Top 10 Reasons To Expand Your Business In Canada
If you are keen on expanding your business, Canada is undoubtedly among the best options. Indeed, if we start listing reasons to do business in Canada, it will take quite a while. There’s a reason that Canada was named the second-best country in the world in 2020. Not only that, but it also ranked highly in the business-friendliness category.
You won’t have to look far to learn how to expand business in Canada. Their openness to business, transparent government, low levels of bureaucracy, and entrepreneurship all work in favor of the business world.
Of course, expanding your business in any country can be a challenge. You have to weigh all the pros and cons. Before you start strategizing how to expand business in Canada, find out what the country has that can benefit your endeavor.
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👩🏿💻 One Of The Fastest-Growing Tech-Hubs
Do you know that Toronto is the fourth largest technology hub in North America? And how could this major city not be a key player in the industry when the Canadian government is keen to leverage the tech market.
Canada offers incentives, funding, and similar other options to technology companies. You won’t find yourself short of options if you have a technology company and want to know how to expand business in the country.
Not convinced yet? Here are some things you should take note of:
The City of Toronto alone has as many as 5200 startups and 15000 technology companies. They range from artificial intelligence to cyber security and blockchain, here, you will find it all.
Additionally, Toronto has world-class universities and colleges offering many technology and business-related courses. Hence, it’s not really surprising that you will find an incredible technology talent pool in the city.
Canada invests in world-class universities and colleges offering many technology and business-related courses. Hence, it’s not really surprising that you will find an incredible technology talent pool in the country
📍 Strategic Geographical Location
One of the main reasons to do business in Canada is its location. It sits close to important economies that would be beneficial to any business. Chances are when you expand to Canada, you make it easier for people from other countries to access your services too. Here are some of the countries you can penetrate through Canada:
The country is the main gateway linking to the US. When you expand your business in Canada, you don’t only enter their market. You can also make your services accessible to prospective customers in the US.
Canada is also connected to the US socially. When you expand your business into another country, you cannot hope to do well until you recognize their social customs. This is one of the significant roadblocks to expansion. Luckily, Canada is pretty similar to the US.
Canada has a pretty strong economic bond with Mexico. The Canada-USA-Mexico Agreement (CUSMA), signed in July 2020, also strengthens the trade and economic ties of the countries.
Canada also has language and cultural familiarity with the UK. After all, both the countries are members of the commonwealth. In fact, the two countries have been involved in successful trading since forever. There’s quite a lot of similarity in the business culture of the UK and Canada too.
🛣️ Well-Connected
To ensure that you are well-prepared to apply for construction jobs, updating your resume and CV is important. Here are the crucial things you need to remember:
Wide Reach
Canada is the second-largest country on earth as it covers 9,970,610 square km. Not only will the resources be abundant but you’ll also reach multiple markets from neighboring countries.
Diversity
Canada is home to many culture since it fosters immigrants and promotes diversity. The country also traverses six time zones that could be beneficial depending on how you strategize.
Tons of Ports
Everyone knows the importance of ports in business. These ports are crucial for carrying goods to and from the market. Now, Canada is home to 550 ports and 18 airports!
™️ Beneficial Trade Agreements
Canada has signed trade agreements with many countries.
Some most prominent ones include CUSMA, the Comprehensive Economic and Trade Agreement (CETA) with the European Union, and the twelve-nation Trans-Pacific Partnership.
Trading from Canada is easier than ever, which makes it convenient and beneficial for business owners wanting to trade goods or services.
💵 Stable Economy And Financial System
The stable economic growth of Canada definitely works in favor of the business community. How can we forget that the country’s major banks managed to survive the 2008 global financial crisis?
And that hasn’t changed a bit. The economic outlook for the country still seems to be working in a positive direction.
📉 Low Corporate Tax Rates
The Canadian government is committed to increasing the economic growth of the country exponentially. Hence, it has also lowered corporate taxes to unprecedentedly low rates.
⬇️ Low Start-Up And Running Costs
Expanding your business in Canada will also be cost-effective since the cost of operations in the country is lower compared to the rest of the world. Indeed, studies have revealed that Canada has the second-lowest business costs worldwide! This is one of the most crucial reasons to expand your business in Canada if you are just starting out.
Additionally, the Canadian government has also made things easier for the business community in more ways than one. They offer many assistance programs, incentives, tax deductions, and so much more.
👩🎓 The Educated And Skilled Workforce
If you ask anyone how to expand business in Canada, the first thing they will recommend is to get a reliable workforce. When you venture into a new country, you have to build a team that will not let you down. When in Canada, you will have access to the top talent pool!
According to studies, Canada ranks second in the world, wherein around 63% of its adult population possesses a degree.
In fact, the leading universities in Canada are recognized worldwide and attract professors and researchers from all over.
💰 Feasible For Foreign Investors
Canada has no difference in tax treatment for local and foreign investors. On top of that, the country has many financial programs for foreign investors. You can open structures at the territorial or even federal level. Hence, you can find many opportunities here.
Some of the financial programs and foreign investment policies offered by the Canadian Government are:
The program is designed to attract foreign investment and create jobs in communities across Canada. It also helps to diversify the Canadian economy and build strong relationships with other countries.
Additionally, the program offers a number of benefits to foreign investors, including tax incentives and fast-track citizenship for investors who make a significant investment in the Canadian economy.
The program helps businesses to market their products and services to potential customers in other countries. Additionally, it provides training and resources to help businesses succeed in international markets.
The program also helps businesses to connect with potential customers and partners in other countries.
©️ Intellectual Property Rights Protection
The protection of the intellectual property is a federal responsibility in Canada. Hence, you won’t have to do a lot. Simply submit your application, and the rest will be taken care of by the government.