Entrepreneurship: 5 Benefits of Doing Business in Canada
As an entrepreneur, Canada is a very good country to establish or carry out your business. This observation is due to the location of Canada being an advantage, plus its availability of abundant resources such as oil/gas and timber. Data from allreviews show that many international companies have opened their branches in Canada. The Canadian government encourages entrepreneurship by bringing down production and electricity costs. These are some of the benefits entrepreneurs get by doing business in Canada:
- An Excellent Business Environment
Canada has a beneficial business environment, so it is ranked as one of the easiest places to establish a business. It is very easy in Canada to get government loans and grants, funding opportunities for startups.
Canada also has supportive credit companies; see credit companies reviews for more information. There is an easy lending practice in the country, making it easy for firms and businesses to get support in financial difficulties.
- Canada’s Economy is Stable
Because of the trade freedom, minimal corruption, low corporate tax, and investor protection, the economy of Canada is very stable as they make the top ten in Forbes list of countries with a very stable economy.
Because of this economic stability, many businesses have been attracted to expand their business to Canada. Even during the financial crisis, which started in 2008, Canada’s economic growth was still impressive. This stability is also because of their easy lending practice.
- Skilled Workforce
Canada has a good number of excellent universities and vocational training institutes, leading to the availability of skilled workers. About 45% of people in Canada are 18-54 years old, and 65% of people above 18 years have a tertiary degree; this is why there are many talented people available to be hired in Canada.
Their friendly immigration process is also another factor that increases the availability of skilled workers in Canada. Establishing your business in Canada gives you access to skilled professionals to hire as employees. It also makes on-demand staffing easy because of the absence of restrictive labor protections.
- Auspicious Income Taxes
In most countries, companies not even based there have to pay heavy income taxes according to their profits. But in Canada, everything is different; companies that don’t have a permanent establishment in the country don’t pay income taxes. By seeking the services of a reputable legal consultancy, a business can be sure that it doesn’t break the PE policy.
- Top-Notch International Connections
Canada has a strong commercial connection by sharing borders with the United States. Three oceans bind the country, and it has over 500 ports, making it easier to import and export products between countries.
These connections are beneficial for businesses that rely on import/export or sell physical products as it provides links and gateways that take a product to the market.
Conclusion
If your business wants to open branches internationally, Canada is an ideal place to do business. This observation is due to its conducive business environment, skilled workforce, strong international connections, economic growth and stability, and encouraging income tax rate.