Maurice

Amount: No Fixed Amount Type of Program: Subsidy Description: The JobsNL Wage Subsidy program supports employers to create sustainable long-term employment or seasonal / short term employment. The subsidy is intended to offset salary costs to create new positions. There are two subsidy options: 1JobsNL- 42 that provides a wage subsidy for 28 weeks of

​Read More

Apprenticeship Wage Subsidy (AWS) Program

Maurice

Amount: No Fixed Amount Type of Program: Subsidy Description: The Apprenticeship Wage Subsidy (AWS) program assists apprentices to gain work experience in their skilled trade, and progress to journeyperson certification by providing a wage subsidy to employers who hire apprentices. The program supports apprentices across all levels – First, Second, Third and Fourth year. Comments

​Read More

Employment Enhancement Program

Maurice

Amount: No Fixed Amount Type of Program: Subsidy Description: The Employment Enhancement program supports employers in the forestry, aquaculture, agriculture, and fishing sectors engaged in value-added secondary processing by providing funding to employers to create sustainable, long-term employment or seasonal employment and a training allowance to support new employees. Comments on Funding: Funding is a

​Read More

Tourism Market Readiness Subsidy Program

Maurice

Amount: $2,500 Type of Program: Subsidy Description: The Market Readiness Subsidy Program assists tourism stakeholders in enhancing the quality and market readiness of their tourism services, businesses and products. There are three eligible programs: 1Best Practice Missions supports missions to other destinations designed to expose operators to successful development and marketing models. Primarily offered by

​Read More

Small Enterprise Co-operative Placement Assistance Program (SECPAP)

Maurice

Amount: No Fixed Amount Type of Program: Subsidy Description: The Small Enterprise Co-operative Placement Assistance Program (SECPAP) provides wage subsidies to small businesses that provide work experience to post secondary co-operative education students in Newfoundland and Labrador. Placements are for 12-16 weeks in duration with the exception of computer science which can range from 8-16

​Read More

NATI-ACOA Internship Program

Maurice

This program is currently closed. Amount: $30,000 Type of Program: Subsidy Description: The NATI-ACOA Internship Program offers two streams of internships including Export and Commercialization, and is designed to provide work opportunities for Newfoundland and Labrador university and college graduates while supporting the growth of established technology companies with quality commercialization and trade advisory services.

​Read More

The post Wage Subsidies Available to Newfoundland and Labrador Businesses appeared first on Atlantic Canada Business Grants.

Maurice

Amount: No Fixed Amount Type of Program: Rebate Description: The Economic Diversification and Growth Enterprises (EDGE) Program provides incentives to encourage significant new business investment in the province to help diversify the economy and stimulate new private sector job creation, particularly in rural areas. Comments on Funding: The following incentives and benefits may apply: 1100%

Read More

takeCHARGE Business Efficiency Program

Maurice

Amount: No Fixed Amount Type of Program: Rebate Description: The takeCHARGE Business Efficiency Program provides support to businesses to make energy-efficient improvements to their business. It provides rebates on upgrades to your heating and cooling, refrigeration, lighting, and more. Comments on Funding: Funding is in the form of energy rebates.Additionally, takeCHARGE may fund: 150% of

Read More

takeCHARGE Isolated Systems Business Efficiency Program

Maurice

Amount: No Fixed Amount Type of Program: Grant, Rebate Description: The takeCHARGE Isolated Systems Business Efficiency Program targets Newfoundland and Labrador Hydro’s (Hydro) commercial customers in isolated systems, providing support and financial incentives for a wide range of energy saving projects. Comments on Funding: Incentives paid to the customer will typically be the lesser of:

Read More

Commercial EV Charger Rebate: DC Fast Chargers (20 kW to 49 kW)

Maurice

Amount: $90,000 Type of Program: Rebate Description: With the Commercial EV Charger Rebate Program, qualified applicants can receive a rebate toward the cost to purchase and install qualifying DC Fast Chargers (20 kW to 49 kW) at workplaces, for light-duty electric fleet vehicles, in public places or on-street.  Comments on Funding: Funding is up to

Read More

Commercial EV Charger Rebate: DC Fast Chargers (50 kW and above)

Maurice

Amount: $50,000 Type of Program: Rebate Description: With the Commercial EV Charger Rebate Program, qualified applicants can receive a rebate toward the cost to purchase and install qualifying DC Fast Chargers (50 kW and above) at workplaces, for light-duty electric fleet vehicles, in public places or on-street.  Comments on Funding: Funding is up to 50%

Read More

Commercial EV Charger Rebate: Level 2 Chargers

Maurice

Amount: $95,000 Type of Program: Rebate Description: With the Commercial EV Charger Rebate Program, qualified applicants can receive a rebate toward the cost to purchase and install qualifying Level 2 Chargers at workplaces, for light-duty electric fleet vehicles, in public places or on-street.  Comments on Funding: Funding is up to 50% of total eligible expenditures,

Read More

Electric Vehicle Rebate Program

Maurice

Amount: $2,500 Type of Program: Rebate Description: The EV Rebate Program offers eligible applicants $2,500 on the purchase or lease of a 100% all-electric vehicle and $1,500 for a plug-in hybrid.  Comments on Funding: Funding is a rebate of $2,500 on the purchase or lease of a 100% all-electric vehicle and $1,500 for a plug-in

Read More

Rebates of Energy Efficient Products

Maurice

Amount: No Fixed Amount Type of Program: Rebate Description: TakeChargeNL offers rebates for a variety of energy efficient products. Funding is available for: LED tubes, LED light bulb, LED high bay, LED exit sign, LED luminaires, LED pole lighting, LED wall packs, programmable thermostats, occupancy sensors, rooftop air source heat pumps, showerheads, pre-rinse spray valves,

Read More

Economic Diversification and Growth Enterprise (EDGE) Program

Maurice

Amount: No Fixed Amount Type of Program: Rebate Description: The Economic Diversification and Growth Enterprises (EDGE) Program provides incentives to encourage significant new business investment in the province to help diversify the economy and stimulate new private sector job creation, particularly in rural areas. The City of Corner Brook participates in the Provincial Economic Diversification

Read More

Economic Diversification and Growth Enterprises Program (EDGE)

Maurice

Amount: No Fixed Amount Type of Program: Rebate Description: Economic Diversification and Growth Enterprises Program (EDGE) is an incentive-based program that is available to local companies who want to expand their businesses, local entrepreneurs who are interested in new business start-ups, as well as national and international companies who wish to establish a new enterprise

Read More

Freight Transportation Fuel Efficiency Program (FTFEP)

Maurice

Amount: No Fixed Amount Type of Program: Rebate Description: The Freight Transportation Fuel Efficiency Program (FTFEP) is an application-based grant program that provides rebates to retrofit existing heavy-duty trucks and trailers registered and plated in Newfoundland and Labrador, to reduce fuel consumption and greenhouse gas emissions. This includes anti-idling equipment (e.g., auxiliary power units) and

Read More

The post Rebates Available to Newfoundland & Labrador Businesses appeared first on Atlantic Canada Business Grants.

[tcb_post_title css=” link=’1′ rel=’0′ target=’0′ inline=’1′ static-link='{“className”:””,”href”:”https://lp-build.thrivethemes.com/leo-vel-orci-porta-non-pulvinar-neque/”,”title”:”Leo vel orci porta non pulvinar neque”}’]

[tcb_dynamic_field type=”author” alt=”Author Image” title=”Text Only 05″ data-classes=”tve_image” post_list=”1″]

[tcb_post_author_name link=’1′ target=’0′ rel=’0′ inline=’1′ css=’tve-u-1723c8368ab’ static-link='{“className”:””,”href”:”https://lp-build.thrivethemes.com/author/ioana/”,”title”:”Ioana Groza”,”data-css”:”tve-u-1723c8368ab”}’ link-css-attr=”tve-u-1723c8368ab”]

[tcb_post_content size=’excerpt’ read_more=” words=’12’ css=’tve-u-1723c8368ac’]​Read More[/tcb_post_list]

The post Tax Credits Available to Newfoundland and Labrador Businesses appeared first on Atlantic Canada Business Grants.

