Starting a Business in Canada
Canada related forum posts
I have been trying to get a loan for some time now due to the large sum amount of the money to expand my business in Canada but i was unable to get a loan due to my credit score All other corporation/bank turned me down.Till i was introduced by start up overseas to Discovery Investment LOANS and i was able to get a loan from them without any delay. So i am using this opportunity to inform
Total Posts: 1 Last post by halcyonnhadley
We are incorporated in India and want to establish a new company or subsidiary company in canada (Which ever is recommended)
Total Posts: 4 Last post by aladjihassan
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
Simplified Global Payroll Companies with global employees often find that managing payroll in multiple countries is complicated - different systems, laws, and languages in each country, lack of reporting, and constantly changing laws and regulations each year. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, aggregated reporting, and a hybrid service model in 135+ countries around the world.
GTP cross cultural trainings and intercultural workshops help global companies in improving their communication, efficiency and profitability when doing business across cultures.
PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.
Multi-lingual Notaries to notarise, translate and legalise documents for international use
Finding office space abroad poses one of the most difficult changes that many start-ups face. Location, costs, and transport all need to be considered. And, more crucially of all, what office will allow a new business to attract and retain the best staff?