Canada is one of the best places in the world to start a new business, and it attracts many entrepreneurs from across the globe each year. What makes Canada such an attractive place for those who want to start businesses? Why should you start a business in Canada instead of another entrepreneur-friendly nation? To answer these questions, it is important to consider the many benefits that new entrepreneurs in Canada experience when relocating to the “True North.”
Benefit Number One: Living in Canada is Amazing
Let’s start with the obvious: Canada is simply a nice place to live. Regardless of which city you choose, you can expect relatively low crime rates, stunning wildlife, and plenty of opportunities for outdoor activities. Canada is widely considered to be one of the best places to live in the world.
In particular, Vancouver regularly earns a top ranking whenever people discuss the best cities on the planet. This city might have a relatively high cost of living, but the standard of living is also extremely high. Vancouver also offers a relatively warm climate year-round – unlike almost every other Canadian city. Finally, some of the best ski resorts are a short drive away from Vancouver – making it an obvious choice for anyone who is interested in snow sports.
Finally, Canada has several strong social systems in place that support its residents. Perhaps the most notable is socialized health care, which ensures that you will not have to pay for the vast majority of your medical care after moving to Canada.
Benefit Number Two: Strong Incentives for Entrepreneurship
New entrepreneurs can also take full advantage of various federal and provincial programs that incentivize entrepreneurship. These programs often target specific, in-demand fields. If your business happens to fall within one of these fields, you can expect an extremely easy and streamlined immigration process.
The most obvious programs are the Provincial Nominee Programs, also known simply as “PNP.” There are 10 provinces and three territories in Canada – each of which (except for Nunavut and Quebec) has its own unique business needs and goals. Each province attracts new entrepreneurs in specific fields with its Provincial Nominee Programs.
If you start a new business in Canada that falls into PNP parameters, you can expect several benefits. The most obvious is “express entry,” a system that pushes your immigration application to the front of the line so you can start your new business as quickly as possible.
For example, British Columbia (which contains the City of Vancouver) prioritizes several sectors, including:
Benefit Number Three: Equal Opportunities for Rural and City Businesses
Like many other provinces, British Columbia also has an Entrepreneur Immigration Regional Pilot Program. This program specifically encourages and attracts entrepreneurs who want to start businesses in rural, underserved communities throughout the province. If you dream of starting a new life in a rural community far away from the “big city,” this program is for you.
This is a common theme throughout Canada’s other provinces, and it gives entrepreneurs even more freedom when creating new businesses in the True North. In Canada, you don’t have to stay in a big city in order to create a successful new business. In fact, you will enjoy unique opportunities and advantages if you start a business in a more rural area.
These rural areas are some of the most beautiful places to live on the planet. Close to virtually untouched wilderness, they are perfect for anyone who likes hiking, fishing, hunting, and connecting with the great outdoors. The Regional Pilot program is also ideal for entrepreneurs who want to get away from crowded cities and pursue a simpler, calmer life for themselves and their families.
Benefit Number Four: Low Corporate Tax Rates
Although it might be overshadowed by other tax-friendly nations like Luxembourg or the Cayman Islands, Canada is one of the best places to do business. Its low corporate tax rates are extremely competitive, and there are many opportunities to explore tax planning strategies that are not possible in other countries.
In fact, Canada is so tax-friendly that it is encountering slight controversy among its own citizens. Even the major banks of Canada pay very little taxes in this nation, and they take advantage of all kinds of tax planning strategies to keep their financial obligations at a bare minimum. Potential strategies include corporate loan schemes, limited partnerships (LPs), and much more.
Canada also has an income tax treaty with the United States, which presents numerous advantages. It is no secret that the United States is home to the largest group of consumers on the planet. If you create a business in Canada, these consumers will be right on your doorstep. Canada and the United States are two of the closest trading partners in the world, and both countries encourage this friendly trade in a number of different ways.
Benefit Number Five: Immigration Is Easy
Many entrepreneurs have discovered that it is much easier to emigrate to Canada compared to the United States. Both nations are very similar, with almost identical standards of living, cultures, and business opportunities. The current government is also accepting more immigrants than at any other time in history – but this might not last forever. Upcoming elections could drastically change Canada’s immigration policy, so it is best to act quickly if you plan to move to the True North.
Work with a Canada Business Immigration Lawyer Today
If these benefits have convinced you that Canada is the best place in the world to start a new business, it is time to get started with an effective immigration plan. To discuss your next steps, consult with an immigration lawyer in Canada. Choose Ackah Law to take your first steps toward a new business career in Canada. We have offices in Canada’s major urban centers, including Toronto, Vancouver, and Calgary. No matter what kind of business you dream of creating in Canada, we can help make it a reality. Book your consultation today to get started with a personalized immigration plan – and take full advantage of the many benefits offered to new Canadian entrepreneurs.