Investor protection, low corruption, trade freedom, and low corporate tax are some of the benefits businesses enjoy in Canada.
In addition to Canada’s stable economy, other perks include its proximity to the United States and its similar business ethics and culture with the U.S, which makes running your business in Canada smooth with less cultural challenges to deal with.
Over the years, Canada has been a choice location for entrepreneurs and businesses across the different facets of endeavors and industries.
Recently in 2018, Canada sat at sixth position in Forbes list of the best countries for business. This ranking is a reflection of Canada’s dynamic and foreign-investors friendly landscape!
Following its show of strength and economic resilience through its 2008 financial crisis, Canada has proven to be a force to reckon with and a worthy role model to other countries.
Canada’s banks occupy top positions on the list of strongest banks on the globe; their conservative lending policies and practices also contribute to the economic stability of the country.
With projections of steady growth in Canada by the Organisation for Economic Co-operation and Development (OECD), proactive business managers, executives, and entrepreneurs are moving fast to secure their spot in Canada’s expanding economy.
As Canada’s market continues to expand, exposure and endless opportunities will be open to investors in financial services, digital media, renewable energy, and lots more.
Starting Your Successful Business in Canada.
If you are looking to expand or start up your business in Canada, there is a need to acquaint yourself with the culture, demography, and economic dynamics of the country.
Unlike other countries, the process of starting your business in Canada is simple and straightforward.
However, you must first review the requirements and ensure that you get your business immigration and relevant documentation right and polished to acceptable (industry or trade) standards.
Canada is indeed open to foreign investors and businesses. However, if you are not informed about policies and regulations for operating a business in Canada, you will find your journey very tiring and daunting.
It’s best and often advised that you engage the services of a professional and resident
Canada immigration expert to advise and guide you to make informed decisions and also avoid bottlenecks.
Business Immigration with CanadaCIS.
CanadaCIS is a first class business immigration company you can entrust with filing and processing your business immigration to Canada.
You will find CanadaCIS Immigration Services reliable and competent to deliver on your business immigration needs, including immigration services for entrepreneurs, overseas investors, businesses, employers, highly skilled, and valued workers.
Let’s review their areas of expertise. You will get an expert to advice on:
- Start-Up Visa Program
- Investor Visa
- Entrepreneur Visa
- Business Visitor Visa
- Self-Employed Program
- Business Planning
- Sponsorship License Applications
- Advice on Recruiting
- Avoiding Illegal Work and lots more.
What Makes Canada An Attractive Investment/Business Destination?
Successfully starting a business in Canada is a milestone for business owners who understand the amazing opportunities that await them. Like we mentioned earlier, Canada is a haven for foreign businesses and investments – and the same can be said for local businesses!
There are limited risks and red tapes to worry about. Rest assured that your business is located in a strategic and favorable business climate. You can go to sleep with both eyes closed with assurances that you will get the highest returns on your investments.
Here are some benefits of starting your business in Canada; hopefully, they will paint a clearer picture as to why you should take your business idea to Canada!
1. Profitable Market.
Holding the record as the second-largest country in the world, Canada offers a huge population of over 37 Million. It also has one of the lowest population densities in the world, with about four people per square kilometers.
This seemingly low population allows for its impressive regulation and control over business security and economic investments.
The influx of multinationals and world-renowned businesses gives you access to establish profitable business connections and explore more opportunities.
Interestingly, significant parts of Canadian investments are located close to the U.S. border. This factor is responsible for Canada exporting at least 72% of its goods to the U.S., while Europe, China, and Japan take 7%, 4%, and 2%, respectively.
Other fascinating benefits of doing business in Canada include low-interest rates, low inflation, improving unemployment rate, strong capitalization, stable financial institutions, and conservative practices that favor virtually all businesses.
Doing business in Canada has been made even easier and flexible thanks to the North American Trade Agreement (NAFTA), which gives you unhindered access to the entire North American market.
2. Low Cost of Doing Business.
The cost of starting a business in Canada is 5% lower than what it will cost in the U.S. This was revealed in the results of a comprehensive 10-month study of international business costs by KPMG.
The study, which comprises 11 countries in North America, Europe, and Asia-Pacific, also showed that Canada’s business costs are the second-lowest recorded in the survey.
These are facts and figures attesting to Canada’s illustrious market and economy. Still, under this heading, Canada was also recognized by Forbes as the best country for doing business in 2012.
To date, Canada still maintains its reign as one of the most profitable places to do business in the world, regardless of whether you are an international business or foreign direct investor.
Other competitive advantages of starting your business in Canada include:
1. Canada’s Highly Skilled and Educated Workforce.
Canada has some of the brightest minds from around the world, working at various levels and sectors of the economy to build a profitable and sustainable business environment.
2. Canada’s Industry Strengths.
Canada also boasts of strong industries that are globally recognized for their advanced knowledge and applications of modern technology. Canada is at the forefront of cutting-edge technology in major industries such as fiber optics, aerospace, and biopharmaceuticals.
You will also meet Canada’s strong presence in innovation-driven fields such as medical devices, digital gaming, and agri-food.
3. Strategic Location.
Starting a business in Canada serves as an avenue to expand your reach to both North America and the enterprising Asia markets!
4. Canada’s Warm and Receptive Lifestyle.
Beyond business, Canada offers a diverse culture that accommodates people from different cultural backgrounds. From the positive reviews of successful immigrants you will see: the warm reception of Canadians makes it an ideal location to work, live, and even raise a family.
These are just some of the alluring benefits of starting a business in Canada. Canada also encourages cutting-edge research and welcomes innovative thinking.
Their show of encouragement to foreign investors and businesses can be seen in its supportive policies, protection of intellectual property rights, transparent government practices, providing level ground for healthy competition, and openness to high-skill immigration.
Business Opportunities in Canada’s Luxury Market.
Beyond business, Canada also offers a wide variety of luxury lifestyles and warm hospitality.
From its exotic hotels to its astonishing resorts and beautiful outdoors, tourists and residents never run out of fun ideas for their leisure time.
While others settle for all the fun, you can turn this luxury market into a money-spinner. Canada’s increasing population of wealthy residents opens opportunities for investors and businesses in luxury goods and services.
Between 2016 and 2017, Canada recorded a remarkable 15% increase in the number of its Canada-based Ultra-High Net-Worth Individuals’ (UHNWI). These UHNWI represent the class of individuals whose assets are valued at $30 Million and above.
The numbers of Canadian billionaires are also forecasted to increase steadily from 40 to 60 by 2026 – this makes Canada’s luxury market a profitable investment.
Starting a business in high-class jewelry, watches, luxury cars, fashion boutiques, and bridal salons, among others, is an excellent business choice, and you stand a better chance of benefiting from the increase of this population segment.
Canada’s Tourism Boom.
Another aspect of Canada’s economy that makes luxury goods and services a great deal is its increased tourism – thanks to Canada’s political stability.
With visitors spending up to $8 billion on economic activities such as tourism, investing tourism and hospitality is sure to wheel-in large amounts of money!
Upscale brands such as French fashion houses Chanel, Hermès, and the renowned Swiss watchmaker Richard Mille and other major luxury outlets have taken the lead and opened flagship stores in Canada’s notable cities – including Toronto and Vancouver.
Put on your thinking hat and start working towards earning your fair share of Canada’s bubbling economy. While at it, it’s best if you leave every aspect of your business immigration to CanadaCIS; this will help you focus on other essential aspects of establishing your business.