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General
Business Information.
Financial and professional assistance is available for business startups and expansions from a number of public agencies, including: the Provincial Department of Industry, Trade and Rural Development, Atlantic Canada Opportunities Agency and the Central Labrador Economic Development Board. Assistance in human resource development is provided by Human Resources Development Canada, College of the North Atlantic - Happy Valley - Goose Bay Campus. The Labrador North Chamber of Commerce also provides excellent services to its members, including the facilitation of partnering opportunities. Government support services and incentives for business development includes the following: A Research & Development Tax Credit is available to manufacturers on 15% (Provincial) of eligible expenses. The Strategic Enterprise Development Fund is designed to help firms engaged in strategic growth industries, including high-tech knowledge-based industries and value-added manufacturers who are either export-oriented or clearly demonstrate import replacement capabilities. The Fund can be used for top-up assistance and leverage for start-ups and expansions, where needs cannot be completely met by conventional lenders and other sources. Up to $1,000,000 of financial assistance may be provided in the form of term loans or equity participation. The Transitional Job Fund is a program of Human Resources Development Canada aimed at creating sustainable employment in areas of high unemployment (12% or higher) and that are most affected by reforms to Employment Insurance. The maximum contribution is 50% of project costs and eligible activities include assistance to employers to create employment, self-employment and projects involving labour market partners and communities in creating sustainable employment. The Atlantic Canada Opportunities Agency's Business Development Program provides non-interest bearing loans for up to 50% of eligible costs for start-ups, expansions and modernization; and 75% of eligible operating costs for activities such as studies, innovation training and quality assurance. Eligible sectors include manufacturing and processing and knowledge-based business. The Central Labrador Economic Development Board is the lead agency for economic development in Zone 3. The Board has developed a strategic economic plan(SEP) for the region through a process of grassroots consultation. The Board offers support and assistance to new or growing businesses and industries whose endeavours are compatible with the SEP and the Goals and Principles of the Board. Phone: 709-896-8506 Fax: 709-896-8209 e-mail: cbest@cledb.ca Website: Central Labrador Economic Development. The $50 million Canada/Newfoundland Economic Development Agreement signed in October, 1997 targets tourism, information technology and aquaculture and is designed to complement other government programs. Its intent is to focus on strategic economic sectors, development market and trade development, entrepreneurship, technology and innovation. Resource sector activities may be supported to the extent that they are value-added, trade-oriented, technology enhancing or aimed at developing human resources. Examples of initiatives that may be supported include export-readiness training and technology which will lead to increased productivity. Newfoundland Business Networks is a program funded under the Canada/Newfoundland Agreement on Economic Renewal and targeted at enabling small and medium-sized enterprises (SMEs) to pursue specific market opportunities in national and international markets, facilitate the development and commercialization of new technologies and improve management, marketing and production capabilities. It will include initiatives with an emphasis on export development and marketing, joint manufacturing and technology development. Projects will be supported up to $50,000.00 to cover three phases: Network Identification, Business Plan Preparation and Implementation. Business Tax Rates Business tax rates in Happy Valley-Goose Bay vary from 7.60 mills (for businesses such as ceramic shops, delivery services and farms) to 40.9 mills (for finance companies) of gross sales. Property is taxed is 10.5 mils. Provincial Taxes Provincial corporate income tax is 14% for large and 5% for small companies and all manufacturing and processing companies (the latter being the lowest in Canada). Health & Post Secondary Education (Payroll) Tax applies only to companies with payrolls exceeding $100,000.00. The rate for companies engaged in agriculture, forestry and fishery is 1%, while other companies pay 2%. New Business Creation The majority of the larger private sector firms in Happy Valley-Goose Bay are involved in retailing, wholesaling or service activities. Increasingly, we are seeing a diversification of existing businesses to take advantage of the region's opportunities. The business community, through the Labrador North Chamber of Commerce, is very proactive in aggressively seeking new investment and partnering arrangements. The types of opportunities being addressed include the provision of goods and services to industrial as well as traditional domestic customers, distributorships for the mining sector and partnerships at a number of levels. In addition to opportunities in Newfoundland and Labrador, business people are also pursuing opportunities for the export of goods and services to other provinces and countries. There is also a growing trend towards the creation of home-based businesses in Happy Valley-Goose Bay. Approvals have been granted by the Town for a wide range of home-based uses, including consulting & advisory services, courier service, computer-based, health-related, electronics, recording and bed & breakfast businesses. The Town is responding to the needs of new developments. New business opportunities are constantly evolving and we are always eager to talk to new business proponents. Industrial Incentives and Facilities Industrial/Commercial Land North Side Industrial Park is located adjacent to the Airport. Within the Park the Town has approximately 10 hectares (25 acres) of vacant, serviced land for sale. Land is priced at $21,000.00 per acre ($51,891/hectare) plus taxes, except for the land fronting on the airport, which sells at $33,000.00 per acre ($81,543/hectare). The North Side Industrial Park is increasingly becoming the focus for new developments related to the airport. In addition, with its close proximity to the harbour, the North Side Industrial Park offers many opportunities for the warehousing of goods destined for the coast of Labrador. For
information on these exciting opportunities, Contact Us for
further details. |
