Thanks to its robust business ecosystem, Canada is fast becoming a preferred destination for investors, budding entrepreneurs, and businesses from India and across the globe. Canada is fast becoming known for its reputation for welcoming immigrants. Canada is among the top 10 business-friendly countries globally, according to the Global Start-up Ecosystem 2021. This article shows why Canada is a preferred choice for entrepreneurs and how one can obtain a Canadian Entrepreneur Visa to pursue his business in Canada.
Why is Canada a Hotspot for Entrepreneurs?
In recent years, Canada has become a thriving hotspot for entrepreneurs and businessmen who seek lucrative opportunities in the Canadian market. There are several reasons individuals choose to establish and grow their business in Canada. Firstly, the Canadian government highly encourages the establishment of new corporations and enterprises.
Canada has a diverse, eclectic population where people of various communities and cultures co-exist. This melting pot drives consumers from multiple backgrounds to look for different products and services, opening up innumerable business opportunities for entrepreneurs.
The Canadian government offers several visa programs such as the Canada startup visa program, the Company transfer program, and the Canadian Entrepreneur Visa to assist budding entrepreneurs in obtaining special visas and setting up businesses in Canada. Canada has been named the fourth most influential startup centre globally due to the boost in the number of retail stores and ecommerce businesses.
Advantages in Canada for Entrepreneurship
Low Corporate Taxes
Canada maintains one of the lowest rates of corporate taxes globally, making it very attractive for foreign entrepreneurs and investors. According to KPMG, Canada’s general corporate tax is 28% compared to 32.4% in the US and 40% in India. High corporate in their native countries can hinder their chances of profit leading them to choose Canada for their business ventures.
There is no fear of a business shutdown in Canada due to its stable and fast-growing economy, free trade policies and well-managed bureaucracy. Currently, Canada, the world’s 9th largest economy, has a GDP of 1.88 trillion dollars, making it very favourable to begin a business. The country can also rapidly recover from any economic crisis due to the quick intervention of banks and simple lending practices.
Connection to the US
It is essential for you to get familiar with the social customs of a country before you decide to begin a business there. Without expert guidance, you may face obstacles while starting a new business in Canada. Fortunately, Canada is very similar to the US in social norms, making it easy for new entrepreneurs.
Canada is bounded by 3 oceans and covers 6 time zones. It has 550 ports that form the crucial supply chain to carry the goods to the market, making them essential for Canada’s financial system. There are 18 airports in the country that are also a crucial component of international business.
Canada has almost all of the ethnic groups in the world. It is one of the most ethnically diverse countries globally, with multilingual societies and 200 languages spoken. Canada’s immigration is getting bigger by the day with their Skilled Workers Program, Startup Visa Program and Canadian Business Visa Programs. These allow skilled migrants to live and earn or start their dream business in Canada.
Canadian Visa Programs
Canada’s Startup Visa Program gives opportunities for capable immigrant entrepreneurs to demonstrate their business acumen, innovate and compete on a global scale. To be eligible for this visa, the immigrants must have a qualifying business, supporting letter, meet language requirements, and have enough finances to live in Canada.
The Canadian government also offers the Canadian Entrepreneur Visa and Canadian Business Visa to enable skilled individuals to pursue their entrepreneurship capabilities.
High Standard of Living
Canada is one of the most developed countries in the world and has modern cities with a clean environment. As a result, the country offers a desirable and satisfactory life to its citizens with excellent infrastructure. Ranking high on the Better Life Index, Canada ranks above average in health, housing, well-being, social life and jobs.
Vast Business Opportunities
Canada offers the perfect platform for setting up a startup business. It offers many advantages to new entrepreneurs, such as low set-up costs, economic freedom, government funding, skilled talent, and access to the US job market. Canada startup visa program is attractive to individuals from around the world, including from India .
Canada is a great place to live, work and succeed in life. Families can benefit from a high standard of living, and businesses can thrive and prosper. These reasons have made Canada one of the top choices for immigrant businessmen. Canadian cities offer complete support to budding entrepreneurs in terms of funding, growth, and performance. Canada has become a powerhouse of entrepreneurship talent, and it is the right time for immigrants to launch their new ventures in Canada.