Maurice

Amount: $1,000,000.00 Type of Program: Loan & Investment Description: The Business Investment Program provides term loans and equity investments to Newfoundland and Labrador SMEs in strategic growth sectors as identified by Industry, Energy and Technology (IET). The fund is also available to businesses which have export potential and require assistance to enter or expand in

​Read More

Fisheries Loan Guarantee Program

Maurice

Amount: $3,000,000 Type of Program: Loan Guarantee Description: The Fisheries Loan Guarantee Program supports the development of the province’s independent fish harvesting industry by providing a government guarantee on loans through local chartered banks for the construction or purchase of marine vessels and/or to purchase new engines and fishing equipment for the improvement, rebuilding or

​Read More

Investment Attraction Fund

Maurice

Amount: No Fixed Amount Type of Program: Investment, Loan Description: The Investment Attraction Fund provides customized financial assistance to inward investors in support of establishing a business in the province or expanding a business as a result of foreign direct investment (FDI). The Fund consists of an allocation for loans and advances towards strategic investments

​Read More

Equity Investment Program (EIP) – Development Program

Maurice

Amount: No Fixed Amount Type of Program: Loan Description: The Development Program element provides incorporated Newfoundland and Labrador film and video production companies a loan to support the essential process of development which takes an idea through the stages of research, writing, market analysis and costing.Development funding is available in two phases for non-series projects

​Read More

KICK$TART & Drive

Maurice

Amount: $15,000.00 Type of Program: Loan Description: KICK$TART & Drive Programs provide low-interest loans to entrepreneurs under the age of 35 in Newfoundland and Labrador who haven’t been able to get funding from other sources. Comments on Funding: Funding is a low-interest loan of up to $5,000 under the Kick$tart Program and a low-interest loan

​Read More

Entrepreneurial Opportunities Program (EOP)

Maurice

Amount: $5,000.00 Type of Program: Grant, In-Kind Support, Loan Description: The Entrepreneurial Opportunities Program (EOP) provides up to $5,000 financial assistance, business plan guidance, business counselling and training to individuals in Newfoundland & Labrador who are receiving or eligible to receive Provincial Income Support. The Program assists individuals to become self-employed.  Comments on Funding: Funding

​Read More

CBDC Clean Technology Loan

Maurice

Amount: $150,000 Type of Program: Loans Description: The Clean Technology Loan is a flexible financing instrument in support of the adoption, adaption and/or commercialization of clean technology. It provides the tools new and existing businesses and social enterprises need to hire professional outside expertise to assess clean technology solutions.  Comments on Funding: Funding takes the

​Read More

Equity Loan

Maurice

Amount: $100,000 Type of Program: Loans Description: CBDC NORTIP offers financial assistance to commercial entities wanting to start or expand a small business. CBDC NORTIP’s equity loans have a maximum limit of up to $100,000.  Comments on Funding: Funding takes the form of equity loan of up to $100,000 or 10% of the cost of

​Read More

Loan Guarantee

Maurice

Amount: No Fixed Amount Type of Program: Loan Guarantee Description: CBDC NORTIP offers financial assistance to organizations wanting to start or expand a small business.  Comments on Funding: Funding takes the form of loan guarantees, with the following criteria: The Corporation will only guarantee a chartered bank’s authorized line of credit, or overdraft protection to

​Read More

Impact Loan

Maurice

Amount: $25,000 Type of Program: In-Kind Support, Loan Description: Impact offers small businesses loans of up to $25,000 and access to business skills development opportunities.  Comments on Funding: Funding is a loan of up to $25,000. When It Ends: Ongoing Deadline: Rolling deadline Eligibility: Applicants must: be business owners, ages 19+ for new start-up financing;

​Read More

Kick$tart

Maurice

Amount: $10,000 Type of Program: Loans Description: Kick$tart is meant to foster future generations of entrepreneurs in Newfoundland and Labrador by providing low-interest business loans for youth.  Comments on Funding: Funding is a loan of up to $10,000. When It Ends: Ongoing Deadline: Rolling deadline Eligibility: Applicants must be: business owners aged 35 and under;

​Read More

Futurpreneur Start-Up Program and Loan

Maurice

Amount: $45,000 Type of Program: In-Kind Support, Loan Description: For eligible entrepreneurs seeking additional financing to start their business, Metro Business Opportunities can facilitate a loan through their partner Futurpreneur. By starting out with MBO, its team can leverage an approved Impact loan into additional financing for your business. Futurpreneur fuels the entrepreneurial passions of

​Read More

Aquaculture Working Capital Loan Guarantee Program

Maurice

This program is currently closed. Amount: No Fixed Amount Type of Program: Loan Guarantee Description: The Aquaculture Working Capital Loan Guarantee Program is designed to facilitate improved access to financing for incorporated enterprises operating in or proposing to operate in the finfish industry. When It Ends: Closed Deadline: Rolling deadline Eligibility: The applicant must: be

​Read More

Support

Maurice

Amount: $5,000 Type of Program: Loan Description: The Support program provides assistance in the form of financing and skills development opportunities to registered non-profits in the cities of St. John’s and Mount Pearl to start or grow a Social Enterprise. By operating a Social Enterprise, an organization can generate funds for their programs, support their

​Read More

The post Loans Available to Newfoundland and Labrador Businesses appeared first on Atlantic Canada Business Grants.

Start Up Business Grants in Newfoundland – Current Programs

Not only Newfoundland business grants, you’ll also find below loans, tax credits, and more.

Click on one (or more) of the blue buttons to filter the list. And to get detailed information about each funding programs, just click “Read More” below each excerpt:

All Grant Loan Loan Guarantee Tax Credit Subsidy In-Kind Support Investment

Aquaculture Capital Equity Program (ACEP)

Maurice

Amount: No Fixed Amount Type of Program: Investment Description: The objective of the Aquaculture Capital Equity Program is to partner with companies to increase production from both hatcheries and marine sites in Newfoundland and Labrador. The program will provide a minimum investment to projects of $250,000 for finfish operations and $100,000 for shellfish to match

Read More

Aquaculture Working Capital Loan Guarantee Program

Maurice

This program is currently closed. Amount: No Fixed Amount Type of Program: Loan Guarantee Description: The Aquaculture Working Capital Loan Guarantee Program is designed to facilitate improved access to financing for incorporated enterprises operating in or proposing to operate in the finfish industry. When It Ends: Closed Deadline: Rolling deadline Eligibility: The applicant must: be

Read More

Business Tax Incentive

Maurice

Amount: No Fixed Amount Type of Program: Tax Credit Description: The City of Corner Brook generous tax incentives to new businesses locating in the Lundrigan Business Park, Watson’s Pond, and Maple Valley Industrial Parks.  Comments on Funding: Businesses that meet the requirements are entitled to the following incentives: 1100% exemption for the first year when

Read More

Direct Equity Tax Credit

Maurice

Amount: $50,000 Type of Program: Tax Credit Description: The Direct Equity Tax Credit is designed to encourage private investment in new or expanding small businesses as a means of creating new jobs and diversifying the economy. An investment credit, in the form of a provincial income tax credit, is available to individuals and arm’s length

Read More

Economic Diversification and Growth Enterprise (EDGE) Program

Maurice

Amount: No Fixed Amount Type of Program: Rebate Description: The Economic Diversification and Growth Enterprises (EDGE) Program provides incentives to encourage significant new business investment in the province to help diversify the economy and stimulate new private sector job creation, particularly in rural areas. The City of Corner Brook participates in the Provincial Economic Diversification

Read More

Economic Diversification and Growth Enterprises (EDGE)

Maurice

Amount: No Fixed Amount Type of Program: Rebate Description: The Economic Diversification and Growth Enterprises (EDGE) Program provides incentives to encourage significant new business investment in the province to help diversify the economy and stimulate new private sector job creation, particularly in rural areas. Comments on Funding: The following incentives and benefits may apply: 1100%

