Have you ever dreamed about starting your own business? Canada may be the best place to do it. Here’s why:
Doing Business in Canada
Canada’s 2012 accolade as one of Forbes Magazine’s best business locations in the world is well-justified, as the country has been consistently topping surveys as well as lists of studies examining several social indicators. The publication rated Canada 5th overall in the world for business and named it the top country in North America and the G-20, owing in part to the fact that Canada has among the lowest corporate tax rates in the world and one of the most stable banking systems. The country was able to successfully circumvent the financial crises that beleaguered the economies of the European Union and the United States and its banking system has been named as one of the soundest by the World Economic forum for the past 5 years.
However, Canada’s reputation for business extends far beyond its economic stability. Many of the country’s universities offer a world-class education at rates far more affordable than most privately-funded colleges in the United States. As a result, Canada is able to attract and retain a highly-skilled and highly-educated workforce. In 2012, more than 51 percent of Canada’s population were distinguished with at least one university, college, or technical school degree or diploma, allowing Canada to reign supreme as the most educated of 34 OECD countries. Finally, Canada also has the fourth-highest investment rate in education as a percentage of its GDP.
Statistics Canada recently revealed that Canadian poverty rates and crime rates are at a record low. Only 8.8% of the population are now living below the low-income cut-off, demonstrating that more and more Canadians are able to live within financially-stable means. As Statistics Canada’s Crime Severity Index has diminished by 28% over the last decade, the national crime rate stands at its lowest since 1972.
Business entrepreneurs should not take Canada’s strategic location for granted. The country shares the world’s longest unguarded border with the U.S., one of the world’s economic superpowers. With rail and road networks to major economic hubs and bustling international ports, Canada is a main gateway linking the vast North American market to thriving Asian economies.
If you have great ideas for a new business idea or invention Canada is perfect as its policies are extremely supportive of innovation. There is a low change of others stealing and exploiting your ideas due to effective protection of Intellectual Property rights. The Canadian government also has transparent procurement practices and favorable R&D tax cuts as other benefits for individuals looking to start their businesses in the country.
Start Your Business in Canada with CIC’s Start-Up Visa Program
Jason Kenney, former Minister of Citizenship, Immigration and Multiculturalism introduced the new Start-Up Visa during his time at Citizenship and Immigration Canada. Kenney traveled to the Silicon Valley this year to promote the visa program to foreign entrepreneurs who are experiencing difficulties with their immigration applications in the U.S. Many highly-skilled and motivated immigrants from China and India can experience wait times for years as a maximum of only 7% of green cards issued annually are granted to applicants from a single country, which puts a backlog on applications from the two nations that account for one-third of the world’s population. The program is a great way for Canada to attract business immigrants who will create new companies in the country and jobs for Canadians.
About the Authour
Sarah Mae Dalgleish is a content writer and marketing intern at FWCanada Immigration Law Firm in Montreal, Canada. Presently, she is studying International Business, French and Spanish at McGill University.