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Why Foreign Entrepreneurs Should Start a Business in Canada

3.5 minute read
"It is a relatively less known fact that Canada is ranked fourth in the world out of 197 countries for the strength of its startup business ecosystem. Canada is the best place for international entrepreneurs and investors who plan to start or acquire a business. Business Immigration to Canada is relatively simple compared to other developed countries."
Written by My Visa Source Team
Published on:  Jul 28, 2021
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It is a relatively less known fact that Canada is ranked fourth in the world out of 197 countries for the strength of its startup business ecosystem. Canada is the best place for international entrepreneurs and investors who plan to start or acquire a business. Business Immigration to Canada is relatively simple compared to other developed countries. 

Consider These Reasons Why You Should Start a Business in Canada

Tax Incentives from the Government 

Unlike other countries, the Canadian government provides various tax incentives to help new businesses bear certain costs and expenses. For example, the government offers the Scientific Research and Experimental Development (SRED) tax incentive program and the Industrial Tax and Research Program, among others for new businesses. Canada also offers one of the lowest corporate tax rates in the world. 

Abundance of Highly-Skilled Workers

Canada provides a highly skilled workforce. Around 62% of the population between the ages of 25-34 receive higher education in Canada, making them eligible for jobs at various levels. Canada also welcomes thousands of highly-skilled foreign workers every year. Therefore, recruiting skilled workers for your business will not be difficult. 

Stable Economy and Political Environment

According to Forbes Magazine, Canada is among the top 10 countries in the world to start a business. It provides a reasonably strong economy that reduces the risk factor for businesses. Even during the global pandemic starting in early 2020, the Canadian economy continued to grow at 6.5%. The main reasons for such a stable economy are believed to be freedom to conduct trade and low tax rates for businesses with a stable political system. 

Access to the North American Market 

Canada is part of the Canada-United States-Mexico Agreement (CUSMA). This agreement allows businesses to freely trade in the American and Latin American markets. Businesses can even hire US and Latin US employees. Businesses can enjoy operating in the largest free trade area in the world. 

Equality and Multiculturalism

Canada has one of the most ethnically diverse and multicultural societies in the world. It is the leading country in accepting immigrants. It provides an equal platform for foreign nationals to successfully make their life in Canada.

What Canadian Visa Programs Are Available for International Entrepreneurs?

Currently, Canada offers the Start-Up Visa Program for international entrepreneurs and investors looking to immigrate to Canada. Applicants will be required to meet the following criteria to be eligible:

  • Have a qualifying business

  • Have a letter of support from a designated organization

  • Have the support of one or more designated organizations for your business

  • Demonstrate language proficiency

  • Have sufficient financial resources

The Start-Up Visa Program even allows international entrepreneurs to obtain a temporary work permit in Canada to establish their business while they wait for their permanent residence application to be processed. The whole immigration process can take somewhere between 12 to 16 months.

What Are the Best Cities to Start a Business in Canada?

Toronto, Ontario: 

Toronto is the most preferred destination to start a business in Canada. Toronto is Canada’s hub for the financial, industrial, commercial, and tech industries. Situated in the province of Ontario, Toronto is a beacon for highly-skilled foreign workers. 

To set up a business in Toronto, you can try the Start-Up Visa program or you can apply for the provincial business programs offered by various provinces and territories’ PNP. The Ontario Immigrant Nominee Program (OINP) offers the Entrepreneur Stream for international entrepreneurs with a minimum net worth between $400,000 to $800,000.

Vancouver, British Columbia: 

The city of Vancouver, British Columbia is among the top favorites for international entrepreneurs to start their business. Vancouver is known as the most livable city in North America and hosts an ethnically diverse community. It is a well-connected international city that offers many opportunities for new businesses to develop and grow.

If you are planning to immigrate to Vancouver through provincial nomination, then you can try one of the following business immigration streams offered by the British Columbia Provincial Nominee Program (BC PNP):

Edmonton, Alberta: 

Edmonton is also an excellent place to start your business as it is a hub for the oil industry. It is the best place to start small business endeavors. The Alberta Immigrant Nominee Program (AINP) offers the three business immigration streams for foreign entrepreneurs and investors:

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