The Newfoundland and Labrador Small Business Guide:
A Complete Manual for Establishing and Nurturing a Business in Newfoundland and Labrador
Welcome to your resource for establishing, managing, and growing a small company in Newfoundland and Labrador. The CanadianSME Small Business Hub endeavours to furnish you with the indispensable resources, assistance, and insights necessary for traversing every stage of your entrepreneurial journey. The Newfoundland and Labrador Small Business Guide provides invaluable assistance and counsel to guarantee the prosperity of your enterprise within this vibrant province.
Newfoundland and Labrador possesses rich resources, coasts and a welcoming entrepreneurial environment. It is an ideal location for startups and small businesses aiming to harness the opportunities provided by its diverse sectors. With a legacy in the fisheries and related industries, Newfoundland and Labrador has been historically a hub of business activities.
Newfoundland and Labrador’s economy encompasses sectors such as mining, fishing, forestry, natural resources, energy (hydroelectricity), technology, and tourism, offering countless business opportunities. Its strategic Atlantic location offers unique prospects in sectors like forestry, shipping, and fisheries, including offshore oil and gas. In fact, the province boasts of a resource-based economy which is quite strong.
Newfoundland and Labrador’s geographical or physical location makes it advantageous for targeting specific industries, relevant businesses, and markets. This aspect provides access to markets along the North American Atlantic coast and Europe, these markets. It is also why most businesses in the province can access world markets with defining ease compared to their counterparts.
The workforce in Newfoundland and Labrador is characterized by a commitment to education, hands-on experience and training. With regional universities and colleges providing quality education and skill development training, businesses can benefit from a pool of talented professionals found here. In fact, most of the workforce of this province is youth and has Indigenous roots. That’s why they are strong, ethically upright and resilient.
The government of Newfoundland and Labrador diligently fosters a conducive atmosphere for commerce by actively advocating for a business-friendly ecosystem. This is achieved through the implementation of diverse tax incentives, grants, and funding programs, all of which are strategically designed to stimulate growth and foster innovation. The province additionally fosters a burgeoning ecosystem of technology and innovation.
Newfoundland and Labrador province is prominent for its breathtaking coasts and scenic beauty. This province offers an idyllic lifestyle through its affordable cost of living, secure communal conditions, and a diverse assortment of leisurely pursuits—no wonder it is known as the hub for settling after retirement in Canada.
Explore the Best Available Resources for
SMBs and StartUps in Newfoundland and Labrador
The Atlantic Provinces Chamber of Commerce
The Maritime Board of Trade that was established in 1896 became the Atlantic Provinces Chamber of Commerce when Newfoundland and Labrador’s respective chamber joined it in 1974. The official website states that APCC “actively partners with members and other organizations to impact a strong, vibrant and growing Atlantic Canada. It is a catalyst to influence, educate and advocate on policy-related issues that support business, to deliver high-value services and opportunities to our members, and to support and promote initiatives that contribute to sustainable economic growth in the region.” APCC is an advocate for over 16,000 businesses of different scales and sizes and works tirelessly in representing them to the higher-ups in the province.
Canadian Federation of Independent Business
The Canadian Federation of Independent Business is another excellent option to turn to when you feel you need some help with your small-scale business in Newfoundland and Labrador. Dedicated to helping small firms and entrepreneurs, CFIB is the largest non-profit organization with more than 95,000 members.
The CFIB plays a vital role in advocating for small-scale businesses, whether with the government or politicians. Additionally, they provide specific business tools and practical resources plus on-call counsellors if you still have a doubt.
St. John’s Board of Trade
An important link between the business community and the federal government, St. John’s Board of Trade is a member of the Canadian Chamber of Commerce. The St. John’s Board of Trade is actively involved in building the business of the city as well as they can because they believe that it is the backbone of St. John’s. “Our roots are deep which means our growth has no limits, and it is our job to engage, empower and amplify you and your business so you can grow and inspire the world,”
Atlantic Canada Opportunities Agency
The Atlantic Canada Opportunities Agency (ACOA) works to create opportunities for economic growth in Atlantic Canada by helping businesses become more competitive, innovative and productive, by working with diverse communities to develop and diversify local economies and by championing the strengths of Atlantic Canada. Together, with Atlantic Canadians, we are building a stronger economy.
Business Development Bank of Canada (BDC)
At BDC, we know business owners. We’ve been working with them for more than 75 years. We know their challenges and we understand their needs. And we want them to grow and succeed.
Futurpreneur Canada
Futurpreneur has been fueling the entrepreneurial passions of Canada’s young enterprise for over two decades. We are the only national, non-profit organization that provides financing, mentoring and support tools to aspiring business owners aged 18-39. Our internationally recognized mentoring program hand matches young entrepreneurs with a business expert from a network of more than 2,600 volunteer mentors.
Genesis Centre
As Newfoundland and Labrador’s pre-eminent innovation hub, Genesis is known for its flagship incubator program, Enterprise, which began 25 years ago. Since its inception, Genesis has expanded its programming to support start-ups from the ideation stage all the way to scaling their business. Genesis’ mission is to create economic wealth for the province by developing and supporting technology entrepreneurs.
Newfoundland and Labrador Organization of Women Entrepreneurs (NLOWE)
Welcome to NLOWE’s LinkedIn page! This page is for and about women in business in Newfoundland and Labrador. The mission of the Newfoundland and Labrador Organization of Women Entrepreneurs is to advance the success of women in business through the provision of programs and services that support all stages of business development.