Read More

Economic Diversification and Growth Enterprises Program (EDGE)

Maurice

Amount: No Fixed Amount Type of Program: Rebate Description: Economic Diversification and Growth Enterprises Program (EDGE) is an incentive-based program that is available to local companies who want to expand their businesses, local entrepreneurs who are interested in new business start-ups, as well as national and international companies who wish to establish a new enterprise

Read More

Embryo Grants

Maurice

Amount: $15,000 Type of Program: Grants Description: Embryo Grant, is a series of mid-sized grants ranging from $5,000 -15,000, in support of early-stage entrepreneurs and companies with the potential to translate into a sustainable enterprise.  Comments on Funding: Funding is a grant ranging from 5,000 to 15,000. When It Ends: Ongoing Deadline: Rolling deadline Eligibility:

Read More

Entrepreneurial Opportunities Program (EOP)

Maurice

Amount: $5,000.00 Type of Program: Grant, In-Kind Support, Loan Description: The Entrepreneurial Opportunities Program (EOP) provides up to $5,000 financial assistance, business plan guidance, business counselling and training to individuals in Newfoundland & Labrador who are receiving or eligible to receive Provincial Income Support. The Program assists individuals to become self-employed.  Comments on Funding: Funding

Read More

Equity Loan

Maurice

Amount: $100,000 Type of Program: Loans Description: CBDC NORTIP offers financial assistance to commercial entities wanting to start or expand a small business. CBDC NORTIP’s equity loans have a maximum limit of up to $100,000.  Comments on Funding: Funding takes the form of equity loan of up to $100,000 or 10% of the cost of

Read More

Fail Tale Cup

Maurice

Amount: $1,000 Type of Program: Competition Description: The Fail Tale Cup is a fund to support student entrepreneurs at Memorial University who have tested a business idea and failed.  Comments on Funding: Funding is an award of $1,000. When It Ends: Ongoing Deadline: Next deadlines to be determined Eligibility: Applicants must be: students of the

Read More

Futurpreneur Start-Up Program and Loan

Maurice

Amount: $45,000 Type of Program: In-Kind Support, Loan Description: For eligible entrepreneurs seeking additional financing to start their business, Metro Business Opportunities can facilitate a loan through their partner Futurpreneur. By starting out with MBO, its team can leverage an approved Impact loan into additional financing for your business. Futurpreneur fuels the entrepreneurial passions of

Read More

Ignite Fund

Maurice

Amount: $2,000 Type of Program: Competition Description: The Ignite Fund invests in Memorial University students interested in advancing the growth of an innovative business idea.  Comments on Funding: Funding is $2,000. When It Ends: Ongoing Deadline: Next deadlines to be determined Eligibility: The applicants must: be Memorial students or the team must be mainly comprised

Read More

Investment Attraction Fund

Maurice

Amount: No Fixed Amount Type of Program: Investment, Loan Description: The Investment Attraction Fund provides customized financial assistance to inward investors in support of establishing a business in the province or expanding a business as a result of foreign direct investment (FDI). The Fund consists of an allocation for loans and advances towards strategic investments

Read More

James R. Pearcey Award for Entrepreneurship

Maurice

Amount: $10,000 Type of Program: Competition Description: The James R. Pearcey Award for Entrepreneurship celebrates entrepreneurial spirit.  Comments on Funding: Funding is an award of $10,000. When It Ends: Ongoing Deadline: Next deadlines to be determined Eligibility: The applicant must: be an undergraduate student in the Faculty of Business Administration in any academic year; be

Read More

Kick$tart

Maurice

Amount: $10,000 Type of Program: Loans Description: Kick$tart is meant to foster future generations of entrepreneurs in Newfoundland and Labrador by providing low-interest business loans for youth.  Comments on Funding: Funding is a loan of up to $10,000. When It Ends: Ongoing Deadline: Rolling deadline Eligibility: Applicants must be: business owners aged 35 and under;

Read More

KICK$TART & Drive

Maurice

Amount: $15,000.00 Type of Program: Loan Description: KICK$TART & Drive Programs provide low-interest loans to entrepreneurs under the age of 35 in Newfoundland and Labrador who haven’t been able to get funding from other sources. Comments on Funding: Funding is a low-interest loan of up to $5,000 under the Kick$tart Program and a low-interest loan

Read More

Loan Guarantee

Maurice

Amount: No Fixed Amount Type of Program: Loan Guarantee Description: CBDC NORTIP offers financial assistance to organizations wanting to start or expand a small business.  Comments on Funding: Funding takes the form of loan guarantees, with the following criteria: The Corporation will only guarantee a chartered bank’s authorized line of credit, or overdraft protection to

Read More

Mel Woodward Cup

Maurice

Amount: $25,000 Type of Program: Competition Description: The Mel Woodward Cup is a startup competition organized by the Memorial Centre for Entrepreneurship (MCE) and generously supported by members of the business community. The primary objective of this competition is to help accelerate the most innovative and high-potential student-led startups at Memorial University.  Comments on Funding:

Read More

Mifflin Entrepreneurship Award

Maurice

Amount: No Fixed Amount Type of Program: Grants Description: The Mifflin Entrepreneurship Award was designed to encourage and support entrepreneurship among students at Memorial University by providing seed funding at the early stages of business development.  Comments on Funding: Funding will take the form of seed funding. When It Ends: Ongoing Deadline: Rolling deadline Eligibility:

Read More

Peter and Janet Gardiner Award for Small Business and Entrepreneurship

Maurice

Amount: No Fixed Amount Type of Program: Competition Description: Peter and Janet Gardiner Award for Small Business and Entrepreneurship award will recognize student creativity, innovation and entrepreneurship as evidenced by a student’s genuine interest in small business and entrepreneurship through the establishment or the intention to establish a new venture.  Comments on Funding: Funding will

Read More

Scaled Tax Program

Maurice

Amount: No Fixed Amount Type of Program: Tax Credit Description: The Scaled Taxation Program provides new businesses with financial incentives to establish roots in Mount Pearl.  Comments on Funding: Funding will be in the form of a 4-year scaled tax break based on the assessed business tax value of the proposed company. The city will

Read More

Self-Employment Assistance – Individuals

Maurice

Amount: No Fixed Amount Type of Program: Grants Description: Self-Employment Assistance is an employment program that provides financial and entrepreneurial assistance to eligible individuals to help them create jobs for themselves by starting a business. The maximum duration of an agreement with a participant is 52 weeks, and 78 weeks for persons with a disability.

Read More

Spark Fund

Maurice

Amount: $500 Type of Program: Grant, In-Kind Support Description: The Spark Fund is a fund for first-time student entrepreneurs at Memorial University.  Comments on Funding: Funding is up to $500 to test the potential of the applicant’s idea. When It Ends: 7-May-23 Deadline: Rolling deadline Eligibility: The applicant must: be enrolled at Memorial University (in

Read More

Support

Maurice

Amount: $5,000 Type of Program: Loan Description: The Support program provides assistance in the form of financing and skills development opportunities to registered non-profits in the cities of St. John’s and Mount Pearl to start or grow a Social Enterprise. By operating a Social Enterprise, an organization can generate funds for their programs, support their

Read More

Youth Ventures Program

Maurice

Amount: N/A Type of Program: Entrepreneurship Program Description: The Youth Ventures Program is a sixteen (16) week Summer program designed to promote entrepreneurial awareness in the young people of Newfoundland and Labrador. The Program typically operates from May to August each year and it teaches young people about entrepreneurship and helps them to establish their

Read More

The post Newfoundland Small Business Start Up Grants (2023): Current List of Programs appeared first on Atlantic Canada Business Grants.

NL is also known as an area undergoing economic changes, making it an exciting time to start a business here.

Business opportunities are varied in the province. Our guide to Newfoundland and Labrador small business covers everything you need to know to prepare for starting or buying a business in this eastern most Canadian province.

