Canada has earned a global reputation as a favorable startup ecosystem. Toronto, to be specific, is the second-largest technology hub in North America.
Here are the reasons why companies are inclined to Toronto, Canada.
Innovation
Canada has shown its commitment to technological innovation. The country has set aside discovery districts where startups are given the necessary support they need to grow. One of the districts, MaRS, is already generating billions of dollars for the country. Toronto is a home for both infant and seasoned tech companies such as IBM Cisco, Microsoft, Facebook, and Google.
International Connections
Toronto’s geographical location places your business at the heart of renowned financial centers in North America. The city is with close proximity to Boston, New York, Chicago, and Washington. These developed cities are a good source for top talents and business partners. Besides being close to major cities, international trade agreements give Toronto accesses to millions of customers from the European Union, the United States, and Mexico.
Additionally, Toronto has entered into several partnerships with china, bringing down the cost of doing business with Asia.
Stable Economy and Politics
Canadians are calm, peacemaking people. Despite the main political parties having ideological differences, there is always a peaceful handover of power. Therefore, when basing your business in Toronto, there is no need to worry about drastic changes during electioneering periods.
Additionally, Canada’s economy is relatively stable. Even the most challenging 2008 recession didn’t adversely affect Canadian companies and individuals compared to other nations worldwide. Another beautiful thing is that Canada is transitioning to a low carbon economy. To deter companies from emitting high carbon, the country introduced a carbon tax.
Government Support
When it comes to ease of doing business, Canada is among the leading countries. The paperwork for starting a new business is done electronically. Also, the government, through several business networks, provides loans and grants to small businesses. While some provinces offer tax holidays, Canada’s overall tax rate is relatively lower compared to other developed nations.
A Diverse Community
Canada has a diverse population with diverse cultures and religious beliefs. The government noticed that immigration is the only option to attain an adequate workforce with an aging population and low birth rates. One in five Canadians is foreign-born, making Canada the nation with the highest number of immigrants worldwide. Foreign investors can join several provincial programs, such as immigration entrepreneurs and business migrants. Additionally, the education system is also diverse, with numerous schools teaching both in English and French. While numerous countries are still struggling with xenophobia, Canada takes pride in diversity and inclusivity.
Entrepreneurship is A Culture
Canadians have nurtured the culture of entrepreneurship for several decades. More than 13% of Canadian nationals are entrepreneurs, and the number of foreign-born entrepreneurs is double. The country is ranked second after the United States, which is assumed to be the most entrepreneurial country globally. Canadians do not only have a passion for starting new businesses but are also willing to join new companies, making recruiting, and retaining employees relatively easy.
