Starting a business in Canada
Starting a business in Canada
Many advantage and disadvantage of starting a business in Canada for non residents are discussed step by step. Canada is one of those countries where any sort of investments would seem like a wise idea. And it’s no surprise to see why foreign investors, both individual and organizations are looking for opportunities to set up businesses in Canada. The economy is quite stable, the government is helpful, the people are extremely friendly and its geographical position as well. In short there are multiple reasons and advantages of setting up a business in Canada. Listed below are some of those advantages.
- Banking stability: One of the most common problems foreign investor face while starting a business in Canada a different country is financial issue. This usually happens with the local’s banks and their different policies. It becomes hard to get business loans for foreigners, or even open up business accounts, often having to follow a lot of complex procedures. In Canada, however, the banks are your biggest allies when doing business. One could say that you can “bank on your banks” to ensure your business runs smoothly. According to the World’s Economic Forum, the banking system of Canada is the world’s soundest. It makes banking simpler and allows foreign investors to take any sort of financial help to set up a new business.
- Geographic location: While the banking system of Canada is top notch, the geographic location of the country itself is quite perfect too. Setting up a business in Canada will give the company easy access to two of the largest markets in the world in the form of USA and Asia. This means trading and exporting your products and services will be at an all time high. There will not be a shortage of consumers for as long as the products are great. Furthermore, it also allows the company to have room for expansion and grow into something bigger than what it initially will be.
- Seed Capital: Investing in Canada is the best idea for small businesses because there is an abundance of seed capital available in the country. While a foreign investor is expected to have sufficient amount of capital to get the business started, sometimes there can be a lot of extra cost when starting something from the scratch. This is one area where Canada is miles ahead of other countries. More and more new start ups are being set up, both by domestic and foreign entrepreneurs. And thanks to the availability of seed capital, money isn’t an issue and the businesses can focus on setting up the perfect business.
- Highly skilled work force: No matter how big or small the business is, it won’t be productive unless the employees are skilled and well educated. Canada can boast one of the most highly skilled work forces in the entire continent as well as around the whole world. There are a number of fantastic fresh graduates coming out of the University o Waterloo and University of Toronto every year. These talented workers are frequently courted by big named companies such as Google, Microsoft and so on. Finding skilled workers won’t be an issue in Canada. It is up to the entrepreneur to utilize them properly so that their businesses can flourish better.
- Industry Strengths: Every country has their advantages when it comes to the world of business. Similarly, in Canada, if you are fortunate enough to invest in industries such as fiber optics, bio pharmaceuticals or aerospace then you are getting into the world leaders in these fields. Canada is well known for producing top notch products in these categories along with medical devices, digital gaming and agricultural food. This essentially means that getting into such businesses will ensure you face severe competition but at the same time your business will flourish because you are by default entering a well reputed industry for Canada.
- Low cost of living– Living costs often become a huge hassle for foreign investors setting up businesses in a new country. Many times, the living cost alone discourages potential investors from making any move. In the case of Canada, this isn’t an issue, rather a strong advantage. The cost of living in Canada is significantly lower than let’s say in the United States or any other European countries. Also, considering the number of technically talented workers available here, it’s a blessing for foreign investors to be able to utilize the workers, and the business opportunities while at the same time losing very little money on living expenses.
- Canada’s lifestyle: As a country, Canada may just be the perfect place to live in. The people are warm and welcoming, there is very little political instability, it is clean, and it is safe and secured and happens to be a wonderful place to raise a family as well. So foreign investors who are looking to starting a business in Canada can actually seize this opportunity to create a life here and run their business without the worries of having to go back to home to their families. More information, company registration in Canada as non residents.