Looking to start a business in Canada, eh?
There are many advantages to starting a business in Canada as a foreigner, low cost of operations being one of them. Another great perk is the visas designed to attract foreign entrepreneurs, as well as loans available to foreign investors.
Make sure you meet all legal requirements or else you may not have the opportunity to open your business on account of being a hoser. If you don’t know what a hoser is, you should also take time to learn the local lingo.
So if you’re wondering how to start a business in Canada as a foreigner, read on for some tips that will get you headed in the right direction.
Manage Your Business From Abroad
If you’re planning on starting a business in Canada and managing it from abroad you can do so. The easiest way to do this is to move an existing company or open a branch in Canada.
First, choose which province or territory you will operate out of and register your business with that province and at a federal level. As a non-resident investor, you’ll have to appoint a local agent to properly follow the Canadian business incorporation procedure.
Start a Company by Moving to Canada
If you plan on relocating to Canada then we suggest first getting a 10-year visitor visa. This way you can travel about the country while you scout for a suitable home for your business. If you already have a location selected, you can come here on a self-employment visa and apply for a residence permit.
Starting a business in Canada for foreigners is not as hard as it seems, and moving to the country will offer other benefits such as CEBA. What is CEBA? It is the Canadian Emergency Business Account that will offer a loan to Candian companies affected by the COVID-19 pandemic.
You can also apply for the Canadian Entrepreneur Startup Visa which was created to draw foreign companies to our shores.
Requirements as a Non-Resident
Whether or not you immigrate to Canada or decide to manage your business from abroad, there are certain requirements that must be met in order to operate a business here.
Some of the requirements to start a business in Canada are:
- Having a local address in Canada
- Obtaining relevant licenses and permits for selling goods in Canada
- Obtaining a Canadian tax registration number
- Incorporating your company using a local agent
Failure to meet these requirements will stall your process or eliminate your chance of doing business in Canada altogether. In order to be successful, make sure you meet all of the legal requirements for starting a business in Canada.
Still Want to Start a Business in Canada?
If you’re ready to start a business in Canada, get in touch with your local province’s government branch. They can help you apply for a visa and necessary permits and licensing. Make sure you follow all legal steps before you begin operations!
If you found this article helpful, check out the rest of our blog for more great information.