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Best Cities to Invest in Canada
Immigrate to some of the best cities to invest in Canada, via the Start-Up Visa Program.
Would you like to move your existing business, buy a business, or start a business in Canada, but you’re unsure of the best cities to invest in in Canada and how to go about it? If the answer is yes, you're in luck! In this article, we'll explore the best cities in Canada for investment opportunities, as well as how you can immigrate to the Great White North as a business owner or investor.
Best Cities in Canada to Start a Business
Toronto is known for being a very diverse city and is open to foreigners looking for a good business environment.
Toronto can be described as Canada's hub of the finance, industrial, commercial, and tech industry. As the largest city in Canada, it creates ample opportunities and is home to approximately 4,100 startups.
The main driver in Toronto’s future for tech is the Ontario Network of Entrepreneurs (ONE), which supports businesses through different stages of the development process. So far, they’ve helped over 5,000 entrepreneurs across the province open new businesses.
Edmonton is known best for its oil and manufacturing industries. There are, however, many competing new businesses that have been created within the city. A great aspect of Edmonton is that the community is extremely supportive of small businesses and has many Facebook support groups in place to do just that.
If you’re looking for small business opportunities, this is the place to go. Saskatoon is near all the major highways that connect the east and west, making it great for transporting goods across Canada. The cost of living is also relatively low, saving you some extra money on expenses.
Businesses themselves also have lower taxes in the city compared to other provinces and their major cities.
Business Immigration to Canada
One of the most popular choices when immigrating to Canada through a business avenue is the Start-Up Visa Program. This immigration program is designed to create new jobs and bring new innovative ideas into Canada.
The Start-Up Visa Program
The program targets international entrepreneurs and connects them with private sector investors in Canada who can help them start their business. Candidates will first come to Canada under a work permit supported by their designated organization and thereafter qualify for a permanent residence once the start-up business is active and running.
Designated organizations are business groups that are approved by the Canadian government to invest in or support start-ups through the Start-up Visa Program.
There are three types of private-sector investors:
Venture capital fund
Getting your letter of support from a designated organization can take about four to six months. Once you have received the letter of support, the actual application for permanent residence can then be submitted. The visa application process can be anywhere between 12 to 16 months.
While your application for permanent residence in Canada is being processed, you can apply for a temporary work permit to get to Canada and start building your business.
Requirements for Start-Up Visa Program
The basic candidate requirements for the Start-Up Visa program are:
Commitment Certificate and Letter of Support from a designated entity;
Proof that you have the money to support yourself and your dependents after you arrive in Canada; and
Proficiency in English or French at minimum Canadian Language Benchmark level 5.
For more information about Canada's Start-Up Visa Program and how to apply, visit this page.
Why Invest in Canada?
With most countries’ economies suffering worldwide due to the Covid-19 pandemic, Canada's economy actually grew at a 6.5% pace at the start of 2021. As a business owner or investor, you will also experience low taxes and business costs and a country extraordinarily rich in natural resources.
Now is the best time to start or move your business to Canada, especially since Canada has a goal of welcoming over 1.2 million immigrants by 2023.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes