Canada is the best country for starting and growing businesses. Here is everything you need to know about starting a business in Canada.
Is it a good idea to start a business in Canada?
Canada is one of the most popular business destinations. As an advanced country with a strong economy and an efficient tax system, Canada provides every opportunity to create and develop a successful business.
What makes Canada so attractive to investors from all over the world? Why is the number of registered companies in Canada growing yearly? Today’s article will give a few reasons to start a business in Canada. Read on!
In some provinces of Canada, such as Ontario and Quebec, it is allowed to create a type of company that is exempt from income tax, subject to certain conditions. This type of company is called an extra-provincial Corporation (EPC).
If a company makes a profit outside of Canada, it is exempt from paying taxes, which can be an excellent solution for many business models. Thus, it is possible to open a business in Canada and conduct and develop it with minimal costs.
Reliable Banking System
The Canadian economy is one of the ten most prominent in the world, and its banking system is considered one of the most reliable and stable. According to the influential Global Finance magazine, six Canadian banks were ranked among the top 50 safest financial institutions by World’s Safest Banks.
By opening a business in Canada with accounts in the country’s leading bank, TD Canada Trust, you become part of a powerful banking system that provides its customers with advanced solutions for preserving and increasing assets and a variety of financial instruments.
An account in a Canadian bank is an essential element of the prestige and reputation of your business in Canada, which can be decisive when making deals with counterparties, participating in competitions for large orders, or receiving various grants.
Canada’s policy in the field of interaction with offshore zones is liberal. One of the reasons for this is close contact, including political, economic, trade, etc. with the United States.
The exchange of transactions between Canadian banks and financial institutions operating in most offshore zones of the world is carried out without any restrictions, does not involve any risk, and requires standard justification under the terms of banking services.
Easy Startup Capital
The emergence of the Canadian venture capital fund OMERS Ventures in 2011 changed the game’s rules for the entire venture industry in this northern country. Its emergence stimulated the creation of new funds and the arrival of many US investors with considerable assets to invest in Canadian startups.
Companies that sell their products and services to customers in the US receive similar financial support. It is very beneficial, mainly because the low exchange rate of the Canadian dollar against the US dollar is the most stable in this currency pair. Exchange rate fluctuations over a long period are minimal.
Diverse Talent Pools
The universities in Toronto and Waterloo are home to some of the best engineering schools in North America. Leading US technology companies such as Google and Facebook to hire graduates and employees from there.
Technological development centers of many large Canadian and US companies have been set up here. Here you can find expertise and partners for your current or future projects. It is a very favorable environment for building a large IT business.
Canada is a country with a very high level of political and economic stability. It has one of the highest levels of property rights protection. You may not be afraid that your company will experience a raider takeover or unreasonable court decisions by law enforcement agencies. Until Next Time!
- Article based on personal opinion, experience and research.
- Photos from Unsplash & canva.