<pCanada’s immigrant entrepreneurs are setting a new trend in comparison to other developed countries. They are running businesses for a period equivalent to the Canadian-born entrepreneurs. This is a finding of a study of Statistics Canada, regarding Canadian immigrant entrepreneurs.
- 80 percent of immigrant owners, among the private companies, had ownership after two years of starting their business.
- 58 percent had their business ownership after seven years.
- These Statistics are similar to the figures of locally born entrepreneurs.
- The studies conducted in Norway, Sweden, Germany and the USA; show that - businesses owned by immigrants have a short survival time, compared to those owned by local born entrepreneurs. The survival of Business is affected by industry, age, region and source, of immigrants.
Immigrants Help in the Growth of Economies
These entrepreneurs, become an important factor to analyze the cost-benefit of immigration policy . Immigrants create a positive economic impact, and add skills, besides lowering the age of the labor force, and also help in the innovation process. They make a direct contribution by starting fresh businesses and also create jobs.
Initially after arrival, the ownership rate is below the rate of local born, but after that time there is a great change. 5.8 percent of immigrants living in Canada for 10 -30 years had the ownership of a private incorporated company in 2010. The figure is 4.8 per cent for local born. Moreover, 10.8 percent long-term immigrants were self-employed, but the figures for local born are 7.5 percent.
Rates of Canada’s Immigrant Business Ownership
Immigrants in Canada 10-30 Years
Immigration Categories of Entrepreneurs
Business Ownership Rate by Immigration Class
A great proportion - 25.1 percent - of business owners comes through business class programs. The bigger economic class has the Business Ownership Rate of 14.9 percent.
Rate of business ownership in the family is 14.9 percent and in the refugee classes it is 14.4 percent.
Business Ownership Rate by Immigration Class- Important differences emerge in the type of business owned by different categories.
||Proportion of Immigrant-Owned Firms
- Economic class immigrants own private incorporated companies.
- Refugees can be considered self-employed. Moreover, they concentrate in specialty and retail trades, taxi driving, food services and work as janitors.
- While family class immigrants opt for child care service business.
- The economic class immigrants deal with knowledge-based industries and professional services.
The Favored Knowledge-Based Fields of Economic Entrepreneurs
- Architecture and engineering services
- Computer systems design
- Management and scientific consulting
The Favored Professional Service Fields of Economic Entrepreneurs
The business class immigrants concentrate on the traditional sectors like wholesale/retail trade and food service. A major proportion of the self-employed, have a focus on real estate.
- Engineering and science-based manufacturing
- Data processing
- Computer systems design and consulting services
Entrepreneurial Spirit is good in Canadian Immigrants
The research of Statistics Canada shows the presence of a thriving entrepreneurial spirit in the immigrants. People of all economic class, start their own businesses or become self-employed at a great rate compared to local born.
- Furthermore, they set up Start-up businesses leading to economic growth.
- The immigrants are also vital in helping the economic growth of the country.