How it's done
The business climate is the general economic environment that local businesses operate in. Reviewing and understanding the local business climate provides valuable insights about the economy, costs, risks, and incentives that may impact the success of your business. This activity will guide you to better understand the business climate in Prince Rupert and help you answer the following fundamental questions.
What is the business climate in Prince Rupert?
We have compiled the most important aspects of Prince Rupert’s business climate as an interactive dashboard below. This dashboard provides valuable economic, resident, household, dwelling and development indicators that may influence the success of your business.
Resident Indicator Population Growth Chart
What costs and assistance should I know about?
Whether you have a new or existing business it is critical to be aware of costs, incentives and grants that impact your business. This dashboard provides you with a snapshot of the major costs of conducting business in Prince Rupert and assistance available to Prince Rupert businesses.
2016 Property Tax Rates
|Classification||Residential||Utility||Major Industry||Major Industry Port ("Old")||Major Industry Port ("New")||Light Industry||Business||Recreation / Non-Profit|
|SCQ Regional Hospital||-||-||-||-||-||-||-||-|
|NW Regional Hospital||0.43924||1.53734||1.49342||1.49342||1.49342||1.49342||1.07614||0.43924|
|BC Assessment Authority||0.0543||0.4995||0.4995||0.4995||0.4995||0.1575||0.1575||0.0543|
|Municipal Finance Authority||0.0002||0.0007||0.0007||0.0007||0.0007||0.0007||0.0005||0.0002|
|Amendment to Official Community Plan||$1,100.00|
|Amendment to Zoning Bylaw||$1,100.00|
|Amendment to Official Community Plan & Zoning Bylaw||$1,400.00|
|Development Variance Permit||$330.00|
|Development Permit Area (value of works over $5,000)||$225.00|
|Development Permit Area (value of works under $5,000)||$60.00|
|Site Profiles are required if there are Schedule 2 activities||$ 50.00 as defined by the Ministry of Environment Site Profile guidelines|
Note: Each subsection of the Zoning Bylaw for which there is an application for a variance shall be deemed to be a separate and distinct application for a Development Variance Permit and shall be subject to all requirements of application, fee, processing and all other requirements of the Bylaw.Business Licence Fees
For more information on the Cost of Labour in the region please visit: Government of Canada Explore Career Wages Report
Are you new to B.C. or thinking of moving here? Need help deciding where to locate a business? The Cost of Living Calculator can help you to make the right moves!
Business Façade Improvement Grant
The City of Prince Rupert has initiated a Downtown / Cow Bay Façade Improvement program to help revitalize and attract people and businesses by providing grant funding.
Features and benefits of the program:
- Enhanced economic viability and vibrancy of northern and central B.C. communities by supporting visual improvements such as facades, signage, murals, architectural features, siding, lighting and awnings.
- Private sector investment in local business improvement.
- Increased assessed values and tax base as a result of improved properties.
- Attractiveness of community to enhance community pride as well as tourism experience.
- Improved community appearance to support recruitment of new businesses and/or residents.
Love Prince Rupert is a movement connecting people with the independent shops and services that are the heart of their communities. Keeping your dollars circulating locally is key to the economic health of your community. For every $100 that you spend locally, up to $48 stays in your community, as compared to just $14 when you shop at a big box or chain store. Shifting your spending to funnel more dollars into local businesses can pave way for growth, new jobs, a thriving economy, and keeps creative people in your community.
How do I use this information?
Having access to business climate statistics and information is one thing, but it's quite another to use data effectively and in a way that will benefit your business. This next section will help you do just that. Learn how to use this information to make better business decisions.
Monitor the local business climate
On-going assessment of the business climate is an essential part of operating a competitive business. In any business climate, there are numerous factors outside your control that will impact your business, both positively and negatively. The health of the economy impacts all businesses, but small businesses usually feel the effect of economic changes faster than big businesses. Improvements in the economy typically provide a rapid increase in new opportunities for small businesses, while an economic downturn can have a significant and prolonged negative impact.
Unfortunately, you can’t influence the economy, but you can monitor the business climate indicators provided above and then take the necessary actions to minimise risks to your business. Staying up to date with the business climate can also help you identify new opportunities that your business can take advantage of.
Know your costs
All industries are unique and incur different types of costs when starting or operating. Understanding these costs is essential when it comes to setting prices, budgeting and planning for growth or downturns. We’ve provided some of the local costs associated with taxes, development and labour that often get overlooked by businesses. There may be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.
Where can I learn more about the business climate?
While we are providing you with a range of valuable information about the business climate, the fact is that there's much more available. In this section we provide you with links to other websites that will supplement our information and help to keep your finger on the pulse.
There may also be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.
British Columbia Ministry of Finance