Learn about the best provinces to start a business in Canada and how you can get there.
When thinking of starting a business, Canada makes for a great choice. It has one of the largest economies in the world and is steadily growing its name as the destination for startup companies to succeed. With Canada being the second most educated country in the world, there is no shortage of talent pool to help your business succeed.
So, let’s have a look at some of the best provinces to start a business in Canada, and how to apply.
Start Your Business in These Canadian Provinces
The province of Ontario is greatly known for the manufacturing sector and makes up for around 52 percent of Canada’s manufacturing shipments as a whole. Ontario is also the most accessible province to the United States, which makes for an excellent option for American-based businesses who are looking to start-up in Canada.
In 2020, British Columbia saw an increase of 9.3 percent in its economy. It’s also a well-connected international province, with people coming from all over the world. The Canadian province has a stable and welcoming government that has distributed regulations and developed a competitive tax regime that works in the business owner’s favor. When it comes to the market, the province has something to offer all types of businesses, whether be it retail, financial, or service-orientated businesses.
Thanks to agriculture, petroleum, and technology industries, the province of Alberta is one of the strongest economies in Canada. According to Statistics Canada, Alberta’s business investments have grown by 7.4 percent in 2020. Another significant factor that works highly in the business owner’s favor is that Alberta has no sales tax, making it an attractive place to set up shop.
Business Immigration to Canada
- Provincial Entrepreneur Visa Programs
Each province has its own entrepreneur programs and follows a multi-step process that leads to Canadian permanent residency. Applicants need to submit an Expression of Interest (EoI) form and wait for an Invitation to Apply (ITA). Successful candidates submit a complete application which will be assessed by the province’s immigration authorities.
The programs vary in the requirements to qualify but generally require a minimum net worth in the range of $500,000 to $600,000 as well as relevant management experience.
The above provinces have the following streams available:
- International Graduate Entrepreneur Immigration Stream
- Self-Employed Farmer Stream
- Entrepreneur Immigration Stream
- Entrepreneur Stream
- Start-Up Visa Program
The Start-Up Visa Program allows foreign nationals to immigrate to Canada by starting a business or investing in a business anywhere in Canada. Candidates will need to meet specific requirements to be able to have a successful application.
One of the main requirements you’ll need to meet is that your business must be innovative, create jobs for Canadians, and be able to compete internationally. Your business will also need to get a letter of support from a designated organization. These organizations are business groups that are approved by the Canadian government.
The three types of private-sector investors are:
- Angel investor
- Venture Capital Fund
- Business incubator
Another important factor with the start-up visa is that while your application for permanent residence is being processed, you can apply for a temporary work permit to get to Canada and start building your business. To learn how you can apply for one also under the Temporary Foreign Worker Program (TFWP), click right here.
Move Your Business to Canada
With Canada’s goal of inviting over 1.23 million foreign nationals by 2023, now is the time to move to one of the best provinces to start a business in Canada.
Canada has over 100 immigration programs that you could qualify for. To learn more about these programs, including the Provincial Nominee Programs (PNPs) and how to apply for one, visit CanadianVisa.org.