Many newcomers come to Canada with the dream of owning their own business. With the proper knowledge and advice, this dream can become a reality.
If you are thinking of starting a business in Canada, it’s important to know the resources available to help get you started. Federal and provincial governments, along with many financial institutions, offer special programs, services and support to help newcomers become successful business owners in Canada.
“Upon arrival in Canada, many newcomers may look to starting a business as the best way to obtain a steady income and way of life,” says Camon Mak, director, Multicultural Markets, Royal Bank of Canada. “While building a successful, profitable business takes patience, determination and focus, with the right guidance and advice it is achievable.”

Mak offers three tips for success:

1. Find a small business advisor who understands your needs as a newcomer and can provide you with the appropriate advice to help your business succeed.
2. Ask your business advisor where to look for information on understanding local market opportunities for your new venture.
3. Speak with your advisor about connecting with important resources, such as an accountant, lawyer and government service representatives.

More advice is available on the RBC Immigrating to Canada website at http://www.rbc.com/canada/index.html. You can also download a copy of Starting a Business Guidebook (http://www.rbcroyalbank.com/sme/index.html).

FRANCHISES OFFER OPPORTUNITIES FOR NEWCOMERS

IF YOU ARE A NEWCOMER, STARTING A FRANCHISE IN CANADA CAN OPEN MANY DOORS. YOUR OPPORTUNITIES CAN BE ENDLESS WITH THE RIGHT FINANCIAL PARTNER TO HELP NAVIGATE ALL YOUR OPTIONS WITHIN THE CANADIAN FRANCHISE MARKET.

ACCORDING TO THE CANADIAN FRANCHISE ASSOCIATION, CANADA IS HOME TO SOME 78,000 FRANCHISES; THE MARKETPLACE IS GROWING AND IS ACTIVE IN EVERY PART OF THE COUNTRY. WITH SO MANY CHOICES, IT CAN BE TOUGH TO KNOW WHERE TO START.
“OPENING A FRANCHISE CAN SEEM DAUNTING IF YOU’RE UNFAMILIAR WITH THE CANADIAN BUSINESS MARKET,” SAYS CAMON MAK, DIRECTOR, CULTURAL MARKETS, ROYAL BANK OF CANADA. “PROPER ADVICE AND KNOWLEDGE FROM A FINANCIAL ADVISOR CAN MAKE THE PROCESS MUCH EASIER BY PROVIDING DIRECTION ON FINANCING, MARKET ANALYSIS AND THE BASICS OF DOING BUSINESS IN CANADA.”

MAK OFFERS FOUR TIPS TO HELP START YOUR FRANCHISE:

DO YOUR HOMEWORK:
THE FEDERAL GOVERNMENT OFFERS SERVICES AND SUPPORT DESIGNED TO HELP YOU BECOME A SUCCESSFUL BUSINESS OWNER IN CANADA, INCLUDING THE CANADA SMALL BUSINESS FINANCING PROGRAM AND SERVICE CANADA. FOR FRANCHISE–SPECIFIC INFORMATION, VISIT THE CANADIAN FRANCHISE ASSOCIATION AT HTTP://WWW.CFA.CA/.

KNOW YOUR FINANCIAL INCENTIVE OPTIONS:
For example, The Hong Kong Government announced that for 2011, it was providing $6000 HKD (approximately $730 Canadian dollars) to every Hong Kong permanent resident, including those in Canada, who are 18 years of age or older. Canada Revenue has confirmed that this would be considered tax–free money.

PARTNER WITH THE RIGHT BANK:
A FINANCIAL ADVISOR CAN BE AN INVALUABLE PARTNER, OFFERING NOT ONLY FINANCING TOOLS, BUT ALSO GUIDANCE ON CANADA’S BANKING SYSTEM. VISIT THE RBC COMMERCIAL ADVICE CENTRE (HTTP://WWW.RBCROYALBANK.COM/COMMERCIAL/ADVICE/INDUSTRY–EXPERTISE/FRANCHISE/INDEX.HTML) FOR TIPS, TOOLS AND ACCESS TO FRANCHISE SPECIALISTS.

UNDERSTAND YOUR FINANCING OPTIONS:
DEPENDING ON YOUR BUSINESS PLAN AND RESOURCES, YOUR FINANCIAL ADVISOR WILL HELP GUIDE YOU TO OPTIONS THAT BEST SUIT YOUR FRANCHISE AND FINANCIAL GOALS.

BY WORKING WITH THE RIGHT FRANCHISOR ADVISOR, YOU CAN HELP ENSURE THAT YOUR CANADIAN BUSINESS DREAMS ARE SET TO SUCCEED.