The 5 Benefits Of Doing Business In Canada

There are a lot of challenges an entrepreneur faces in the business. Securing enough capital is one. And finding the right people to partner with is another big one. But, one of the biggest challenges that not many people think about is where to start a business.

Some places are better than others when it comes to favorable conditions to make sure that you aren’t held back when starting up. There are taxes to consider. And even burdensome regulations that can put the brakes on your idea very quickly. Then, going back to the idea about capital, some places are ready to help a startup get financing where others don’t.

This is why Canada should be on the radar of every budding entrepreneur. In this article, I will go over the reasons Canada is very business-friendly and you should consider it when looking where to base your next business.

Benefits of doing business in Canada - Top 5

Here are some of the top benefits of doing business in Canada-

1 - Very tech-friendly

Your business idea may not be in the software field or even really anything to do with technology. Yet, the tech-friendly atmosphere is a big benefit no matter what type of business you are trying to launch.

All business these days needs to be connected in some way to technology. Whether it is to analyze data to drive more revenue or to keep your system and workflow streamlined and efficient, you will find the right environment to integrate easily because Canada being a hub of tech.

Many of the citizens there know how to buy bitcoin in Canada and are very savvy when it comes to using technology in their daily lives. This means that you are very close to the source when it comes to you collaborating with people that understand how the technology works.

This is also apparent in the talent pool that you’ll have available when you are looking for employees and partners.

2 - Big talent pool to draw from

Some of the best technical universities in the world are located in Canada. Among them are McGill in Montreal and the University of Toronto. There are more, of course, so there are some of the best talents to find outside Silicon Valley right on your doorstep. If your startup is tech-focused then this should weigh very highly in favor of moving to Canada.

Many Canadians are looking to stay put in Canada and the government wants to keep it that way. Students are given a lot of incentives to stay locally or at least within Canadian borders. So, you are not likely to have too many employees coming and going when they look for greener pastures.

Because of how many other technology-driven businesses there are all over Canada, there is not one area with a high concentration of grads with others barren. With the exception of the Maritimes which have a different economy that is less dependent on tech.

3 - Government incentives

The Canadian government is very determined to keep as many people working as possible. And they love to have a diversified economy. All this means that they provide a lot of financial incentives to businesses to set up there.

This isn’t free money for a small to medium business in the strict sense of the word, but at the same time, many grants do not need to be paid back. This is to say that these incentives come with strings attached. This is not a bad thing, however.

Many times a business has to put up their own money first to be matched by government grants with the promise that the money is invested. First and foremost they want to see the money invested in human capital, ie workers.

Job creation is very much expected from the government. After all, they have provided an excellent education to their citizens and hope that they stay when they finish their studies.

There is plenty of money to go around, however as long as you are in the right category and are willing to also put your own money upfront. This is great for an entrepreneur to understand that the government has their back and wants them to succeed.

4 - Diverse and progressive

Canada is one of the most diverse countries in the world with many languages and cultures represented. This is a factor that will help you stay competitive as many studies have shown that a diverse workplace aids in keeping fresh ideas flowing.

When you have a lot of different approaches things don’t get stale at all. New ideas are always being presented and people are more willing to hear what others have to say rather than digging in with their own position.

As a progressive country, you can be assured that they are always at the forefront of what is to come. They are forward-looking so there is an energy of innovation that comes with that.

This progressive mentality also helps keep your costs down since healthcare is provided through taxes and not by being tied to work. Of course, you can offer private healthcare as an extra incentive to attract top talent, but you are not required to provide health insurance which can dramatically keep your costs down.

5 - Quality of life

Beyond the perfect conditions to start a business, you will be rewarded with a very high quality of life for yourself and your employees. The atmosphere in Canada is very laid back even while staying very productive.

Mainly it’s because the citizens there feel like they are taken care of and don’t have to worry about their health or the state of the country. It is very stable and the infrastructure is modern and works well. These things may not seem directly tied to the quality of life, but they create an atmosphere in which people are not worried so they can live their best life.

Conclusion

If you are not happy with what you have been finding when researching where to set up your business then hopefully this article helped open your eyes to the possibilities that Canada will afford you.

Yes, it’s cold, but your business will keep you busy enough to not even notice!