Major Industries in Newfoundland & Labrador

Newfoundland & Labrador has many natural resources, and its economy traditionally relies on fishing, mining, manufacturing, forestry, and the petroleum industry. Other important economic sectors for Newfoundland & Labrador include tourism, agriculture, aquaculture, and technology.

Although the Newfoundland & Labrador economy suffered from a downturn in the cod fishery industry a few decades ago, it is rebounding in nearly all measurable areas in recent years.

Fisheries continue to be an important sector for the provincial economy. Species regularly harvested include cod, haddock, halibut, herring, mackerel, crab, shrimp, and clams.

Best Business to Start in Newfoundland & Labrador: 6 Promising Industries

Businesses that take advantage of Newfoundland & Labrador’s natural resources certainly continue to play a big role in business development in this province.

But there are definitely growth industries in NL as well. The Newfoundland & Labrador government has six priority sectors that it believes represent forward-looking investment opportunities for businesses, including:

When considering starting a business in Newfoundland & Labrador, it may pay to focus on options directly related to these industries or that provide support services for these industries.

Additionally, St. John’s, the largest city in Newfoundland & Labrador, has its own list of five key investment sectors where businesses starting here may want to focus, including:

How to Start a Business in Newfoundland & Labrador: Step-by-Step Instructions

• Newfoundland & Labrador business grants (including grants for Newfoundland & Labrador startups)
• Newfoundland & Labrador business loans
• Newfoundland & Labrador rebates
• Newfoundland & Labrador tax credits
• Newfoundland & Labrador wage subsidies

Newfoundland & Labrador Small Business Grants: Top 10 Grants to Grow Your NL Business

• Canada – Newfoundland and Labrador Job Grant (CNLJG)
• Self-Employment Assistance for Individuals
• Business Investment Fund – Business Development Support Program
• JobsNL Wage Subsidy
• Operating Grant Program
• Apprenticeship Wage Subsidy (AWS) Program
• Innovation and Business Development Fund (IBDF)
• Housing Catalyst Fund Grant
• Film Development Corporation Sponsorship Program
• Strategic Innovation and Expansion Pilot

Newfoundland & Labrador Small Business Loans: 3 Loan Programs to Start & Grow Your NL Business

• CBDC NORTIP Equity Loan
• Entrepreneurial Opportunities Program (EOP)
• Impact Loan

Business for Sale Newfoundland & Labrador: Business Opportunities in Newfoundland & Labrador

When starting a business, you need to follow a lot of steps and jump through a lot of hoops. It can all seem like too much at times.

Rather than giving up on your dream of being a business owner in Newfoundland & Labrador, though, you could purchase an existing business and make it your own.

We collected some resources you can use to find a business for sale that matches your skills and desired area of the market.

Small Business Resources in Newfoundland & Labrador

Starting a small business is a challenge. No one wants to make a mistake when putting their professional life on the line with a new business. Fortunately, Newfoundland & Labrador has numerous resources to help you with your plans to become an entrepreneur in the province.

Newfoundland & Labrador Business Directories

Other Newfoundland and Labrador Resources for Business

Government Websites for Newfoundland & Labrador Businesses

• Business Structure: Which One is Right for You?
• Forms related to Corporations
• Forms related to Limited Liability Partnerships
• Forms related to Limited Partnerships
• Name Approval Policy for Corporations
• Demographics and Statistical Information of Newfoundland and Labrador
• Recent Economic Trends
• Registry of Companies
• Schedule of Fee for Registration
• Benefits of Incorporating a Business
• Setting up a Business in NL
• Find Permits and Licenses with the BizPaL Tool
• Corporations Act
• Limited Partnership Act
• Occupational Health and Safety
• Workplace NL
• Companies and Deeds Online (CADO)
• Innovation Programs and Services
• Labour Market Information
• Labour Standards
• Business Retention and Expansion
• Community Enhancement Program
• Financial Support Programs
• Growing a Business
• Manufacturing Insights Workshop
• Self-Employment Assistance
• Services for Employers
• Support for Business Sectors

Newfoundland & Labrador Industry Links

• techNL
• Labrador North Chamber Of Commerce
• Gander and Area Chamber of Commerce
• Exploits Chamber of Commerce
• Mount Pearl Paradise Chamber Of Commerce
• Newfoundland and Labrador Environmental Industry Association
• Newfoundland and Labrador Organization of Women Entrepreneurs
• Newfoundland and Labrador Employers’ Council
• Skills Canada
• Techsploration
• Women in Resource Development Committee
• Canadian Apprenticeship Forum
• Association for New Canadians NL

Other Resources for NL Businesses

• The Way Forward – Technology Sector Work Plan
• Pan-Can Framework on Clean Growth & Climate Change
• Climate Change Action Plan
• Business Innovation Agenda
• Genesis Centre
• Memorial Centre for Entrepreneurship
• Navigate Small Business
• Starting a Business Checklist
• Canadian Intellectual Property Office
• Business Plan Writer
• Business Plan Template
• Marketing Plan Template

The post Newfoundland & Labrador Small Business: Complete Guide for Entrepreneurs appeared first on Atlantic Canada Business Grants.

If you’re interested in starting a business in Newfoundland and Labrador, the province offers many opportunities in various industries. The Department of Industry, Energy and Technology is the lead for innovation, economic development, and diversification in Newfoundland and Labrador. The department focuses on creating a competitive environment to support private sector investment and business growth and supporting industries in Newfoundland and Labrador such as mining, forestry, and ocean technology.

Oil and Gas Industry in Newfoundland & Labrador

Newfoundland and Labrador accounts for 100% of Canada’s offshore petroleum and 25% of Canada’s conventional light crude oil production. The province’s offshore oil and gas industries represent 25% of GDP and export over $9 billion in oil and refined petroleum products.

The government of Newfoundland and Labrador recognizes the importance of maintaining clear and competitive regulatory and royalty regimes to attract new investment in the province’s petroleum development sector. To this end, they have established a comprehensive regulatory framework that includes a royalty regime designed to encourage investment and development.

The offshore oil and gas industry in Newfoundland and Labrador has also been the subject of net-zero commitments. Despite this, the provincial government has signaled that it is full speed ahead in the industry, with a commitment to continue to bet big on the offshore.

If you are interested in learning more about the oil and gas industry in Newfoundland and Labrador, the Government of Newfoundland and Labrador’s website is a great resource. They provide information about the province’s regulatory framework, royalty regime, and investment opportunities. You can also visit Advantage St. John’s website to learn more about the key sectors and industries in the province.

Mines and Mineral Development in Newfoundland & Labrador

Newfoundland and Labrador is home to one of Canada’s largest and oldest mining industries, and it continues to be a major contributor to the province’s economy, particularly in rural areas. More than fifteen mineral commodities have been produced or mined in the province, with iron ore, nickel, copper, cobalt, and gold being the most significant.

Currently, there are five metal mines operating in the province, producing iron ore, nickel, copper, cobalt, and gold. In 2022, these mines produced approximately $5.4 billion in mineral shipments and employed over 8,000 people. The mining industry is a vital source of employment and income for many communities in Newfoundland and Labrador.

The Mining and Mineral Development Branch of the Industry, Energy and Technology Department of the Government of Newfoundland and Labrador is responsible for regulating and promoting the province’s mining industry. The branch works closely with mining companies to ensure that mining activities are carried out in a safe and environmentally responsible manner.

Newfoundland and Labrador’s mining industry has attracted significant investment in recent years, with investors bullish on the province’s potential. According to a survey of senior executives in the mining industry, published by the Fraser Institute, Newfoundland and Labrador is one of the top ten jurisdictions in the world for investment attractiveness in mining.

The province’s diverse geology and rich mineral endowment make it an attractive destination for mining companies. Newfoundland and Labrador is home to a wide range of minerals, including iron ore, base and precious metals, uranium, tungsten, molybdenum, antimony, and rare earth and industrial minerals. The mining industry provides a wide variety of commodities to the world market, contributing to the province’s economic growth and development.

