Top Five Tips On Starting A Business in Canada

Top Five Tips On Starting A Business in Canada

The first thing you need to know about moving to Canada is that here everything has to be completed lawfully. The Canadian Government takes any lies or omissions very seriously and has been known to remove immigrants who leave out required information or add in information that is untrue even after years of awarding them permission to move their business and family here. This is why it is paramount that you retain professional legal help for your move as one missing document or one white lie can be detrimental to your future in this country.

Here Are Our Top Five Tips for Moving to Canada:

1. Do thorough research of Canada and your industry

Every industry has its challenges and often those challenges change from country to country. Even industry giants like the US-based Target make mistakes while expanding to Canada, which in the case of Target resulted in their removal of all their stores from the Canadian market after a few years despite having a loyal fan base among Canadian consumers. This could have been prevented by asking their customers what was important to them and what they loved most about their store. A little preparation ahead of time can make all the difference.

2. Seek professionals’ help

Canada is part of the British Commonwealth yet it has its own legal system and the rules here are quite specific. It is important to make sure you have a professional team to help you navigate the Canadian system, including the following:

  • Lawyer
  • Accountant
  • Notary public
  • Other successful businessmen in your industry

3. Learning from other business owners

Learning from other business owners like you or even giants like Target, it is best to test small, then expand.

4. Make sure to have all the important documents at your fingertips.

Canadian business law is very specific. You may be asked to provide commercial, financial and tax history for your business. Once you operate in Canada, you must make sure to collect and compile all of the pertinent documentation which may have different requirements than the country where you currently operate. Make sure to ask lots of questions and are prepared to provide the necessary documentation as needed.

5. Integrate into the Canadian Business Network

Make sure you integrate into the Canadian business network – having access to other businesses who might have experienced the same challenges as you can be the key to your business success.

Sobirovs Law Team specializes in assisting business owners in expanding or moving to Canada. If you are looking for a good one-stop resource we can certainly help you with all of the points above. Over the years we have gathered business partners, accountants and other professionals who work with us in assisting you in achieving your dream of moving or expanding to Canada.

 

Here’s our video about the most profitable industries in Canada.