1) What does Opportunities NB do?
Opportunities NB is the single point of contact for businesses with growth plans. We work with businesses and our strategic partners to open doors and facilitate growth, whether you are looking to grow, expand or locate.
Specifically, Opportunities NB is client focused, proactive and accountable, working at the speed of business to provide:
- Business Development Executives to provide turnkey services
- Recruitment and training consultation and assistance
- Access to specialized training programs for businesses of all sizes
- Export-ready training
- Sourcing of realtors, developers, contractors, shippers and utilities
- Tailor-made financial assistance
- Liaison with local communities and partners
2) What types of incentives does New Brunswick offer businesses?
Businesses that expand or locate in New Brunswick have access to a variety of customized incentives that can help your business save money and time. Connect with us to learn about our customized offerings.
3) What are New Brunswick’s tax rates?
New Brunswick has the lowest corporate tax rate in Atlantic Canada and is competitive with all other provinces. Combined with other incentives that may be available and lower overall business operating costs, Opportunities NB can guide you in growing, expanding or locating your business in New Brunswick.
4) What business opportunities do you target?
Opportunities NB targets strategic and high-growth businesses. Strategic considerations include, but are not limited to, cluster creation opportunities, fit with targeted sectors and align with New Brunswick’s economic landscape. Business Development Executives at Opportunities NB are proactive in high-growth opportunities put forward by the corporation.
5) How does Opportunities NB sell New Brunswick as a location in which to grow, expand or establish a business?
Opportunities NB offers a customized approach, depending on the opportunity. Different selling propositions highlight the opportunities of growing, expanding or locating operations in the province. New Brunswick has many business advantages to companies, such as its geographic location, transportation infrastructure (road, air, sea), bilingual labour force, available workforce skill set, lower cost environment, communication and energy infrastructure, higher education network and access to training. Each of these features appeals to specific companies, depending on their needs and sectors of operation.
6) Why do you work with companies that are already located in the province? What about bringing in new companies?
New Brunswick has a diverse array of small, medium and large business that are in various growth stages. We work with businesses to facilitate their growth, by helping them become export ready, meet potential buyers, increase productivity and train their workforce, among other roles.
Foreign-owned companies or subsidiaries based in the province are an excellent opportunity for new foreign direct investments; and are a part of Opportunities NB’s mandate. Opportunities NB considers all investments from outside New Brunswick as foreign direct investment (FDI). Any company with ownership of more than 51% from outside the province is considered an FDI and part of Opportunities NB’s mandate.
Working with in-province companies and FDIs helps build a diverse and stable economy.
7) How do you know if an opportunity is sound?
Opportunities NB only considers companies that are in the process of growing their operations and have high-growth potential. All files are subject to thorough analysis by our finance department, reviewed by our senior management team and then reviewed and approved by the Board of Directors’ Executive Committee and the Board at large. Opportunities NB also manages risk in its investments by including various conditions in its agreements with companies and/or by using forms of investment incentives such as payroll rebates that only provide the company with funds when jobs are created. All companies that receive incentives are subject to continuous monitoring during the term of their incentive package.
8) What makes a company qualify for incentives? What are the conditions?
Opportunities NB only considers companies that meet our requirements and conditions, are in high-growth sectors and are in the process of growing, expanding or considering locating in the province. The amount and types of incentives that are made available to a company vary based on criteria that include the GDP contribution of jobs created, the total capital investments made and the direct tax revenue of employment created. Every agreement between Opportunities NB and a company is unique and tailored to provide the type of incentives that will support its success as it locates or expands within the province.
9) How much assistance can you provide and what are the payment terms?
The amount and types of incentives that are available to a company vary based on criteria that include the GDP contribution of jobs created, the total capital investments made and the direct tax revenue of employment created. Every agreement between Opportunities NB and a company is unique and tailored to provide the type of incentives that will support its success as it locates or expands within the province. Re-payment or loan-forgiveness terms are established on a case-by-case basis using internal guidelines that align with the corporation’s key performance metrics.
10) What is your mandate?
Opportunities NB is the first point of contact for businesses with growth plans. It is structured to move quickly and efficiently on economic development opportunities that can benefit New Brunswickers and to ensure that businesses get the contacts, support and information they need internally or through our partner network. Opportunities NB will do the following:
- Be accountable, client focused and proactive – working at the speed of business.