For more information on Newfoundland and Labrador’s mining industry, visit the Government of Newfoundland and Labrador’s Mining and Mineral Development website at https://www.gov.nl.ca/iet/mines/.

Ocean Technology Sector in Newfoundland & Labrador

Newfoundland and Labrador is a global leader in ocean technology, with a strong academic sector and a steady stream of talent for the province’s ocean technologies sector. Due to the harsh environment of Newfoundland and Labrador, engineers from around the world can develop tried-and-tested technologies here that are applicable globally.

The ocean technology sector in Newfoundland and Labrador is diverse, with companies specializing in areas such as ocean observation, underwater vehicles, and marine communications. The sector is supported by organizations such as the Ocean Technology Innovation Cluster, which provides resources and support for ocean technology companies.

The ocean technology industry in Newfoundland and Labrador is also supported by the provincial government, which offers funding programs and tax incentives for companies in the sector. The government has also established the Centre for Ocean Ventures and Entrepreneurship (COVE), a collaborative facility that provides access to ocean technology resources and expertise.

Newfoundland and Labrador’s ocean technology sector has a global reach, with companies participating in events such as Oceanology International, a leading forum where industry, academia, and government can share knowledge, showcase, and connect with the world’s marine science and ocean technology communities and developments.

To learning more about the ocean technology sector in Newfoundland and Labrador, visit the government’s Industry, Energy and Technology website.

Technology Sector in Newfoundland & Labrador

Newfoundland and Labrador’s technology sector is a critical part of the province’s knowledge-based economy. It enables growth in every other industry and sector, and the government recognizes its importance by supporting research, company scale-up, and innovation. The sector includes companies in ocean technology, clean technology and environmental industries, aerospace, and defense.

The Technology Sector Work Plan identifies 27 action items to support increased business activity and growth in Newfoundland and Labrador by 2022. The government provides strong supports to the sector, including funding for research and development, training, and infrastructure development.

TechNL is a not-for-profit membership association that provides visibility, business growth services, and a collective influential voice to the tech sector in Newfoundland and Labrador. TechNL’s vision is to make Newfoundland and Labrador the most sought-after Canadian technology hub for growth, innovation, and opportunity.

Newfoundland and Labrador’s technology ecosystem is robust and growing, with a highly skilled workforce and a supportive business environment. The sector offers numerous opportunities for investment, collaboration, and innovation.

If you are interested in learning more about the technology sector in Newfoundland and Labrador, visit the Industry, Energy and Technology website, the Invest in Newfoundland and Labrador website, or TechNL’s website. These resources provide detailed information about the sector, including funding opportunities, business supports, and success stories.

Aerospace and Defense Sector in Newfoundland & Labrador

Newfoundland and Labrador’s aerospace and defense sector is growing, offering significant potential for job creation and economic growth. The province’s unique location and environment have shaped its expertise in the marine and aerospace industries, making it a key player in the global supply chain.

The aerospace and defense sector in Newfoundland and Labrador is supported by the provincial government’s Industry, Energy and Technology department, which offers investment attraction and export development programs. The sector includes companies involved in the design, manufacture, and maintenance of aircraft, as well as defense-related products and services.

One of the province’s major players in the aerospace industry is PAL Aerospace, which provides aerial surveillance and intelligence services to clients around the world. The company has a fleet of specialized aircraft and a team of highly trained professionals who work in challenging environments. PAL Aerospace is also involved in research and development, with a focus on innovative solutions for the aerospace industry.

In addition to PAL Aerospace, Newfoundland and Labrador is home to a number of other companies involved in the aerospace and defense sector. For example, Virtual Marine Technology is a leading provider of simulation-based training solutions for the marine and offshore industries. The company’s products are used by clients around the world to improve safety and efficiency.

Overall, the aerospace and defense sector in Newfoundland and Labrador is poised for continued growth and success. With its unique expertise and location, the province is well-positioned to play a key role in the global aerospace and defense industry. To learn more about the sector and its opportunities, visit the provincial government’s Aerospace & Defense website.

Innovation Supports Sector in Newfoundland & Labrador

Newfoundland and Labrador’s economy is built on innovation and strategic investments in people, infrastructure, and research. The Industry, Energy and Technology (IET) department supports projects that align with industry needs and development opportunities. Here are some of the ways IET is supporting innovation in the province:

• Sector Diversification Division: This division provides funding and support to businesses and organizations that are working to diversify the province’s economy. This includes the Innovation and Business Investment Corporation (IBIC), which provides equity financing and support to small and medium-sized enterprises.
• Research and Development: IET supports research and development in a variety of sectors, including energy, mining, and aquaculture. For example, the department has invested in the Centre for Analytics, Informatics and Research (CAIR), which is a partnership between Memorial University and IBM Canada. CAIR is focused on developing new technologies and solutions that will help businesses and organizations in Newfoundland and Labrador become more competitive.
• Innovation Supports: IET provides a range of supports to businesses and organizations that are working on innovative projects. For example, the department offers funding through the Innovation and Business Investment Fund (IBIF), which is designed to help companies develop and commercialize new products and services. IET also provides support through the Business Innovation Program (BIP), which offers funding and support to businesses that are working on projects related to research and development, technology adoption, and market development.

Innovation is a key driver of economic growth in Newfoundland and Labrador, and IET is committed to supporting businesses and organizations that are working on innovative projects. Whether you are a small business owner or a large corporation, there are a variety of supports available to help you succeed. For more information on how IET can support your business, visit the Innovation Supports website.

The post Major Industries in Newfoundland and Labrador: Overview of 6 Growth Industries appeared first on Atlantic Canada Business Grants.

One of the more common types of oversight in the province is the requirement to register with the Newfoundland & Labrador government.

Registering can give your business legitimacy in the eyes of the provincial government and with private business partners, ensuring you qualify for certain benefits. We’ve put together a list of tips and steps to help you register a business in Newfoundland & Labrador.

Do I Have to Register My Business in Newfoundland & Labrador?

Businesses in Newfoundland & Labrador must register when they are using a brand name for the business other than the owner’s name or the owners’ names. This frequently applies to a corporation.

Typically, a sole proprietorship or a general partnership would be the only types of businesses in Newfoundland & Labrador that would operate under the name of the owner or owners.

If you set up a corporation in the province under an operational brand name, you would need to register with the government. This is the most common legal business structure that registers in NL.

The Registry of Companies in Newfoundland & Labrador also handles registrations for limited partnerships, condominiums, and cooperatives that incorporate. By incorporating, you receive protection through the separation of your business’ finances and liability and your personal finances and liability. With a sole proprietorship or a partnership, you do not receive these protections.

Benefits of Registering Your Newfoundland & Labrador Business

Registering and incorporating your business in Newfoundland & Labrador carries a few different benefits, including:

• Protecting your business name: At the time you register your business in the province, you also must select a business name. No one else in the province can use your business name once you register, nor any similar business names.
• Benefits for banking services: To receive benefits from private banks, such as the ability to obtain loans or to use a special business bank account, you may need to register with Newfoundland & Labrador.
• Qualifying for grants: If you want to try to qualify for business grants from the provincial government in Newfoundland & Labrador, you may need to register your business in the province first.
• Accessing permits and licences: You may not be able to apply for certain licences or permits in Newfoundland & Labrador until after you register your business.

As part of the registration process in most Canadian provinces, you will select a business structure under which you will operate your business. In Newfoundland & Labrador, incorporation is the only type of business structure that typically requires registration, which differs a bit from other provinces. However, you can select what type of corporation you want to use in NL, including non-profit corporations, co-operatives, limited partnerships, and condominium corporations.

Is There a Deadline for Registering My Business in Newfoundland & Labrador?

Newfoundland & Labrador does not set a deadline for registering your business. However, you don’t receive the benefits of registering the business until the province accepts the registration.Understand that if you need licences or permits to operate your business in the province, you may need to finish the registration before you can apply for them. Start the registration process early enough so that you aren’t scrambling just before you open to try to track down licences.Newfoundland & Labrador does not specify the length of time it takes to receive notification of a successful registration. Third-party companies that help with the registration process estimate anywhere from one to 15 business days to complete the process in NL.

