In this article, I will update you with detailed information on the best business opportunities in Canada for immigrants.
Just as a seed depends on the fertility of a soil to grow, business growth in Canada is a product of amazing policies laid down by the Canadian government. The drastic growth in the Gross Domestic Product (GDP) has led to the flourishing of businesses.
Best business opportunities in Canada for immigrants
Below is the comprehensive list of the top 10 businesses or industries in Canada in no particular order.
1. Long-Distance Freight Trucking (LDFT)
From a well-researched forecast, the LDFT industry in Canada is expected to go through a marginal growth at an annualized rate of 0.5% to reach $26.5 billion over the five years to 2021, as the Canadian economy recovers from the COVID-19 (coronavirus) pandemic.
Pre-pandemic, economic conditions began to recover after a decline in global commodity prices between late 2014 and 2016, and industrial, retail and trade activity climbed for the majority of the current period. This led to the need to move goods between manufacturers and retailers increasing, boosting demand for industry services.
2. Gasoline & Petroleum Bulk Stations
Businesses linked in the Gasoline and Petroleum Bulk Stations industry in Canada manage bulk storage tanks and terminals for crude oil and petroleum products such as gasoline, diesel fuel, fuel oil, and liquid petroleum gases.
These bulk stations are often located near major refineries, ports, and industrial centers to quickly and efficiently receive a product and unload it to customers.
These stations play an important role in the supply chain of crude oil and petroleum products. Given that the industry serves as a conduit between petroleum refiners and markets further downstream.
3. Electric Power Transmission
The Electric Power Transmission business in Canada is responsible for storing and distributing electricity from Canada’s upstream generation facilities. Industry operators manage transmission and distribution networks that total over 160,000. kilometers to serve residential, industrial, and commercial customers. it’s another platform that pave way for immigrants.
The Industry efficiency is dependent on electricity prices within provinces, although the inelasticity of power requires a high degree of regulation insulates operators from any significant revenue declines.
Industry efficiency is also closely tied to demand from major industrial, residential and commercial markets. While residential market demand is somewhat inelastic.
4. Oil & Gas Field Services
Oil and Gas field service is a flourishing business opportunity for immigrants, those involved in the Oil and Gas Field Services industry in Canada have gone through volatile market conditions over the five years to 2021.
Despite the decline in the revenue of the Canadian Gambling industry over five years to 2021 due to overall reduced demand for gambling, the industry has created opportunities for immigrants.
Canada is not the only country experiencing a slowdown in gambling as spending on games of chance has declined across the Western world over the past five years.
An increasing rate coupled with growing prices for many essential products has left less money in the pockets of consumers.
6 Gasoline & Petroleum Wholesaling
The gasoline and petroleum wholesaling industry in Canada distributes petroleum products to retail gas stations, and this invariably provides business opportunities for immigrants.
The price of industrial products is tied to global crude oil prices, which can cause significant volatility for operators. Crude oil prices hyped sharply in years influencing the reporting period due to growing global economic activity and increasing demand, which prompted strong growth in revenue.
The Dentists industry in Canada has experienced growth over five years to 2021 due to an uptick in the use of dental services and increased expenditure on dental services which invariably created business opportunities for immigrants.
Household spending for dental services has risen yearly by 7.1% to $430.00 between 2014 and 2017, up from $350.00 in 2014, according to the latest data available from the Canadian Dental Association.
At the same time, dental care spending accounts for the second-largest share of private-sector medical spending.
With per capita disposable income growth during most of the period, dental practices have had to secure fewer reimbursements from health insurance.
8. Payroll & Bookkeeping Services
The Payroll and Bookkeeping Services industry in Canada is projected to experience slight expansion over the five years from 2021. This industry includes companies that focus on making sure the availability of payroll processing and bookkeeping transactions for other businesses is achieved.
This enables time-scarce managers and businesses to focus on their core functions rather than minor administrative tasks such as payroll processing.
For those considering hiring independent contractors in Canada, understanding payroll processing and bookkeeping transactions is crucial. Your Guide provides an in-depth look at the complexities involved, including tax and compliance practices.
The act of outsourcing business functions has become increasingly common over the past five years, which has increased demand for the industry’s services and pave way for a business opportunity for immigrants.
Additionally, favorable macroeconomic trends through much of the period have spurred demand and supported revenue growth.
9. Gold & Silver Ore Mining
Like other business opportunities mentioned, the Gold and Silver Ore Mining industry has created business opportunities for immigrants. are primarily engaged in mining, beneficiating, or otherwise preparing gold or silver ore.
Industry revenue is a function of domestic gold and silver production alongside prices, which are informed by global supply and demand. Industry revenue is forecast to grow over the five years to 2021, largely driven by increasing gold production and prices.
Though the world price of silver has also increased strongly, decreased production has diminished it as an increasingly minor source of industry revenue. This has further increased the amount of industry revenue generated by gold.
10. Wireless Telecommunications Carriers
The Wireless Telecommunications Carriers industry in Canada has been excellent and efficient over the five years to 2021 as wireless coverage expanded and a greater number of Canadians & immigrants adopted smartphones and tablets, thus boosting demand for high-margin mobile broadband services.
The number of mobile telephone subscriptions is expected to rise yearly by 3.2% over the five years from 2021, and the number of fixed broadband connections is expected to rise an annualized 3.3% during the same period.
Consequently, industry revenue is expected to increase yearly by 3.0% to $31.0 billion over the five years from 2021. Revenue is expected to grow 3.6% and this creates business opportunities for immigrants.