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Starting Your Business as a Newcomer in Ontario

Posted by: NIC Online Date: October 10, 2024 Category: Blog
Young entrepreneur using a tablet computer.

As a newcomer, you bring fresh perspectives, innovative ideas, and experiences that can contribute to Canada's vibrant entrepreneurial landscape. Ontario is known for its diverse economy, supportive business environment, and numerous opportunities for entrepreneurs. The province's strong infrastructure, skilled workforce, and access to international markets make it an ideal location for new ventures.

Are you interested in starting your own business? Continue reading to start your entrepreneurial journey in Ontario.

Before You Start

Consider the following before starting a business in Ontario:

  • Legal Status: To start a business in Ontario, you must have a valid status to work in Canada. This means being a Canadian citizen, a permanent resident, or holding a valid work permit.
  • Business Licensing: Check if there are any specific local regulations or requirements for the type of business you want to start. Some businesses may require additional licenses or permits.
  • Financial Status: Having a good credit history can be beneficial when seeking financing. As a newcomer, you can start building a Canadian Credit Score by opening a bank account, getting a credit card and using it responsibly.

Research and Plan

Before diving in, conduct thorough research to understand your industry's market demand, competition, and potential challenges. Have a plan that outlines your business idea, target audience, marketing strategies, financial projections, and operational plans. Resources like the Canada Business Network and Ontario’s Small Business Enterprise Centres can provide valuable insights and tools.

Choose a Business Structure

Decide on the legal structure of your business. Each structure has legal, tax, and operational implications. Consider consulting a legal advisor to determine the best fit for your business. The common types are Sole Proprietorship, Partnership, and Corporation.

Register Your Business

You’ll need to register your business name with the Ontario government. This can be done online through ServiceOntario. If you plan to incorporate, you will also need to register with the federal government through Corporations Canada. Ensure your business complies with local zoning bylaws and obtain necessary licenses or permits.

Secure Financing

Explore various funding options to kickstart your business. These may include personal savings, loans from financial institutions, and government grants. Programs like the Ontario Self-Employment Benefit (OSEB) program and Futurpreneur Canada offer financial assistance and mentorship for new entrepreneurs.

Find the Right Location

Unless your business is entirely virtual, your location can impact your success. Consider factors like proximity to your target market, accessibility, and costs. Co-working spaces and business incubators can be great options for startups, offering networking opportunities and shared resources.

Looking for More Newcomer Support?

Starting a business is no easy task. Fortunately, newcomers in Ontario can access the free support and resources from NIC Online. Our experts are ready and available to answer your settlement and employment questions.

Complete our registration form to get started.

NIC Online is coordinated by Achēv and funded by IRCC

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