(Newswire.net — June 23, 2021) — Canada is known to be a country where opening a business is not only beneficial to you but, it’s also a relatively simple process. It’s actually one of the most simple business startup processes in the world, in which opening your business requires only one procedure and takes around five days. Canada is currently ranked fourth out of 197 countries worldwide for the strength of its startup ecosystem.
If that isn’t motivation enough to open a business in the Great White North, here are 5 reasons to start a business in Canada.
1. You’ll have the support of the government
As a foreigner starting a business in Canada, you will be eligible for several tax incentives that help bear the cost of materials, overhead and contract expenditure. Some examples include the Scientific Research and Experimental Development (SR&ED) tax incentive program and the Industrial Tax and Research Program. Another benefit for foreign business owners, looking to enter the Canadian market, is the low corporate taxes, which is one of the lowest tax rates in the world.
2. Plenty of talent
Canada is consistently ranking at the top for education in both universities and colleges. Around 62 percent of the younger population, 25 to 34 years old, have higher education in Canada. This means finding employees in Canada, at all levels, won’t be too difficult a task. Canada also draws in many skilled workers from all over the globe who are looking to use those skills and earn a decent living. Your business would benefit greatly from this.
3. A stable economy
Canada is currently in the top 10 of Forbes Best Countries for Business list. Canada has a reasonably stable economy which in turn prevents you from the risks of businesses shutting down. Even with the pandemic causing damage to many economies around the world, Canada still managed to grow at a 6.5 percent pace at the start of 2021. Some of the reasons for this economic stability are low tax rates and freedom to do trade.
4. Access to North American Market
The United States-Mexico-Canada Agreement (USMCA) gives you great access to the US and Latin America. This agreement created the world’s largest free trade area. And because of this agreement, your business will enjoy huge advantages in Canada, including managing and hiring both US and Latin America employees.
5. Equality and Multiculturalism
Canada is a leading country when it comes to immigration, and it has no intention of slowing down. Canada is one of the world’s most ethnically diverse and multilingual societies, with over 200 languages spoken. This is made possible with Canada’s over 100 immigration programs and visas, including the Canadian business immigration streams such as the Start-up Visa Program.
The Canadian Start-up Visa Program
The Start-up Visa Program will allow you to immigrate to Canada as a permanent resident by starting a business anywhere in the country. Your business should be innovative, create jobs for Canadians, and compete on an international scale.
To be eligible for the Start-up Visa Program, you must:
- have a qualifying business;
- get a letter of support from a designated organization;
- get the support of one or more of the designated organizations for your business;
- meet the language requirements; and
- bring enough money to settle.
What’s beneficial about the Start-up Visa Program is that you can apply for a temporary work permit to get to Canada and start building your business while waiting for your application to be processed. The application can take anywhere from 12 to 16 months.
The cost of immigrating to Canada via business immigration is:
- Application processing fee $1575 + right of permanent residence fee $500.
- Include your spouse or partner $825 + right of permanent residence fee $500.
- Include a dependent child $225 (per child).
For more information about the Canadian Start-up Visa Program, visit this page.
Best Cities in Canada to Start a Business
Toronto is known to be the top city in Canada to start a business. The city is the hub for the entire country’s financial, industrial, commercial, and tech industries. Although it’s an attractive city for all industries, the tech companies will especially feel at home.
Edmonton and Vancouver are also excellent cities to start your business. Edmonton is rapidly growing thanks to the oil industry, which leaves plenty of room for small business endeavors. And Vancouver, known as one of the most livable cities in North America, has people flocking there from all over the world. As a result, it is a well-connected international city.
To find out exactly which city is best for your business and how to go about moving it to Canada, visit mdccanada.ca for more information, and you’ll be sure to find that there are much more than just 5 reasons to start a business in Canada.