What Does It Cost to Register a Newfoundland & Labrador Business?

The costs for registering your corporation in Newfoundland & Labrador are part of The Corporations Act in the province. The most common fees for registering your corporation include:

• Reserving a proposed name: $10
• Filing the Certificate of Incorporation With Share Capital: $270 online or $300 on paper
• Filing the Certificate of Incorporation Without Share Capital: $63 online or $70 on paper

You may be subject to additional fees, depending on how you structure the corporation. Consult with an attorney to determine exactly what your registration process should include and what it will cost.Sole proprietorships and partnerships do not need to register, so they do not have a cost, unless you want to become a corporation.Understand that fees for registration could change at any time. Check with your attorney for the latest fees in Newfoundland & Labrador.

What Items Do I Need to Register a Business in Newfoundland & Labrador?

When incorporating and registering your business, you will need to provide Newfoundland & Labrador with certain types of information, including:

• The reserved name of the business
• The name or names of the owners
• Contact information for the owner or owners
• The location of the business
• Operational aspects of the business
• Fees

How to Register a Business in Newfoundland & Labrador

• Searching for a Business Name Through the NL Government Website

You can use the Companies and Deeds Online (CADO) website in Newfoundland & Labrador to search for existing business names that others already registered. You then can be certain that your desired business name is available.You also can register your name through CADO, if desired, and you then can check on the status of your name reservation request on the same website.

• Registering the Business Through the NL Government Website

You can incorporate your business through CADO, starting with the Articles of Incorporation. If you need to file other documents to complete your registration and incorporation, you also can do this through CADO.

• Incorporating the Business Through the Federal Government Website

You have the ability to incorporate your business through the federal government website. Once you have a federal incorporation completed, you then can register in Newfoundland & Labrador and register federally at the same time through the federal website.

• Registering Your Business By Mail or in Person in NL

To seek information about registering or incorporating your business in Newfoundland & Labrador on paper forms in person or by email, you can reach out to the Registry of Companies by phone, by fax, or by email. If you want to make an in-person filing, you should contact the NL government by phone, because you may need to set up an appointment time.

• Performing Business Registration Online Through a Third-Party Paid Service

You may want extra help with the filing process. If so, you can access a third-party paid service that will help you collect the correct information and complete the forms. It will file the forms for you, too.You must pay a fee to use these services that can range from about $50 to a few hundred dollars. These fees are above and beyond any fees you must pay to the NL government as part of the registration and incorporation process. Some of the third-party services you can hire to use include:

• Company Formations
• New Business Now
• Ownr

Business Name Registration Lookup – Choosing a Name for Your Business in Newfoundland & Labrador

You can select a name for your business following the rules in:

• The Corporations Act
• The Limited Partnership Act
• The Co-operatives Act
• The Condominium Act

Follow the act that matches the legal structure you created for your business. You can start by searching CADO to see if your desired business name is available. CADO in Newfoundland & Labrador tracks names for business corporations, non-profit corporations, co-operatives, limited partnerships, and condominium corporations.Some of the rules for creating a corporate name in Newfoundland & Labrador include:

• Name must be 200 characters or less
• No starting the name with punctuation or special characters (but you can use them inside the name)
• No use of obscene words
• No use of phonetically similar words or letters to another business name
• Must contain a distinctive element that helps to distinguish the name from others
• Must contain a descriptive element that describes the type of work the business does
• Must contain a legal element that shows the name represents a corporation
• If a personal name is going to be part of the name, the person needs to have a material interest in the corporation or must provide written permission to use the name
• May use an English name, a French name, or both an English and French name together

Registration Process for a Newfoundland & Labrador Business

There is no need to register your business in Newfoundland & Labrador unless you are incorporating. A sole proprietorship or a partnership does not have to register.You can reserve your business name through CADO. You must provide the name that you would like to use, along with your contact information. Once you have your name reserved, you then can file the Articles of Incorporation through CADO as well. Should you need to file additional documents, you can do this online through the NL CADO website.

5 Steps to Register a Business in Newfoundland & Labrador

1. 1Reserve a Name for Your NL Business

The CADO service with the Digital Government and Service NL website allows you to search for existing business names, so you can figure out whether any other businesses in the province are already using the name you would like to use. You then can attempt to reserve the business name you want to use through CADO. You must pay $10 for each name you attempt to reserve. This fee is non-refundable, even if the NL provincial government rejects your name request.Another option is to perform a name search federally across Canada through the NUANS service.

1. 2Incorporate Your NL Business

Although you can run a variety of operational legal structures for your business in Newfoundland & Labrador, you only need to register when you are incorporating the business. File the Articles of Incorporation and any other supporting documents through CADO on the NL provincial government website.

1. 3Incorporate Your Business Federally and Register With NL

If you must incorporate your business federally, you can save some time by registering your business in Newfoundland & Labrador at the same time. Start by incorporating the business on the federal website. Once you complete the incorporation process federally, you then can register federally and provincially in NL at the same time.

1. 4Purchase Insurance for Your NL Business

Although the NL provincial government does not require you to purchase insurance for your business, it does make some recommendations about the types of insurance you may want to purchase, including:

• Commercial General Liability (CGL)
• Directors and Officers (D&O)
• Commercial Property Insurance
• Special Event Liability

Insurance protects you from catastrophic occurrences that could destroy your financial investment in your business, such as severe weather events or fire. It also protects you if a visitor or customer suffers an injury on the property and attempts to sue your business and hold you liable.

1. 5Obtain Necessary Permits and Licences for Your NL Business

BizPaL is a database that contains a list of permits and licences you need to operate certain types of businesses in several Canadian provinces, including Newfoundland & Labrador. Other licenses and permits may be necessary for special events or for other aspects of operating your business in NL. Search for items you need on the Newfoundland & Labrador website and on the St. John’s website.

Checklist for Registering a Business in Newfoundland & Labrador

• Think of a unique business name.
• Search to make sure that name is available to use in Newfoundland & Labrador.
• Reserve the business name you want to use and pay the reservation fee.
• Register your business either with the province or federally if you are incorporating.
• Pay your business incorporation and registration fees.
• Obtain any licences and permits required to operate your NL business.
• Purchase insurance to protect your business investment.

The post How to Register a Business in Newfoundland & Labrador: Step-by-Step Guide for New Entrepreneurs appeared first on Atlantic Canada Business Grants.

What Is an Incorporated Business in Newfoundland & Labrador?

When creating a corporation in Newfoundland & Labrador, you are creating an entity that is separate and distinct from the personal holdings of the owner or owners. Those who are the owners, or shareholders, of the corporation are not risking their personal and financial resources, other than any resources they specifically provide to the business. If the corporation fails and owes money to other businesses or people, those who are owed money typically cannot go after the personal financial holdings of the corporation’s shareholders. Additionally, if someone sues the corporation for whatever reason, the shareholders’ personal holdings typically cannot be part of the damages awarded in the lawsuit.As another aspect of incorporating, each owner of the company receives shares in the company equal to the owner’s percentage of ownership. (A corporation can have a single owner, too.)By using shares to signify the percentage of ownership, the owners can sell their shares or bequeath them to others. Some corporations want to offer their shares for sale to the public on a trading stock exchange.

What If I Don’t Want to Incorporate My Business in Newfoundland & Labrador?

Three different business structures are permissible in Newfoundland & Labrador.

• Sole proprietorship: A sole proprietorship is a simple legal format, typically made for one owner.
• Partnership: A partnership is similar to a sole proprietorship, but it’s made for two or more owners. Each owner owns an equal percentage of the company.
• Corporation: The corporation provides the ability to have one or more owners, each with a particular percentage of ownership that does not have to be the same.

