According to World Bank’s Ease of Doing Business Rank, Canada ranked the 2nd country in the world for starting a business (New Zealand took the 1st place if you're curious). Vancouver and Toronto always make the lists of the best cities for startups. So, what makes Canada so attractive for entrepreneurs?
Access to Governmental Funding
Canadian government encourages people to start a new business through providing a variety of grants, loans, and tax credits. You can find a financial support program “for every taste” - it can be regional, industry-specific or just general business support. For example, you can get up to 50% of a tax credit for your R&D investments with the help of SR&ED. This has attracted a number of tech geniuses to launch their startups in Canada.
Canada is famous for its variety of quality education programs, which attract "the best of the best". The University of Toronto was ranked 32nd in the list of over 700 the best universities in the world. So, there’s definitely no shortage of young talent that can help you grow your business.
Lower Bottom Line
The costs of operating a business in Canada are 2nd lowest among ten countries in North America, Europe, and Asia-Pacific and 15% lower than in the USA, according to a KPMG study. Also, you're getting an opportunity to work with one of the world's most stable banking systems, one of the world's freest economies and the most cost competitive mature market countries in the world.
Make sure, that your accounting system is fully prepared for your new business in Canada - try Microsoft Dynamics 365 for Financials for free.
Alina Hura, Digital Content Creator, WebSan Solutions Inc., a 2017 Canadian Business Award Winner