From Challenges to Opportunities: The Newcomer Entrepreneurial Experience in Canada

Newcomer entrepreneurs ─ those who have immigrated to Canada within the past 10 years and are starting, managing, or expanding a business ─ are vital to our economy. 

They bring diverse, innovative perspectives and are more likely to pursue entrepreneurship than individuals born in Canada. However, they encounter challenges in securing financial resources, navigating regulatory requirements, building credibility and networks, addressing cultural and communication differences, overcoming information gaps, and adapting to Canada’s business culture. CFIB conducted panel interviews with 14 newcomer entrepreneurs to understand their motivations to come to Canada, their immigration pathways, the challenges they have encountered, and advice they would give. This report offers recommendations to policymakers and financial institutions to help newcomer entrepreneurs overcome challenges and unlock their full potential.

About Scotiabank

Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at October 31, 2024), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.

About the Scotiabank StartRight Program

Scotiabank’s StartRight® Program for newcomers provides a package of banking services for immigrants who have been in Canada less than 5 years. Scotiabank provides customized financial services and advice to support permanent residents, international students, and temporary workers as they navigate their financial journey. Newcomers can access solutions like no-fee banking, apply for credit-building products, and newcomer-friendly mortgage options to achieve their financial goals and thrive in Canada. By providing inclusive and accessible resources, the Scotiabank StartRight® Program empowers newcomers to build a strong foundation for their personal and professional futures. For more information, visit startright.scotiabank.com.