If you choose a sole proprietorship or partnership, the legal requirements to manage the business are far less complex than with a corporation. You also don’t have to register your sole proprietorship or partnership with the NL provincial government like you do with a corporation.Only the corporation allows for the separation of the finances and liability of the owners and the business, though. With a sole proprietorship or partnership, your personal finances and liability are also part of the finances and liability of the business.

Are There Benefits to Incorporating My Newfoundland & Labrador Business?

Incorporating your business has a number of benefits in Newfoundland & Labrador, along with a few disadvantages.

• Advantages of Incorporating a NL Business

• Reduced risk of liability: The liability of the owners’ finances and of the corporation’s finances remain separate, which reduces the chances of you as an owner being sued personally if someone tries to sue the company after an injury accident or for another reason.
• Reduced risk of financial loss: Because the corporation’s finances remain separate from the owners’ personal finances, if the corporation has losses and cannot pay its creditors, the owners typically aren’t at risk of a creditor coming after their personal finances.
• Changing ownership: When one of the corporation’s shareholders decides to sell or transfer the percentage of ownership, this is an easy process with a corporation because of the use of shares.
• Easier to obtain financing: Some traditional lending sources may only provide loans to corporations, rather than to other types of business structures.
• Trust from customers: Having a designation as a corporation tacked on to the end of your business name may impress customers and fellow business owners who are using your services or buying your goods.

• Disadvantages of Incorporating a NL Business

• Hiring a lawyer: Corporations in Newfoundland & Labrador must adhere to the Corporations Act, and most companies need to hire an attorney to ensure they are in compliance with the act.
• Adhering to regulations: NL corporations must complete certain items to remain in compliance, including holding annual meetings, submitting annual reports, and updating lists of owners and directors whenever they change.
• Registration cost: Because you must incorporate and register with the Newfoundland & Labrador provincial government, you have a higher initial cost with a corporation than with a sole proprietorship or partnership, where registration is not required.

• Should I Incorporate Federally Instead of Provincially in NL?

You have the option of incorporating your business on a federal level through the federal government website instead of incorporating in Newfoundland & Labrador.With the federal incorporation, you receive protection for your business name throughout Canada. However, you still must register in Newfoundland & Labrador to be able to operate your incorporated business inside the province.Newfoundland & Labrador allows you to register with the province at the same time that you incorporate federally, saving time in the registration process. Only a few Canadian provinces give you this dual-registration option.

How Soon Do You Have to Incorporate Your Business in Newfoundland & Labrador?

The provincial government in NL does not give you a deadline for incorporating your business. Some business owners in the province choose to operate under a different business structure for a while before going through the incorporation process.

How Much Does It Cost to Incorporate a Newfoundland & Labrador Business?

The costs associated with registering and incorporating your Newfoundland & Labrador business in the province depend on how you are registering.If you are incorporating with share capital, you pay $300 for a paper filing and $270 for an online filing. If you are incorporating without share capital, the cost is $70 for a paper filing and $63 for an online filing. (These costs are subject to change at any time.)You also must pay $10 to reserve your proposed name with the provincial government. NL corporations must pay an annual filing fee of $75 as well.Should you choose to make use of a third-party incorporation service to help you with the filing and to file the incorporation forms for you, you would have fees beyond what you must pay to the government. Company Formations charges an extra $129.99, for example. Although that seems like a steep fee, if you are unsure what you should do to incorporate, hiring third-party help may save you money in the long run by helping you avoid errors. Companies that can help you with the registration and incorporation process in Newfoundland & Labrador include:

• Company Formations
• New Business Now
• Ownr

Another option is to hire an attorney to help you complete the forms required for incorporation and to help you with the filing process. Because setting up a corporation requires quite a few legal documents, you may want to hire an attorney, even if you don’t need help with the filing process.

How Long Does It Take to Incorporate in Newfoundland & Labrador?

The provincial government does not specify how long the incorporation process will take from the time you file your forms to when you receive a decision.Third-party companies say that the processing time for an incorporation in NL could take anywhere from one day to 15 business days.Should you have an error in your filing forms, you may have to resubmit them, which lengthens the time to complete the corporation process.

Articles of Incorporation for Newfoundland & Labrador Businesses

You must submit the Articles of Incorporation to register your business as a corporation in Newfoundland & Labrador. The Articles of Incorporation require information including:

• Name of the corporation: You should include the name for the corporation that you reserved through CADO earlier.
• Location of registered office: You do not necessarily need to include the mailing address as part of this information; just list the city or area in NL.
• Classes of shares: You can have common shares, which are free from conditions, as well as preferred shares, which often have special rights or restrictions associated with them.
• Maximum number of shares allowed: Some companies choose to limit the maximum number of shares to prevent directors from continually issuing new shares.
• Restrictions on share transfers (if any): Corporations may place restrictions on how owners can transfer shares.
• Number of directors: You can have as many directors as you like for the company, but all directors must be at least age 19.
• Contact information: List the names and contact information for incorporators.
• Any restrictions on the type of business the corporation can perform: For a corporation with share capital this step is optional, but corporations without share capital must complete this section, as well as filing Schedule A and Schedule B.

5 Steps to Incorporate a Business in Newfoundland & Labrador

To incorporate your Newfoundland & Labrador business, use the following steps.

1

Visit the Companies and Deeds Online (CADO) website to search names already in use for businesses in Newfoundland & Labrador.

2

Reserve the name you want to use with CADO. The name reservation is good for 90 days in NL, so you must complete the incorporation process within that time frame.

3

Complete the forms required for incorporation, including the Articles of Incorporation.

4

Submit the forms required to register your company on the Digital and Government Service NL website.

5

The NL provincial government will either send you acceptance of your incorporation request or denial. If you receive acceptance, you are ready to begin operating as a corporation. If not, you would have to resubmit any forms that have errors.

Consider hiring an attorney to help with the incorporation or partnering with a third-party company that helps with incorporating your company.

Options for Incorporating Your Business in Newfoundland & Labrador

You have a couple of options for submitting your forms of incorporation.

• Online

The fastest way to complete the submission of your incorporation forms is through the CADO website, which is part of the Digital Government and Service NL website.

• Mail or in person

If you would prefer to submit your forms in person, by mail, by fax, or by email, you should contact the NL Registry of Companies. The primary office is in St. John’s.

If you prefer to submit in person, you should call the Registry of Companies, because you may need to set up an appointment time.

Required Forms to Incorporate a Business in Newfoundland & Labrador

When incorporating your business for the first time, you need to complete the Articles of Incorporation. If you are incorporating with share capital, you must complete Form 1. If you are incorporating without share capital, you must complete Form 1a.

• Other Forms Required for Incorporated Businesses in Newfoundland & Labrador

When a company incorporated in NL has share capital, it needs to file an annual return on Form 23. However, if the incorporated company in NL does not have share capital, it should file its annual return on Form 29.Other forms companies commonly need in Newfoundland & Labrador, regardless of whether your corporation has share capital, include the Notice of Registered Office and the Notice of Directors.If you believe you need other forms, the Digital Government and Service NL has links to dozens of other corporate forms in a PDF format.

Checklist for Incorporating a Business in Newfoundland & Labrador

• Decide on a business name
• Search through CADO to ensure your desired name is available in Newfoundland & Labrador
• Reserve your name through CADO
• Complete your Articles of Incorporation and submit them to the NL provincial government
• Submit any other required forms and your payment
• Wait for an approval or denial of your incorporation request

The post How to Incorporate a Business in Newfoundland & Labrador: Step-by-Step Guide for New Entrepreneurs appeared first on Atlantic Canada Business Grants.

Pros and Cons of Buying a NL Business vs. Starting a New One

Before making a decision about whether to buy an existing business for sale in Newfoundland & Labrador or to start a business from scratch, take the time to weigh the advantages and disadvantages of each option.

