How can I get government funding to support my hospitality business’s expansion into foreign jurisdictions?
If your business is in the hospitality industry and is looking to diversify its revenue streams, you should consider the CanExport program. Whether you are selling product like craft beer or provide a sit-down service in line with gastro-tourism, the Canadian federal government will give you up to $75,000 to explore the benefits and feasibility of exporting into foreign jurisdictions. This funding covers a range of areas from the cost of travelling to the jurisdiction, participation in expositions, marketing costs, as well as business analysis and legal fees.
Particularly for hospitality-focused businesses, it can be difficult to imagine how to “export” to foreign jurisdictions when the business does not have a product to ship to other countries. However, tourism is a form of exportation that the CanExport program covers. While COVID-19 regulations have all but restricted international tourism, now is a good time to explore the impact of marketing tourism to foreigners in the future.
While we don’t know how long travel restrictions will be in place, we can be proactive in making decisions that will benefit our business when the borders open up. We assist businesses in the CanExport process from helping with the application process, to assessing your business’s readiness for expansion, to drafting the contracts you require to set up a subsidiary to your Canadian business.
If you’re interested in the CanExport program and how it can help you to diversify your revenue streams outside of the current Canadian economic climate, call our office and we’d be happy to talk to you.