The Great White North offers the best maple syrup and ice hockey, but that’s not it. Thanks to the robust start-up ecosystem, Canada is now also known for its reputation in welcoming immigrants. According to the Global Start-up Ecosystem Index Report 2021, Canada is one of the top 10 business-friendly countries globally. No wonder it is the top preference for many Indians that are looking to settle abroad for higher studies or employment purposes. Indians also seem to love the fact that Canada is pollution-free, safe for females, and offers an elevated lifestyle.
Here’s why Canada is a lucrative destination for entrepreneurs who are looking to launch their own venture soon:
- Excellent Business Opportunities
Canada has the perfect ingredients for brewing a start-up business. In fact, outside of Silicon Valley, Waterloo has the highest number of start-ups in the world. Canada offers many advantages to entrepreneurs like economic freedom, low business setup costs, good government funding, amazing talent, and easy access to the US market. This inspires many foreign business people to immigrate to Canada.
- Highly Developed Economy
You don’t have to worry about a business shutdown because of Canada’s stable and fast-growing economy due to its lower tax rates, trade freedom, and well-managed bureaucracy. Today, Canada is the world’s ninth-largest economy with a GDP of 1.88 trillion dollars, making it highly favourable to run a business.
- High Standard of Living
Canada is one of the most developed countries in the world with modern cities, a clean environment, and desirable quality of life. It scores high on Better Life Index, where it ranks above the average in housing, well-being, health status, social connections, work-life balance, jobs, and earnings.
- Start-up Visa Programme
Canada’s Start-up Visa Programme gives qualified immigrant entrepreneurs permanent residency (PR). Immigrant entrepreneurs must demonstrate that their business is innovative, create new jobs for Canadians, and compete on a global scale.
According to the eligibility requirements for the Start-up Visa Programme, you must:
- Have a qualifying business
- Have a letter of support from a designated organization
- Meet the language requirements
- Have enough money to live in Canada before you start making money from your business
- No Previous Management Experience Required
No prior business or top-level management experience? No problem. Canada is open to letting you start a business in their country as long as you have a viable start-up business project. The Start-up Visa Programme offers quick access to the initial work permit followed by a permanent residency. Once a letter of support from a government-designated entity is received, the application for PR can be submitted.
- Lower Corporate Taxes
Canada maintains one of the lowest corporate tax rates, making it extremely appealing for a foreign investor or entrepreneur. As per KPMG, Canada’s general corporate tax rate today is 28% vs. 40% in the US and 32.4% in India. Thus, starting a business in Canada means increased profitability and success.
- Social Similarities to the US
If you want to expand your business to the neighbouring countries, it is vital to understand their social customs. Fortunately, Canada is very close to the US regarding social standards, with very few exceptions like Quebec, where French is the common language.
- Rich In Equality and Cultures
Canada welcomes and respects immigrants from various cultures and ethnicity. So much that they even celebrate Canadian Multiculturism Day on June 27 every year. Whether you are a native or an immigrant, this beautiful country offers equal prospects for all individuals. This is shown in Canada’s Skilled Worker Programme and Start-up Visa Programme for immigrants.
- The Right Business Tools
The Start-up Assessment is a tool developed by CanadaStartups.org to help entrepreneurs determine whether they are ready to become business owners and how to go about launching their very own venture. Other tools like BizPaLallow start-ups to search for permits and licenses when starting their business. Salesforce is a business tool with which companies can grow their sales, improve customer service and marketing solutions.
Canada has become the latest hot spot for immigrants looking to start a business. Cities like Vancouver, Kitchener, and Toronto provide excellent start-up support to budding entrepreneurs: growth, funding, performance, and exit values. Canada has quietly become the powerhouse of start-ups, and it is a great time for immigrants to launch their venture in Canada.