Opening a new business is exciting, but it can also be risky. Therefore, setting up a business in a location that fosters new businesses and embraces diverse contributions to the economy is a good way to set your venture up for success.
This is why many international entrepreneurs look to Canada to start a new business.
Determining if Canada is the right country in which to establish your new business is a big decision. There are many factors to consider, from the eligibility requirements for international entrepreneurs to the personal aspects of living in Canada.
Meeting immigration requirements
In terms of the eligibility requirements, immigrants wanting to start a business here can apply for a start-up visa. Those eligible for this program could have their application cleared within weeks. The visa also grants an entrepreneur permanent resident status, which could eventually lead to Canadian citizenship.
To qualify for this type of visa, entrepreneurs must:
- Have an innovative business plan
- Secure investments and support from at least one designated organization
- Meet language criteria, including passing a language test in English or French
- Have money to support yourself and your family when you arrive in Canada (which is at least $12,960 for one person)
Ensuring you can operate your business here from an immigration standpoint is one critical element; another is determining whether Canada is the right place for your enterprise.
Is Canada right for your venture?
Canada is a vast country, with various territories to explore. There are technological, urban hubs, as well as rural areas with magnificent natural landscapes and resources.
In terms of infrastructure, the country is regularly recognized for environmental policies, banking and political systems, as well as strong health care and education. The country also welcomes international entrepreneurs and offers numerous operational benefits and resources for conducting business here.
Starting a new business comes with risks and challenges. However, choosing the right place to open your company can make the process easier – and possibly more enjoyable.