Entrepreneur Immigrants Relocate for Success
October 24, 2006 (Press Release) --
To pack up and leave your home on a hunch is not an easy thing to do. But, from South Korea and Iran, to China and Pakistan, more and more entrepreneurs are leaving their homes in search of greater opportunities, and they are choosing Canada as the place to start.
Ganesan Sugumar and his wife left Sri Lanka in 1992 to try their luck in Ontario. Despite arriving during a recession, Sugumar was determined to succeed. After conducting his own market research, Sugumar opened a store in the heart of downtown Toronto, selling everything from souvenirs to clothes to food. Today, he has expanded to four stores that together employ 20 people; he hopes to one day be providing jobs for over 100 people.
“The reasons I chose Canada were that the people were nice, the crime rate was low and because of its multinational nature,” says Sugumar. “There are so many avenues that allow business immigrants to succeed in Canada. We are surrounded by a very rich nation.”
Entrepreneurship expert Evan Carmichael agrees. “In 2005, entrepreneur immigrants created almost 1,000 new jobs,” he says. “It’s a win-win situation. Canada needs more entrepreneurs and new immigrants often have the grit and the teeth that are needed to succeed.”
In order to qualify as an entrepreneur immigrant in Canada, the federal government requires that you have had business experience – managing and controlling a percent of equity of a business for at least two years – and have a net worth of at least CDN $300,000. Within three years of becoming a permanent resident, you must start a business that can provide at least one full-time job for someone outside of your family.
“It’s never easy to move to a new country, let alone to start up your own business,” says Carmichael. “But, Canada has a good quality of life, a well-educated labour force, and a modern transportation and communication infrastructure. With the right level of support, entrepreneur immigrants can find their niche and carve out their own path to success.”
According to Citizenship and Immigration Canada, in the past 20 years, 32% of entrepreneur immigrants have come from Hong Kong, 12% from Korea, and 9% from Taiwan, with China, Iran, Germany, and Pakistan not far behind. Ontario and British Columbia are the most popular destinations, with 48% and 32% of entrepreneurs respectively settling there last year, but Quebec and Alberta also receive their fair share.
“Entrepreneur immigrants not only create jobs for Canadians,” says Carmichael. “They bring with them billions of dollars of investment capital as well as foreign management expertise.”
However, Carmichael warns that all business immigrants need to do their own market research before making the move. “What works in Toronto might not work in Calgary or in Halifax,” he says. “Entrepreneurs, no matter where they’re from, need to get to know their market and watch for current trends before starting their business.
Ganesan Sugumar and his wife left Sri Lanka in 1992 to try their luck in Ontario. Despite arriving during a recession, Sugumar was determined to succeed. After conducting his own market research, Sugumar opened a store in the heart of downtown Toronto, selling everything from souvenirs to clothes to food. Today, he has expanded to four stores that together employ 20 people; he hopes to one day be providing jobs for over 100 people.
“The reasons I chose Canada were that the people were nice, the crime rate was low and because of its multinational nature,” says Sugumar. “There are so many avenues that allow business immigrants to succeed in Canada. We are surrounded by a very rich nation.”
Entrepreneurship expert Evan Carmichael agrees. “In 2005, entrepreneur immigrants created almost 1,000 new jobs,” he says. “It’s a win-win situation. Canada needs more entrepreneurs and new immigrants often have the grit and the teeth that are needed to succeed.”
In order to qualify as an entrepreneur immigrant in Canada, the federal government requires that you have had business experience – managing and controlling a percent of equity of a business for at least two years – and have a net worth of at least CDN $300,000. Within three years of becoming a permanent resident, you must start a business that can provide at least one full-time job for someone outside of your family.
“It’s never easy to move to a new country, let alone to start up your own business,” says Carmichael. “But, Canada has a good quality of life, a well-educated labour force, and a modern transportation and communication infrastructure. With the right level of support, entrepreneur immigrants can find their niche and carve out their own path to success.”
According to Citizenship and Immigration Canada, in the past 20 years, 32% of entrepreneur immigrants have come from Hong Kong, 12% from Korea, and 9% from Taiwan, with China, Iran, Germany, and Pakistan not far behind. Ontario and British Columbia are the most popular destinations, with 48% and 32% of entrepreneurs respectively settling there last year, but Quebec and Alberta also receive their fair share.
“Entrepreneur immigrants not only create jobs for Canadians,” says Carmichael. “They bring with them billions of dollars of investment capital as well as foreign management expertise.”
However, Carmichael warns that all business immigrants need to do their own market research before making the move. “What works in Toronto might not work in Calgary or in Halifax,” he says. “Entrepreneurs, no matter where they’re from, need to get to know their market and watch for current trends before starting their business.
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