by Nicky VZ
Canada ranks as the third-best place to set up shops for capitalists, corporations, investors, and entrepreneurs. Its $1.9 trillion economy is the ninth-biggest worldwide and further boasts qualities such as low corporate tax rates, economic freedom, transparency, well-developed infrastructure, a skilled labor force, and connections to the rest of the world.
Business-savvy individuals searching for lucrative opportunities abroad should take a closer look at the various Canadian business immigration programs that make it both easy and quick to invest, start or buy a business in Canada.
If that’s not reason enough, here are five great benefits of starting a business in Canada.
- Reasons to Start a Business in Canada
The Canadian Economy is Still Stable
Wondering where you should invest in 2021? Canada’s economic stability is attractive to business owners looking for a trusted market post-COVID-19.
Despite the economic setback in 2020, Canada’s COVID-19 relief programs have contributed to a much stronger labor market recovery than the situation in the United States. About 80 percent of the jobs lost in March and April have been recovered. Canadian banks are stable in 2021 due to their robust credit strength, and it’s projected that Ontario will have the strongest economic growth this year, followed by British Columbia and Quebec.
2. Low Corporate Tax Rates
As of 2019, the Canadian corporate tax rate is 15 percent, which is one of the lowest internationally. Through an effort to drive economic growth in the country, Canada continues to adjust these tax rates. To give you an idea of how quickly it’s moving down the scale, it was 18 percent in 2010! What’s more, corporate tax rates will be cut in half for businesses that develop technologies or manufacture products that have zero emissions.
Minimal Red Tape
Is it your dream to be your own boss? Canada was recently named one of the easiest countries to start a business, according to a list created by Victoria University Online. The data considered information such as how long it takes to start a business, how hard it is to get a license or visa, and the cost of a startup. Canada outperforms in all of these areas for one good reason: the Start-Up Visa Program.
The Start-Up Visa Program is one of the main benefits of starting a business in Canada. The Canadian business immigration program is specially designed to make moving to Canada a breeze with extremely lenient requirements and reasonable costs. All you need is a good business plan and the support of a designated investor organization, including Venture Capital Firms, Angel Investor Groups, or business incubators. For more information about Canada’s Start-Up Visa Program, click here.
- Canada Has a Skilled Workforce
One of the key drivers of a successful business is your employees. The great news is that Canada is home to an exceptionally talented workforce, with 63 percent of the population boasting tertiary education. So if you want to invest in an industry like technology that calls for highly skilled workers, you’ll be sure to find them in Canada.
5. Canada is Connected
Another benefit of starting a business in Canada that’s often overlooked is the country’s large size. Surrounded by three oceans complete with 550 ports, 500 airports, traversing six time zones, Canada is the second-biggest country in the world. This makes the import and export of goods and services even easier for businesses. Not to mention Canada’s free trade agreement with the U.S. and Mexico that expedites the movement of trade between the three countries.
Discover Your Canadian Business Immigration Options
With so many benefits of starting a business in Canada, the only question left to ask is, “how do I get started?” Canada’s business immigration class is relatively exclusive, with a maximum of 1,250 applicants admitted annually. If you’re serious about getting your business up and running in the Great White North, read more here about the best and fastest ways to immigrate to Canada.
Disclaimer: This content does not necessarily represent the views of IWB.