Canada has the ninth-largest economy globally and is steadily growing each year. Many know Canada for the number of opportunities it can bring in terms of jobs and career growth. Still, not many know about the number of business opportunities it offers as well.
Let’s have a look at the top 5 business opportunities in Canada in 2022 and how you can become part of its fruitful economy.
Profitable Businesses to Start in Canada
1. Car Dealerships
It’s said that the revenue for car dealerships in Canada is set to grow steadily in the next five years, especially as the economy recovers from COVID-19. As the economy improves and grows, so will Canadian consumer spending, which will lead to higher corporate profit totals.
The market size for car dealerships in Canada is approximately $156 billion, with around 4,639 businesses in Canada.
As COVID-19 regulations ease in terms of restrictions within bars and restaurants, consumer spending rises. This means the industry will see significant revenue growth, especially since there is a shift towards craft beer.
The market size for breweries in Canada is approximately $7 billion, with around 1,302 businesses in Canada.
3. Data Processing & Hosting Services
Currently, there is an increasing demand for data processing and hosting services since local businesses in Canada are looking to improve their operational efficiencies. Overall, because of technological innovations, the industry is expanding rapidly.
The market size for data processing and hosting services in Canada is approximately $9 billion, with around 3,269 businesses in Canada.
4. Local Freight Trucking
There are great business opportunities in Canada within the trucking business because COVID-19 restrictions are easing. The economy is expecting an increase in retail spending and steady growth in international trade. As a result, the demand for the freight trucking industry will increase.
The market size for local freight trucking in Canada is approximately $14 billion, with around 38,683 businesses in Canada.
5. HR Consulting
There was a decline within the HR consulting industry in 2020 because of COVID-19 and having companies shut down. However, in 2021 Canada saw a revenue increase within the industry. In addition, HR consultants assist with many functions within a business, such as salaries, recruitment, and retention; because of this, they have become in high demand.
The market size for HR consulting in Canada is approximately $3 billion, with around 6,697 businesses in Canada.
Start a business in Canada
Did you know that Canada is known to be one of the easiest countries to start a business? One of the best ways to move to Canada and start a business is through the Start-up Visa Program. Canada business immigration system is very advanced, and with the help of lawyers you can finish the whole process fairly quickly.
The Start-up Visa Program, part of the business immigration streams, allows foreign nationals to immigrate by starting a business in Canada. Your business will need to meet certain requirements to be eligible for this program. They are:
- Your business needs to be innovative;
- Your business will need to create jobs for Canadians; and
- Your business must compete on a global scale.
You will also need to meet certain conditions. they are:
- You need to have a qualifying business;
- You’ll need to get a letter of support from a designated organization;
- You should meet the language requirements; and
- You’ll need sufficient money to settle.
What is a designated organization?
This is a business group that is on the approved list to invest in or support possible startups. The Canadian government approves this list.
A significant factor about this program is that while you wait for your permanent residency to be processed, you can apply for a temporary foreign work permit so that you can start a business in Canada in the meantime.
You can learn more here about the Start-up Visa Program and how to apply.
Make Your Move to Canada
When exploring your business opportunities in Canada, to make the journey much more straightforward, it would be easier to use the services of dedicated Regulated Canadian Immigration Consultants (RCICs), such as those working with CanadianVisa.org, who can assist you through the entire business immigration process.