Many newcomers arrive with entrepreneurial dreams, innovative ideas, and a strong desire to build successful futures. According to a recent discussion on Radio Y with Sonia Bassi, Area Manager, Small Business Banking, TD, 50% of newcomers surveyed are interested in starting a business. Despite this entrepreneurial ambition, 62% are unfamiliar with the financial products available to support business owners. This highlights a growing need for education, guidance, and accessible banking support for aspiring entrepreneurs entering the Canadian market.
In the interview, Sonia shared valuable insights for newcomers looking to take the leap into entrepreneurship in Canada.
You Don’t Need Permanent Residency to Start a Business
One of the key points discussed during the interview was that permanent residency is not required to start a business in Canada.
Many work permits allow self-employment and business ownership, opening doors for newcomers who want to pursue entrepreneurship early in their Canadian journey. It’s important to review the terms and conditions associated with individual visas.
Sonia emphasized that the first step can be speaking with a small business advisor who can help entrepreneurs understand:
- Market opportunities
- Industry trends
- Business setup requirements
- Funding programs
- Available resources
Planning Matters: From Ideas to Structures
Having a good idea is only the beginning. Sonia explained that newcomers should focus on conducting thorough market research and developing a clear business strategy, including:
- Identifying their target audience
- Understanding market demand
- Choosing the right location or industry
- Learning about community business networks
- Exploring government grants and startup support programs
Another important consideration for aspiring entrepreneurs is choosing the right business structure:
- Sole proprietorship for simpler, lower-cost operations
- Partnership for shared ownership
- Corporation for more complex business models
Funding Opportunities for Entrepreneurs
Many aspiring entrepreneurs may assume they need a large fortune to get started. However, many successful businesses begin with relatively small amounts of capital. There are also a variety of funding programs, loans, and support resources available to help entrepreneurs build a strong financial foundation for their business.
- Government Programs, such as the Canada Small Business Financing Program
- Business Development Bank of Canada (BDC) Loans
- Provincial and Municipal Grants for New Businesses
- Futurepreneur Canada: Offers up to $60,000 for entrepreneurs aged 18 to 39
- TD’s Small Business Loans and Lines of Credit
Beyond financing, having the right banking setup can also help entrepreneurs stay organized as they grow. It’s vital to separate personal and business finances from day one. Opening a dedicated business banking account helps simplify tax filing, track cash flow accurately, and establish business credibility.
Sonia also encouraged entrepreneurs to consider small business insurance to help protect their operations from unexpected risks such as property damage, liability, and business interruptions.
Support and Resources for Newcomer Entrepreneurs
TD offers several online tools and educational resources designed specifically for newcomers and small business owners. During the interview, Sonia highlighted:
- New to Canada Learning Centre features informative articles specifically for newcomers
- Small Business Advice Hub brings together entrepreneurial stories, offering valuable perspectives and inspiration
- Small Business Resource Centre offers practical tools, such as a Cash Flow Calculator, Loan Calculator, and Business Plan Template.
- TD Merchant Solutions helps businesses accept debit and credit payments
Sonia concluded the interview with an encouraging message for newcomers considering entrepreneurship:
“Canada offers tremendous opportunities for those willing to plan carefully, seek guidance, and take advantage of available support. TD encourages aspiring entrepreneurs to explore educational resources, speak with advisors, and confidently take the first step toward building a business in Canada.”
For many newcomers, entrepreneurship is more than just a career path — it’s a way to create opportunity, independence, and long-term success in a new country. Learn more about starting a business in Canada as a newcomer: https://www.td.com/ca/en/personal-banking/solutions/new-to-canada/learning-resources/start-a-business-canada
Sonia Bassi, Area Manager, Small Business Banking, TD
