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.