By: Adam Groff
You don’t have to be from the Great White North to start a small business there. Every day more and more people are crossing the Canadian border to launch their businesses. So, what’s the draw and which types of businesses are making the move?
A Stable Economy
When compared to the U.S. and other similar markets, Canada’s economy is in much better shape. As with anything economics related, the reason Maple Leaf country is faring so well in these rough economic times boils down to one thing: spending. Due to the fact Canada’s neighbor to the south is also one of the largest importers of Canadian goods, the Canadian market basically has a built in investor. Add to that its unending supply of natural resources like oil, non-existent military expenses, and a market that’s based on supply and demand and Canada makes a great fit for any small business trying to get on its feet.
There are a few key factors that set Canada apart from the rest when it comes to business startups. Not only is Canada one of the safest countries to live in, its banking systems are some of the most secure in the world too. Additionally, thanks to its prime location, Canada also acts as a middleman between the U.S. and other markets such as Asia. This means the Canadian marketplace is always alive and flourishing, which is just what any small business needs. Because of all of the economic action, Canada has a workforce that meets the need. According to the Organization of Economic Development, Canada has one of the most educated populations in the world resulting in a workforce with advanced skills.
The Canadian government makes setting up a business a breeze with low business costs, great incentives, and speedy licensing. In addition, Canada realizes immigration is an economy driving force, so they have taken a “the more the merrier” immigration approach. To keep inline with its welcoming immigration policy, Canada offers startup visas for certain businesses. This alleviates some of the complications involved with transitioning a business to the Canadian market. if it’s anything technical, Canada wants to help. Businesses that specialize in innovation, research and development, and IT receive particular benefits when moving to Canada like government rebates and attractive tax incentives.
Which Businesses Are Thriving?
All this talk about businesses thriving due to the Northern Exposure makes you wonder what kinds of businesses are making the journey. As stated before, more and more tech companies, online reputation management services, and web startups are Canada bound. Likewise, fast food franchises, collection agencies, and accounting companies find Canada beneficial to their small businesses. Canada also offers home-based businesses the same benefits as standalone ones; home business owners can flourish from the comfort of their own homes without the huge initial investment of an office suite. From a solid economy to virtually risk-free investing, the benefits of moving a small business to Canada are hard to ignore. So, fly north and see where it takes your small business.
About the Author: Adam Groff is a freelance writer and creator of quality content. He writes on a variety of topics including online reputation management services, personal health, and how to make startups start working.