Canada has been making strides in attracting top-quality entrepreneurs from all over the world to launch businesses through their dedicated Startup Visa Program. Canada is often overlooked but offers an easier option for entrepreneurs looking to scale their business globally when compared to expanding into the US directly.
Why Canada is a Great Place to Do Business
Canada has made it easier for immigrant entrepreneurs to relocate and scale their companies globally. It offers a seamless immigration process, which is not only limited to younger entrepreneurs. Unlike many other countries, Canada does not impose any age limits or additional challenges for entrepreneurs over the age of 35.
Another advantage of operating as a Canadian company in the US is that it’s far easier than operating as an international entity. With the Canada-United States-Mexico Trade Agreement, there are powerful economic ties between the three North American countries. In addition to the US, Canada offers preferential market access through 15 free trade agreements with 51 different countries, covering 1.5 billion consumers worldwide.
Tech Landscape in Vancouver
Canada’s economy is projected to grow by 1 percent and 1.3 percent in 2023 and 2024 respectively. A strong and growing economy is good for businesses, especially for technology startups looking to carve out new markets for their products and services.
In 2021, over 14 tech companies in Vancouver alone were crowned as Unicorn companies. Vancouver’s tech landscape is rich in various industries such as artificial intelligence, quantum computing, fintech, SaaS, virtual reality/augmented reality, and much more.
Financial Support and Quality of Life
Apart from the immigration advantages, Canada offers provisions for startups to lower their business costs through non-dilutive funding opportunities, including tax credits. For example, businesses in Canada can claim Scientific Research and Experimental Development (SR&ED) tax deductions, which can offset their research and operating costs by up to 65 percent.
Canada consistently ranks amongst the best places to live in the world, offering a high quality of life. According to the 2021 Best Countries Report from US News and World Report, Canada ranked number 1 out of 78 countries, getting high marks for the Quality of Life, Agility, Entrepreneurship, and Open for Business categories.
Other Global Markets
If North America isn’t the ideal destination for you, there are plenty of other global markets such as the UK and Dubai for building or expanding your startups. The UK startup visa program offers fast-track entry to the UK, and Dubai’s “golden visa” is a long-term residency visa program that grants eligible individuals and their families the right to live, work, and study in the United Arab Emirates.
Conclusion
For entrepreneurs looking to expand globally, Canada is an excellent option, offering a seamless immigration process, incentives for immigrant entrepreneurs, preferential market access, and a high quality of life. With a growing economy, a rich tech landscape, and non-dilutive funding opportunities, Canada should be considered as the economic gateway to the US for entrepreneurs.
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