Canada Immigrant Owned Businesses Create High Growth Jobs!
Posted On: Thu, Jan 02 2020
The new Statistics Canada study says that immigrant-owned businesses were responsible for creating jobs in Canada between 2003 and 2013 compared to businesses with Canadian-born owners.
The study distinguished private incorporated businesses owned by immigrants who entered Canada since 1980 from firms with Canadian-born owners. The Businesses owned by immigrants was 25 percent of net jobs created by private firms during the 11-year period, an outsized contribution considering they accounted for only 17 percent of the firms studied.
This amounted to roughly 400,000 net new jobs created between 2003 and 2013 and translated to a higher per-firm net job creation average than Canadian owned businesses. The study reads, “Immigrant-owned firms were more likely to than firms with Canadian-born owners to be job creators than job destroyers.
The study also added that Immigrant-owned private incorporated companies were also 1.3 times as likely to be high-growth firms with annual employment growth exceeding 20 percent than were those owned by the Canadian born.
Statistics Canada says that a majority of these immigrant-owned firms were less than four-years-old was an important factor. "Young-firms accounted for 40.5 percent of gross job creation and only 17 percent of gross job losses."
The young firms are more dynamic in terms of job creation which is due in large part to their higher rates of growth than older, more established firms.
“Immigration increased the job creation dynamism of the private incorporated company sector by generating a large number of entering and young companies, which led to immigrant-owned firms’ disproportionate contribution to job creation in the private incorporated company sector,” the study reads.
The new Canada Immigration Level Plan is set to welcome 330,800 this year to 350,000 in 2021 over the next three years.
Canadian Immigration Department is thus welcoming newcomers to come and settle on a permanent basis and if you are seeking for permanent residency solutions than decide the best possible visa category by taking the Canada Immigration Assessment Form. One of the experts will connect with you soon to discuss the PR query.