• Advantages of Starting a Newfoundland & Labrador Business From Scratch

• Be the boss: As you start your own business in the NL province, you can make every decision about how the business will look and operate.
• Seeking grants: Some business grants for Newfoundland & Labrador businesses are only available to startups, rather than to existing businesses.
• You don’t inherit problems: If you purchase an existing business, you may inherit problems the previous owner caused. Starting your own business eliminates this problem.
• The sky is the limit: With a new business, the income potential is unknown. Your business could fail, but it also could become a success beyond your wildest dreams. You don’t have any limitations with your new business.

• Disadvantages of Starting a Newfoundland & Labrador New Business From Scratch

• Long hours: Most business owners work long hours, but those who are starting a business from scratch tend to work far more during the startup process than they do when actually running the business.
• Tough to find funding: Traditional lenders may not be as willing to lend money to a startup business as they would be when you are buying an existing business in Newfoundland & Labrador that has a financial track record.
• Uncertain future: You can work incredibly hard when starting your NL business from scratch, but there’s no guarantee of success. When you buy an existing business, you have some financial results you can rely on from the previous owner.

• Advantages When Purchasing an Existing Newfoundland & Labrador Business

• Running the business faster: If you are more interested in simply operating the business, rather than going through a long preparation process during the run up to opening day, buying an existing business allows you to start operations faster.
• Inheriting existing customers: If you are unsure whether you can find customers, buying an existing business takes some of the unknown out of the process, as the existing business should have a set of customers that you inherit.
• Easier for new entrepreneurs: If you have never run a business previously, purchasing a business for sale cuts down on the learning curve, leaving fewer chances for making a mistake versus starting from scratch.
• Option to buy a franchise: If you want help with things like brand promotion and advertising, buying a franchise in Newfoundland & Labrador may be a great option. The franchiser gives you quite a bit of guidance during the setup process.

• Disadvantages When Purchasing an Existing Newfoundland & Labrador Business

• Locking into a location: When buying an existing brick-and-mortar business, you likely will be buying a building. If you don’t believe the business is in a good location, you’re stuck in that location for a bit before you can sell the building and move somewhere else.
• Verifying the financial records: Although an existing business owner may have impressive financial books, you should always verify the numbers yourself with the help of a lawyer or accountant. Someone else could swoop in and buy the business while you are verifying the numbers, but you need to take the time to be certain the numbers are realistic.
• Some franchises are scams: You need to thoroughly investigate any franchise opportunities before buying, as some Newfoundland & Labrador franchising opportunities are scams. Have a lawyer and accountant look over any franchise agreements before you sign.

How to Find Newfoundland & Labrador Businesses for Sale

Multiple resources are available that can help you find potential businesses for sale in Newfoundland & Labrador.

• Business Brokers in NL

Reaching out to a business broker is a great place to start when seeking to buy an existing business in Newfoundland & Labrador. A business broker is someone who has extensive knowledge about the business market in the province. This person can help you find a business that meets criteria you may have, including:

• A business in a particular location
• A business in a niche industry
• A business below a certain price point
• A business where the owner is willing to stay on and help for a few months
• A business with a track record for at least a certain number of years

A business broker may be able to watch for certain types of businesses to come onto the market that meet your needs, even if nothing is available right now. Brokers may learn about businesses that are almost ready to come onto the market, giving you a heads up.When you are negotiating for the purchase of a business, the business broker can facilitate the negotiations, helping you reach an agreement faster. Some of the top business brokers to consider in Newfoundland & Labrador include:

• Gateway Business Brokers
• Sunbelt Network Business Brokers

If you have a particular location where you’d like to buy a business, such as in a business park in Newfoundland & Labrador, tell your business broker about this, and the broker can keep an eye on this area for you.

• Online NL Business Marketplaces

Multiple websites exist that advertise Newfoundland & Labrador businesses for sale. Even if you don’t actually purchase a business from one of these websites, they provide some good information for what types of businesses are available and how much they cost.

• BusinessesForSale.com
• BuyAndSellABusiness.com
• GlobalBX

• NL Real Estate Brokerages

Real estate brokerages tend to focus more on residential properties and commercial properties than on actual functioning businesses, but you may find some businesses for sale in Newfoundland & Labrador worth considering through these brokerages’ websites.

• Realtor.ca Businesses for Sale
• Point2Homes Businesses for Sale
• SoldWell Businesses for Sale

• For Sale by Owner Business Classifieds in NL

You may be able to find some smaller businesses for sale in Newfoundland & Labrador through online classifieds websites where the owner is selling the business without the help of a broker. Even though the process of buying a business like this may feel less formal, always have a lawyer and accountant look over the financial statements and the purchase agreement for you.

• Kijiji Businesses for Sale
• Craigslist Businesses for Sale
• Business Sell Canada Businesses for Sale

How to Buy a Business in Newfoundland & Labrador – And Mistakes to Avoid

Sorry to be the bearer of bad news, but you will make mistakes as a new business owner. It’s just part of the learning curve. We put together some tips that may help you reduce the impact of your mistakes or reduce the number of them as you purchase a business in NL.

• 10 Tips for Buying a Business in Newfoundland & Labrador

• Think about your personal strengths: When purchasing a business, your chances of success may be higher if you stick to a topic that you already know and understand, rather than something that doesn’t play to your strengths.
• Seek help and advice: Just deciding to buy a business probably isn’t enough to guarantee success. Take some time to seek out advice about entrepreneurship to make sure you understand what you are facing.
• Research the business: A business for sale may look great on paper, but it may have issues you don’t know about, like a poor reputation among customers or a history of downgrades from the NL Better Business Bureau. Check with organizations like the Business Association of Newfoundland & Labrador for more information on the business’ reputation.
• Study social media: It’s tough for any business to have success these days without a strong online presence, especially regarding social media. Visit the business’ social media pages to see what the business is doing now and look for areas where you could make improvements.
• Speak to customers: If you want to know how customers truly view the business, see if you can engage with some of them online, on social media, or in person. Or, even better, visit the business yourself as a customer and see how you are treated.
• Double check everything: Never just take the word of the business owner regarding sales performance, income, and other items. Have your own lawyer and accountant look over all documents to understand the business’ performance.
• Look at local regulations: Although the Digital Government and Services NL website provides information about provincial regulations for businesses, you may have some local business regulations to consider when buying a business in an NL location with which you are not familiar, such as Gander or St. John’s.
• Speak with past owners or employees: If you are buying a business with decades of history, you may be able to talk with an owner from a couple of decades ago or with employees who previously worked at the business to gain an idea for how the business works.
• Value the business properly: The business owner may have a valuation in mind that is not realistic for the business. Seek help for valuing inventory and assets accurately, perhaps by speaking with an accountant.
• Stay positive: It’s easy to become discouraged when looking to buy a business. Ups and downs are common in this process. Just because negotiations fall through on one transaction, it doesn’t mean the next opportunity will fail, too. Keep trying!

• 5 Common Mistakes When Buying a Business in Newfoundland & Labrador

• Not showing patience: Although it may be tempting to just buy the first business you encounter, show some patience. Make sure the business fits your skills and is a good value for you before you agree to buy it.
• Not consulting an attorney: Even if the existing business owner does not want to put things in writing, you should always make sure documents are part of the transaction and that your attorney reviews them for you.
• Not considering the future: Some businesses may be operating at a high level now, and the owner wants to sell now to maximize value. But such businesses may become obsolete in several years because of technology or another reason. There’s nothing wrong with buying this type of business, but your offer should reflect both the current and long-term value.
• Not understanding the full cost: You will have a price for the purchase of the business that is easy to understand. However, there may be other immediate costs that are less certain, such as needed equipment repairs, the need to increase the number of employees, or a large increase in the cost of necessary supplies. Take these costs into account for the value of the business, too.
• Being too skittish to finalize the agreement: Buying a business is a huge step for anyone, so it’s understandable to be nervous about the process. However, if you did your homework, consulted with experts, and made sure the business fits your skills, be confident in signing the agreement and in starting your new career as an entrepreneur.

The post Businesses for Sale in Newfoundland & Labrador: Best Places to Buy + Mistakes to Avoid appeared first on Atlantic Canada Business Grants.