Relocating your existing company abroad can be both challenging and rewarding. Canada, as an immigration destination, remains an attractive choice for entrepreneurs, business immigrants, and workers. Canada is the world’s 2nd largest country by land area and the 10th largest economy. Entering Canada comes with many benefits, such as the ability to explore new markets, take advantage of the government’s incentives, and enjoy business-friendly laws and regulations.
If you’re thinking about expanding your business in Canada, the team at Sobirovs Law Firm can help you move your existing Company to Canada. Here is an overview of the main points and steps to consider when moving to Canada.
With an ever-growing economy, Canada facilitates global business owners. Many such business owners and business immigrants wonder whether they can move their companies to Canada and the fears that come along with moving to a new country exist in their minds when making a decision.
The steps to moving your company to Canada are fairly straightforward. We will help break down the complexities and highlight the benefits of moving your company. The following are some reasons which attract entrepreneurs all over the world to benefit from opportunities that Canada has to offer to them.
The U.S. and Canada are two countries with a few similarities and several significant differences. A 2016 study report by KPMG suggests that the cost of doing business in Canada is 14.6% lower for U.S. companies than in the U.S. This provides Canada with a competitive edge over not only the US but other industrialized nations like the UK, Australia, Germany, and Japan as well.
Some of the key features which Canada provides for businesses are discussed below.
The tax rate in Canada’s corporate system in 2019 was as low as 15%, which marked to be an economical rate internationally. In contrast, the corporate tax was 21% in the US by 2019, which remains an extra cost and tax burden for companies.
Canada also enjoys the benefits of having trade agreements with many other countries. Because of the new Canada-United States-Mexico Agreement, Canada has access to the US and Mexico markets, which brings along the benefits of being a Canadian business.
Canada provides immigrants with easy, welcoming, and feasible policies. The Canadian immigration system is based on merits and prefers skilled and degree holder immigrants. It possesses one of the highest per-capita immigration rates among developed nations. In 2018 alone, Canada welcomed over 310,000 immigrants into the country.
Canada has historically been the go-to destination for high-skilled workforce migrants. Access to a highly skilled workforce is one of the main competitive advantages of Canadian companies.
Canada ranks 22nd out of 190 countries in the Ease of Doing Business rankings of the World Bank, and a breakdown of that statistic puts Canada third in ease of starting a business and seventh in ease of obtaining credit. Apart from this, other factors also make doing business easy in Canada.
The natural resources in Canada provide a positive aspect of the Canadian economy. Canada’s oil and natural gas provided $108 billion to Canada’s GDP in 2018, supported nearly 530,000 jobs across the country in 2017, and provided the government with average annual revenue of $8 billion for the 2016-2018 period.
Fundamental human rights and additional freedoms are guaranteed in Canada. Business immigrants can take benefit from free health care and free secondary education for their children if they opt for Canada for their company’s international expansion.
Expanding one’s business to Canada involves a well-designed legal process. The process may take approximately 12 to 18 months if followed accordingly. The steps to follow are:
Not all business owners can move their companies to Canada and to do so you must comply with the following requirements:
In this expansion, the applicant(s) itself has to comply with some requirements:
Not every person from your company or business group can migrate to work in Canada. The owner of the company, executives, supervisors, and key staff individuals can migrate to work in Canada.
Now that we’ve looked at eligibility and some of the criteria you will need to put in place, let’s see one of the most important elements when relocating, which is how to register your company in Canada.
When establishing your presence in Canada, you can register your existing company’s branch or incorporate a completely new related company in Canada.
These three things are the most important factors to be established and shown to the Canadian immigration authorities to extend the work permit.
In general, your business must be “active” before you can apply for permanent residence, which means the following features:
Once your Canadian business is active, you can apply for the Canadian permanent residency (PR) as the manager of your business. To qualify as a manager in the company, you need to comply with the following:
This is how the process for moving your existing company to Canada works and if you still have questions, please contact us.
We hope that we’ve given you an understanding of the process of expanding your company from any part of the world to Canada using the ICT program. You can now decide whenever you are ready to take your company to the next level.
There have been many different cases recorded in the past where people took this step of courage to expand their companies to Canada and have seen boosting rises in their profits. Similar to doing business anywhere, doing business in Canada has its challenges. Nonetheless, the advantages of expanding your business to Canada are way higher than the challenges itself. We are here to help you overcome them!
For more information on moving your company to Canada, please speak to one of our business immigration lawyers. The business immigration experts at the Sobirovs Law Firm will not just help you move your existing company to Canada but will also help you choose the right type of business entity when moving your business to Canada.
Sobirovs Law Firm is always eager to hear from you!
We have worked with & represented clients from all walks of life. Always just one call – or click – away, weʼre happy to help you begin your & your familyʼs journey to Canada.