How can Indians start a business in Canada?

Having become the preferred immigration destination in the world over the years, Canada is attracting the attention of Indian entrepreneurs and investors more than ever. Being seen as a “mosaic” where different cultures, languages ​​and religions can coexist peacefully helps. Canada’s respect for human rights, security of law and order, reputation as one of the least corrupt countries in the world, and its excellent ranking among developed countries in terms of air quality are additional attractions for Indians.

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Doing business in Canada is more than doing the math. Not all businesses can be successful in Canada. Keep in mind that while Canada may be the second largest country in the world (with Russia being number one) in terms of land area, the country’s population is just over 38 million. This means that consumer-focused businesses (commonly referred to as Mom and Pop Shops) have limited room for growth. A franchise of a well-established brand is the best option for businessmen with an appetite for a limited investment.

Keep America and Mexico in Mind

The Canadian economy is service-oriented and export-oriented. Mining resources, high-end industries like aviation and automobiles are generally the domain of large industrial and corporate enterprises and the government. However, a huge advantage in the United States and the presence of Mexico next door helps Canadian companies. So, depending on your investment capacity, ambition and growth plans, a business idea with the Canadian, American and Mexican markets in mind is a good place to start.

Made in Canada

So the “how” to start a business in Canada requires that you make the right choice as to “what” business you plan to do. Having an export-oriented business plan will help, whether it’s service or manufacturing. Remember that the “Made in Canada” label carries a premium and considerable goodwill.

Unless you are short on cash and already have patented products in your arsenal, try not to be in a manufacturing company as it will be an expensive proposition due to the high set-up and labor costs. -work.

Large or small province

And like any other country, Canada has large and small provinces (called states in India). Identifying the right province to invest in is the next important step. Business costs are much lower in smaller provinces. And if your business is export-oriented, it doesn’t matter what provincial base your business is in Canada. All provinces offer world-class infrastructure. As a bonus, the smaller provinces also offer additional incentives for new businesses.

Times and taxes

As well as deciding on the nature and location of the business, don’t forget the main difference between India and Canada: the value of time. Almost all of the services you take should be paid on time. Business and personal taxes can be quite high and are a combination of federal and provincial taxes. Even the best business idea needs a good business plan that takes into account all the possible localized factors of your planned business in Canada. Therefore, an experienced corporate lawyer and a chartered accountant are essential to your plans to start a Canadian business. Investing in Canada without a well-established business plan is like going fishing without a rod or bait, unless you plan to catch one with your bare hands.

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Expansion of Indian businesses versus businesses under the immigration program

The next step on “how” to do business in Canada is to clarify your business “purpose”. Would you just like to operate a business in Canada, with a global perspective of expanding your current business in India, or would you like to set up and run the business as a Canadian permanent resident? The first is possible with the simple incorporation of a business in Canada, followed by the hiring of local staff for management and operating purposes. You can set up an independent business of your business in India or open a branch or wholly owned subsidiary of your Indian business in Canada. The latter requires you to choose an appropriate immigration route. Possible routes are an intra-company transfer visa, provincial visa programs for entrepreneurs, and a start-up visa to Canada.

Having an entrepreneurial or commercial training or experience is not a necessity in the desire to start a business in Canada. You can be a young man with a tech idea with little or no experience or a senior manager with considerable experience in a professional capacity. Either way, you are still eligible to have a Canadian business. Depending on the goal you choose, the roadmap for starting a business in Canada is different in both cases.