Why Canada is Great for Business
Canada is one of the most sought-after countries to immigrate to, especially for those wishing to conduct business in, or expand their already existing business to Canada.
Going as far back as 2012, Canada has always been regarded as one of the finest countries to conduct business in. The Forbes Magazine awarded Canada an accolade on the same. Leading up to 2021, Canada has been topping surveys consistently while also reaching the tops of lists of studies examining social indicators.
But, what is it that makes Canada this great? Is it their stable economy, or the fact that Canada is historically known for being such a welcoming nation, being open minded in bettering their country while integrating multitudes of cultures and races into their already diverse society?
Lower corporate taxes
One of the primary reasons business owners from around the world look towards Canada for setting up new roots for their businesses is due to high corporate taxes in their own native countries. In a country like the U.S., the corporate tax as of 2019 was sitting at a painful 21%.
As of 2019, Canada, in stark contrast to their neighbor, had one of the lowest corporate taxes in the world, sitting at 15%. As Canada continues to encourage economic growth and enable businessmen and businesswomen from around the world to set new roots for their businesses in their country, they constantly monitor and adjust the taxes to maintain new businesses with open arms.
As a point of reference to note how quickly this corporate tax moved down the scale, it was sitting at 18% in 2010.
Canada is connected
Canada is the second largest country in the world, connected by three oceans, covering 9,970,610 square km (3,849,650 square miles), and traversing six time zones.
Ports are an important part of any country, offering trade routes and enabling supply chains. Canada happens to have 550 ports, making it an incredibly important part of Canada’s economic structure. Business owners dealing in imports and exports will be at ease knowing Canada is truly connected to the entire world through the oceans.
As ports play an important role in businesses, so do airports, of which Canada happens to have 18. The Toronto International Airport happens to be one of the busiest in Canada and plays into their successful economy, once again cementing the needs and wants of a business owner hoping to set up a base in beautiful Canada.
Unyielding and stable economy
Canada has time and time again topped the rankings with Forbes, most notably in 2011 when they were ranked at #1 in Forbes’ Best Countries For Business list. Trade freedom, investor protection, low corruption, minimal red tape and low corporate tax rates all played an important role in Canada achieving this particular accolade.
With many countries around the world suffering major setbacks from the financial crisis which began in 2018, Canada’s ranking in 2011 is made all the more significant and impressive. During the span of 2005 and 2014, Canada’s banks emerged as some of the strongest in the world, mainly attributed to their conservative lending practices.
The Organisation for Economic Co-operation and Development (OECD) has continued to project steady growth for Canada from then till now, and Canada has continued to hold true to their path of success, making it an optimum destination for business owners.
Additionally, Canada continues to be a fantastic testing ground for businesses involved in the fields of financial services, digital media and renewable energy.
Canada is a treasure trove of highly skilled individuals
Canada is an excellent point of business due to the country having a large pool of highly skilled individuals. For business owners looking to hire in-country employees, Canada ranks second for highest share of 25-34 year-olds (61%) with tertiary education, and first in terms of foreign-born adults with a tertiary degree (65%).
Nearly 45% of the country’s people happen to be between the ages of 25 and 54, according to the Canadian Council for Social Development.
Equality and Multiculturalism
Constantly ranking high among the Group Seven (G7), Canada is an impressive country, in both size and power. Canada’s system ensures equal possibilities for individuals, whether native or migrant.
With an industry that grows greater with every passing year, Canada’s Skilled Workers Program helps skilled workers to live and work in Canada with relative ease, while a Business Visa via straightforward process allows business owners from around the world to find a new home for their businesses in Canada too. With over 200 languages spoken, Canada ranks as one of the most ethnically diverse nations in the world, welcoming people from around the globe to its shores.
It is absolutely a foregone conclusion that Canada is undoubtedly one of the finest countries for ambitious and enterprising business owners to set up shop in.
With its friendly and welcoming environment, coupled with a dynamic and stable economy, and fast growth opportunities, business owners would be hard pressed to find a finer nation to root their business in.
If your sights are set on expanding your business across the oceans to incredible Canada, Ann Arbour Consultants stand ready to assist you in taking your business to greater heights, towards Canada.
Ready when you are.
Ann Arbour, its owners, directors or associated do not take responsibility for information contained in this article or for any reliance of this information by any person reading the contents of this article.