How can you develop your business project in Quebec or elsewhere in Canada?
To bring your business project to fruition, you’ll first need to draw up an analysis of your project, personal situation, Canadian market demand and the process of starting and running a business. To maximize your chances of business success, there are several things to consider.
Understanding the Quebec and Canadian markets
To start off on the right foot, you need a good understanding of the Canadian business landscape, economic environment and market dynamics. If you already know what sector you want to work in, start by learning more about it.
Ask yourself these questions to help better guide your research:
- What are the strongest and most in-demand economic sectors in
Quebec and elsewhere in Canada?
- What are the different legal business forms in Quebec?
- Is there demand for the type of business you’re interested
in?
- Is there a lot of competition in the field?
- Are the resources needed to make your project a success readily
available in Quebec or elsewhere in Canada?
- Is your chosen sector regulated or does it require specific
permits or licences?
These resources on the Government of Canada and Quebec government websites can help you get started:
- Find
information and statistics on different sectors of
activity
- Learn
about the permits and licences required in different sectors of
activity
- Find
out how to register, incorporate or buy a business in Quebec
Need inspiration for your entrepreneurial project? Immerse yourself in your new environment and the culture that surrounds you: it’s a great source of creative ideas!
Assess your new situation and personal finances
Immigrating is a long-term project that comes with its own share of changes – and not everything goes according to plan. That’s why you should also factor your new financial and personal situation into your business plan.
Pro tip: Take stock using our online financial balance sheet tool:
Know who to turn to
When starting a business, it’s essential to surround yourself with a solid network of contacts and support. Don’t hesitate to call on the organizations at your disposal to find resources and professionals who can guide you through the process.
What support organizations and programs are available for business
projects in Quebec or elsewhere in Canada?
Need a hand to get started? Explore these programs and organizations for a wealth of useful resources.
Incubators and accelerators
Numerous incubators and accelerators can help aspiring entrepreneurs. They offer support and mentoring in areas such as financing, management, networking, customer development, attracting investors and employees and more. Some even offer specific training programs for foreign business owners.
Here are a few across Canada to explore:
- Creative Destruction Lab (CDL): Promotes
companies specializing in science and technology.
- Founder Institute: An impressive international
network serving start-ups and early-stage businesses.
- Next
36: Supports students and recent graduates in the realization of
their entrepreneurial projects.
- The
DMZ: Provides support to technology companies.
- gBETA: Focuses on projects with a social
mission.
- Futurpreneur Canada: Loans, mentoring and
resources to help young people (18–39) launch and develop their
projects.
Quebec also has a large number of incubators and accelerators:
- ACET:
Specifically designed for technology companies.
- National Bank Accelerator – HEC Montréal:
Supports entrepreneurs and companies in their expansion phase.
- Centech: Founded by Montreal’s École de
technologie supérieure (ÉTS) to help technology companies
grow.
- La
Piscine: Targets entrepreneurs in the creative and cultural
sectors.
- Réseau
Mentorat: Province-wide mentoring service for
entrepreneurs.
Government of Canada programs
The Government of Canada provides programs and tools for entrepreneurs. These include:
- Canada
Small Business Financing Program: Helps small businesses
obtain loans from financial institutions to start, expand or
modernize their businesses.
- Women’s Entrepreneurship Strategy: Supports
women entrepreneurs through specific financing and mentoring
programs.
- National Research Council Industrial Research
Assistance Program (NRC IRAP): Technical and financial advice
for innovative small and medium-sized businesses to help them
develop and market their products or services.
National Bank also offers tailor-made solutions to meet your financial needs.
Discover our financing solutions for businesses
Are there visa immigration programs for entrepreneurial projects in
Canada?
Ready to take the plunge? There are several types of visas available to help you immigrate and start your business in Canada. Depending on your situation, you may find the three programs detailed below useful.
Start-up visa program
With a particular focus on innovative business projects, this program aims to attract foreign entrepreneurs who want to launch globally competitive, job-creating businesses.
Applicants must meet the following criteria:
- Obtain a letter of support from an organization designated as an
angel investor group, venture capital fund or business incubator.
Consult the list of designated organizations here.
- Have sufficient knowledge of English or French (level 5 in the
Canadian Language Benchmarks).
- Prove you have sufficient personal savings to get set up in
Canada.
If you’re accepted, this visa program leads to permanent residency.
To learn more: Start-up visa program
Good to know: The Canadian provinces of Quebec, Ontario and British Columbia have their own programs for innovative companies, start-ups and business succession projects.
To learn more:
Self-employed persons program
This program is designed for people with relevant experience in cultural activities or athletics who wish to settle permanently in Canada as self-employed workers.
Applicants must meet the following criteria:
- Have participated in international cultural or athletic
activities, or have been self-employed in the cultural or athletic
field.
- Have the intention and ability to create their own job in
Canada.
- Meet the selection criteria established for the program
(experience, education, age, language skills and ability to
integrate).
- Meet medical and security screening requirements.
If you’re accepted, this visa program leads to permanent residency.
To learn more: Immigrate as a self-employed person: about the process
For the program specific to Quebec, click here.
Good to know: Self-employment is an accessible option in Canada. In some countries, being self-employed can be relatively complex, requiring a great deal of red tape. To find out more about self-employment and its tax implications, see our tips .
Start-up visa optional work permit
Are you waiting for a response from the start-up visa program and looking to begin the process of establishing your project in Canada? If so, you may want to apply for an optional work permit. Unlike a regular temporary work permit, you don’t need to provide a job offer from a Canadian company.
This permit is valid for one year and is reserved for people who’ve already applied for a visa to start a business. It only allows you to work on the development of your project.
Applicants must meet the following criteria:
- Prove that your business will bring substantial economic benefits
to Canada.
- Prove you have sufficient personal savings to get set up in
Canada.
To learn more: Start-up visa optional work permit
Where should you start your business in Canada?
Canada’s major metropolises, such as Montreal, Toronto and Vancouver, offer many advantages for entrepreneurial projects. For example, they generally offer access to a wider customer base and more resources (mentoring, networking, etc.).
On the other hand, smaller towns and regions shouldn’t be overlooked and definitely have their upsides. For instance, operating costs and rents are lower, and there’s less competition. You could also benefit from tax advantages by setting up and running a business outside of major urban centres.
Do your research and consider the industry you want to pursue – some regions may be more advantageous than others.
Business success isn’t guaranteed, and it’s often contingent on how
hard you work to get it off the ground. The secret? Get the right
information, equip yourself with the right tools, and above all,
surround yourself with the right people!
Our
National
Bank of Canada representative offices abroad can answer all your
questions about the business ownership experience and connect you to
our network of institutional and private partners.
Further reading: Need more advice to make your project a reality? Take a look at our resources:
→
How to finance a business
→
Incorporating a business in Canada in 7 steps
→
Buying a franchise: what you need to know
→
11 elements essential to a business plan
→
Working in Canada: administrative procedures and financial
considerations
→
11 tips to help you get settled in Canada
→
Immigrating to Canada: resources and advice
Ready to get started? Don’t hesitate to contact our experts and consult our bank of resources.
