Starting a Business in Canada
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Why Start A Business In Canada?
If Canada has one thing, it's space. It is the second largest country in the world in terms of landmass, but has a comparatively small population of only 33 million. Plenty of leg-room, then. The rest of Canada is made up of immeasurable, natural vastness. Scenic gaps are painted with poignant topography, peaks, summits, contours, deltas, banks, beasts, valleys and vegetation. It is one of Nature's finest self-portraits.
It is much more fitting to see Canada as our neighbour to the west rather than America's to the north. It has one of those cultures that adopts all the great things about America, Europe and England and refines them. The English, in particular, have had a long and coiled relationship with Canada. Its history, to us, is that of new world mysticism, exotica, colonialism and conflict. The French forgot a load of baggage there too. Trust us to export 1000 years of Anglo-Franco hostilities 3000 miles across the world to Canada.
But our link to the past is our bridge to the future and we have remained inextricably entwined by history, Kings, Queens, culture and commerce ever since. The UK is Canada's primary trading partner in Europe and over 700 English companies now call it home, operating in all sectors of industry. Things are sweeter than a maple tree.
Canada's natural resources run as deep as its waterfalls. It is all mining, pumping, fishing and farming. Man made industry is equally robust, with machinery, motors, plastics, and plenty of investment and blue collar opportunity. There is a comparatively high unemployment rate in Canada (6%), but it paradoxically maintains a high level of education. But this is a social and demographic problem of ratios, prolific baby-boomers, pink slips versus job growth and demand outweighing necessity. Another thing it implies, however, is that there is an untapped, adroit workforce, eager to put their noses to the grindstone.
Canada is an entrepreneurial Eden. Risks are low and advantages are high, which is the fundamental balancing-act of all business and venture. So if you are ready to make a leap of across the pond, Canada may just be the perfect place to land.
What are the currency and the exchange rate?
The currency of Canada is Canadian dollars (CAD). The Canadian dollar is one of the eighth most-traded currency in the world.
What's the climate and weather like in Canada?
The Canadian climate varies depending on the location as Canada is such a vast country. Winter can be very cold in many regions of Canada, making great skiing conditions.
The seasons are similar of the UK.
- Winter - December/January/February
- Spring - March/April/May
- Summer - June/July/August
- Autumn (Fall) - September/October/November
What's the popoulation?
The population of Canada is 35.31 million
Canada is the largest producers of zinc and uranium. Off the Atlantic coast, Canada has a huge amount of natural gas and oil resources. Canada is one of the world's largest suppliers of zinc, uranium, gold, nickel, lead and aluminium, wheat and canola (amongst many other grains). Other important industries are automobiles and aeronautics.
The last decade has seen GDP growth of 2.7% per annum. There are also low inflation rates in Canada of 2.4%.
As small businesses are such an important part of the Canadian economy, the Federal Government provides funding via grants and loans. Entrepreneurship is also supported and encouraged in Canada. Here are some of the organisations that administer the funding. They include:
- Community Futures Development Corporations
- Industry Canada (Small Business Financing Program (CSBF)
- Atlantic Canada Opportunities Agency
- The Business Development Bank Of Canada
- Human Resources and Social Development
Canada has several trade agreements with other countries.
- Free trade agreement with the United States of America
- Free trade agreement with Israel
- Free trade agreement with Costa Rica
- Free trade agreement with the European Association.
- Free trade agreement with Chile
- Talks in progress for free trade agreements with South Korea, Jordan, Singapore, Dominican Republic, Central America, CARICOM (Caribbean Community) and the Andean Community (Peru talks concluded)
What are the essentials to know?
Unemployment in Canada is low.
Job Bank is a service provided by the Canadian government to find a job or advertise a position in your company. It is an electronic listing of jobs.
As an employer, you can either write your own contract for your employees or use the HRSDC sample contract. It should include:
- Employer details
- Employee details
- Contract duration
- Job Description
- Working hours/wages/deductions/expenses
- Hospital and Medical Care Insurance (what's included)
- Notice of Resignation
- Notice of Termination of Employment
- Appropriate signatures
The minimum wage in Canada differs according to Province. There are lists of pay rates for different jobs in different provinces. Annual leave is 3 weeks. If a holiday is worked then another day's holiday will be given. For all aspects of employment visit the Human Resources and Social Development Canada website www.hrsdc.gc.ca.
Organisations that can assist with Starting a Business
Your Global Growth Experts. Radius helps businesses move into new markets, manage overseas operations or outsource entire global accounting and administration functions
Expanding or launching a business overseas can be both exciting and rewarding. But no matter how big or small yours is there will be a number of issues to consider; administrative, financial and cultural to name just a few. Healthcare is important too but itís a subject thatís sometimes overlooked.
If you are looking to start up or expand a business overseas then you will need a targeted and reliable data list to find new customers in your new market.
B2B International is a global market research agency that specialises in b2b markets. With experience in every industry sector and country imaginable, we are well placed to help you establish your business overseas.
Scottís Business Travel is a trading name of Scottís Travel Management Ltd. Founded in 1991 and trading as Scottís Tours, the company originally offered holidays in then-communist Russia and the rest of the Soviet Union, but soon expanded to cater for all types of travel with corporate travel in particular.
TMF Group helps companies expand and invest seamlessly across international borders.