We continue to share some practical tips on going global with your business. We’ve already shared the insights on business opportunities New Zealand has to offer and it’s time to check what a young investor can expect from starting a company in Canada. It is a multinational country with promising ratings in economic growth and business development. The government supports the economy with fair tax costs and convenient regulatory norms. Canada definitely deserves paying close attention to the opportunities it gives to a foreign entrepreneur.
1. WHY CHOOSE CANADA
– The second easiest country to start a business according to the World Bank Survey
– Only 5 days to start a business
– Leading position in G7 in terms of the economic growth
– Business tax costs are 46% lower than in the U.S.
– If your company takes part in the research and development sector, Canada has the lowest business costs in the G7 for it
Co-Founder & CEO of Shopify Inc.
This is a story of an expat from Germany who’ve managed to get into the list of Canada’s Most Powerful Business People despite everyone’s expectations. Tobias grew up in a family of an internist and a teacher of special-needs children and experienced difficulties with studying. But it was not because of the lack of skills but because of the absence of any interest to it. He was by far more fascinated by computers and coding. He tried to spend as little time as possible attending classes and doing homework to dedicate the saved hours to his beloved hobby. What once just was a hobby turned out to be a successful way of earning money.
Tobias might have become a great developer in Germany but the destiny had other plans for him. He fell in love and moved to Canada at the age of 22. His other hobby, snowboarding, gave him and his soon-to-be business partner, Scott Lake, an idea of starting an online shop selling snowboards. As Tobias started to dig dipper into this business opportunity, he realized that there was no e-commerce software that would be good enough to use.
The gifted coder could not work with an imperfect software and, therefore, had to create one of his own. His exceptional skills were noticed as Tobias used a new language of coding – “Ruby on Rails”. It was soon understood that this software could bring a lot more money than selling snowboards business. Tobias had to loan money to be able to make his business plan a reality. This is how the Shopify came to life.
Shopify now has over 120,000 clients, has acquired two of the competitors, and reached a valuation of around $1 billion. This is quite a quality leap. Lütke turned out to be not only a visionary and a brilliant entrepreneur with a promising start-up idea. He is also a great manager who has made it possible for a company to develop to an impressively high level. One of the approaches he takes in the company is making people feel uncomfortable. We always try to find a situation we feel comfortable in and as soon as we do there is no chance we are going to go somewhere else. Tobias believes that this approach doesn’t lead to any improvements as there is no reason for it. When you get out of your comfort zone, it’s time to find new solutions to the problems.
Every big leap the society makes is due to a talented people who see the opportunities of making the lives of others easier and more comfortable. Canada is the country that understands it and never stays in the way of the gifted entrepreneurs who want to improve the existing system. There can be numerous failures on the way to your success. There should be no reason for giving up.
2. BUSINESS TIPS:
– If you choose Canada for expanding your business, you will need to contact the provincial registry of the province you are interested in to fulfill the step-by-step process of the required procedure. Note that you will need to register separately with each province if you wish to register your company within more than one of them.
– Consider the grants for small businesses which Canada offers.
– Change the initial business plan if you see a more attractive business opportunity.
– Make the employees go out of their comfort zone to learn something new and achieve better results.
– Don’t set the limits for your business as you never know how big it might grow some day.
– Challenge yourself and grow together with your company and get the knowledge you need to help it grow (get an MBA, attend training, seminars, courses, etc.)
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