As a group of Vancouver Immigration Consultants, the team at Racer Immigration knows that many people immigrate to Canada with the hope of creating better lives for themselves and their families. While popular rhetoric among certain groups likes to frame immigrants as people who put a burden on the system, new information from Statistics Canada says that immigrant-owned firms actually create more net jobs and have higher growth than those with Canadian-born owners.
During the period of the study (2003 to 2013) it was found that companies owned by immigrant entrepreneurs accounted for a quarter of all new jobs created in the private sector, even though they just represented 17% of firms.
“Based on the raw data, immigrant-owned firms had a higher level of net job creation per firm, and were more likely to be high-growth firms than those with Canadian-born owners,” the study reports.
It also noted, however, that much of this was due to the fact that immigrant-owned companies were younger (three quarters of immigrant-owned companies were less than ten years old, as opposed to half that were run by someone Canadian born), and younger companies grow faster and create jobs at a higher rate than older firms.
After several years in Canada, immigrants had a higher propensity to be business owners than the Canadian-born population.
“In 2012, 90 percent of firms owned by immigrants who had lived in Canada for five years were young firms,” the report reads. “Only among immigrant owners who had lived in Canada for over 30 years did the proportion of young firms in 2012 approach that of Canadian-born owners, at roughly 29 percent.”
Although the data from this study ends in 2013, the information still provides a useful tool in understanding the role of immigrant entrepreneurs in the Canadian economy.
The Vancouver Immigration Consultants at Racer Immigration are proud to work with entrepreneurs interested in coming to Canada. Learn more about business immigration by visiting https://racerimmigration.com or call (778) 688-4848 to learn more.