Reasons and requirements to start a business in Canada
As per research and entrepreneurial statistics, Canada is the perfect place to start a business. The low cost of living as well as the enormous government support that the natives get in tax credits in Canada is the biggest draw! Globally, Canada has made its place among the top business hubs and there are enough reasons to support this. The Canadian economy is stable enough; hence, it helps your business gain momentum any time.
There is abundance of seed capital –
Can anyone deny the need of seed capital in case one wants to start a business? The answer is – No! Compared to 10 years back, seed capital in Canada is more than one can ask for! Even the best corporate tax consultants in Toronto are coming up with the idea that this is the ideal time to utilize Canada for your start-up business. The introduction of OMERS Ventures in 2011 was a game changer for VCs in Canada.
Best time to get access to varieties of government grants and tax credits –
There are several Canadian government grants that literally provide mentorship and even entrepreneurial support as well as financing to help new businesses succeed. According to the US tax consultants in Toronto, the feds are also providing some relief for startups during tax time. The most interesting part is that businesses can also get upwards of 50% back in cash from the investments they make.
The requirements –
First and foremost, you have to be ready for entrepreneurship. Either you have to be a citizen of Canada or a legal immigrant, if you have to start a business over there. Registering your business with the government is a very important step. If your business gets registered with the government, you will get even better facilities. Don’t forget to apply for license and business permits. You can’t get away without following these necessary steps. Do get business financing from authorized financers.
As far as 2019 is concerned, the Canadian corporate tax rate is just 15%. This is actually one of the lowest internationally. If you take assistance from any reputed tax consultation service in Toronto, you will get to know the exact tax related clauses in case you are planning to start a business in Canada. Our team at “The Accounting & Tax” has potential members to provide the best suggestions regarding start-up business in Canada. We have also been successful in our services for many beginners so far.
