have an entrepreneurial vision or sought-after skills, now is the time to apply. At Elaar Immigration we help prospective Canadian immigrants navigate each step of the application and business immigration process. Using our diversified skills, we make settling into a new home more comfortable. Contact Elaar Immigration to find more about the support we can provide.