- Make investment decisions that support the growth of business and our province so that both parties get a return on their investment.
- Have teams that will identify and pursue strategic and viable high growth opportunities with clients
- Promote New Brunswick opportunities outside the province and develop strategic national and international markets for clients.
- And it will identify and develop sectors, areas or projects with high potential for growth.
11) Who are the members of the Board of Directors?
Roxanne Fairweather – Chair – Innovatia
James Baumgartner – Moneris Solutions Corporation
Lily Durepos – Owner and Executive
Gloria Jollymore – Mount Allison University
Raymond Théberge – Université de Moncton
Denis Flood – ScotiaMcLeod
Michael J. Campbell – McCain Foods Ltd.
Lynn Albert – Owner and Entrepreneur
Jacques Pinet – Ministerial Appointment
Stephen Lund – CEO Opportunities NB
12) How will the Board of Directors help Opportunities NB?
Opportunities NB will draw upon the experience and insight of its Board of Directors to help seek out export/trade and foreign direct investment opportunities and administer the business and affairs of Opportunities NB.
13) What is the role of the Board of Directors?
The Board shall administer the business and affairs of Opportunities NB, and all decisions and actions of the Board are to be based generally on sound business practice.
14) How is the Board composed?
The Board is composed of the CEO, and not fewer than eight and not more than 11 other members. The Board shall appoint an employee of Opportunities NB to be the secretary of the Board who shall perform the duties and functions directed by the Board. Minutes will be taken and submitted to the minister. The Board meets at least four times per fiscal year; the executive committee meets more frequently to review files for approval.
Export and Trade
15) How easy is it to export from New Brunswick to the United States and global markets?
Whether you are a prospective exporter, a Small or Medium Enterprise (SME), or a major exporter, Opportunities NB can help you export to the United States and globally by assisting in:
- Developing tailored product/market export strategies
- Identifying and assess markets
- Securing financing to strengthen working capital and boost in-market activities
- Addressing red tape and barriers to trade
- Researching regulations, tariffs, logistics and related questions
- Encouraging more sophisticated business models
Foreign Direct Investment
16) How does Opportunities NB define foreign direct investment?
Opportunities NB considers all investments from outside New Brunswick as foreign direct investment (FDI). Any company with ownership of more than 51% from outside the province is considered FDI and part of Opportunities NB’s mandate.
17) What is your sales cycle? How long does it take to attract a company to New Brunswick?
Based on historical data of previous investment-attraction work done by New Brunswick, the average agreement with a company takes from 10 to 20 months to put in place, from first contact to signed agreement. The length of this cycle is different for each sector and is driven by the company we are working with. The attraction-strategy methods used by Opportunities NB are expected to yield downward pressure on these averages.
18) Isn’t giving money to foreign companies considered corporate welfare?
There are over 1,200 Investment Promotion Agencies (IPAs) in the world whose primary focus is to attract Foreign Direct Investments to their respective jurisdictions. The competition to attract FDI is high, and the reality is that all IPAs offer various incentives. Not doing so would put New Brunswick at a substantial competitive disadvantage and have a negative impact on the provincial GDP. While Opportunities NB does offer attraction incentives when required, incentives are not always necessary. For some projects, the natural features of our jurisdiction are sufficient as our team provides guidance, information and consulting services to the company, allowing it to make an informed decision to establish or grow within our province.
19) Does Opportunities NB recommend or influence the location where investments are made in the province? If so, how do you decide where and why?
Opportunities NB offers companies both provincial and regional information. Each region has inherent features that naturally attract the interest of certain companies and influence their final decision. Generally, key elements considered include availability or labour, workforce skills, transportation infrastructure and land and real estate costs. The decision about where a company will base its operation is made by the company, not by Opportunities NB.
20) What do you use to measure internally? How do you measure your success?
Opportunities NB has implemented core reporting mechanisms to support a corporate scorecard process that measures the success of its efforts against its targets using Key Performance Indicators (KPI). The corporation will report on various quantitative metrics in its annual report, including: (1) contribution to GDP, (2) capital expenditures, (3) direct employment, (4) average salary, (5) number of new investments, (6) return on taxpayer investment per dollar invested and (7) impaired load ratio. Internally, all departments have individual score cards that rollup to the core objectives of the corporation.