Canada is an interesting country to do business in. The living standards are high, companies are innovative and Canada may also serve as a perfect test market for the United States, and as a first foothold in North America.
A bit more background on Canada
Canada’s vast land mass is liberally cast over 3.85 million square miles, entitling it with the 4th largest ground area in the world. Canada consists of ten provinces and three territories located in the higher part of the North American continent.
Canada’s political structure can be described as a Constitutional Monarchy, a Party System, a Federal System, and a Representative Democracy all in one. This means that while most Canadians enjoy a Federal Parliamentary Democratic structure, it is done so within the framework of a Constitutional Monarchy. Voters show up at the polls on the 3rd Monday of October every four years.
Canada became independent in 1867, however, chose to maintain its close relationship with the British crown. Economically and technologically, is at par with the US. Canada is known to strive hard to meet its citizen’s expectations in terms of health care, education, social services, and economic progress. Canada has been largely successful in developing its vast and various energy resources while protecting the environment.
Canada’s Economic Parameters (as of 2019)
|GDP (billion USD)||1,736|
|GDP per capita (USD)||46,194|
|GDP per capita PPP (USD)||51,341|
|Purchasing power per dollar, compared to the USA||88%|
|Surface area (sq km)||9,985|
|% of population living in urban areas||81.48%|
|% of GDP added by agriculture – industry – services||not available for 2019|
|Ease of doing business index (1 = best, 180 = lowest)||16|
What are business opportunities in Canada?
If you’re looking for a country to ‘Start A Business’ in, Canada ranks 2nd in the world for this initiative while for ‘Trading Across Borders’, it ranks 22nd. The foundation of the Canadian economy, however, is foreign trade.
Here are Canada’s most inviting business sectors:
- Logging, Oil and Energy
- Software (Entertainment and others)
- Automobile and Aircraft
- Commercial Fishing and Seafood
Canada’s Top Export Commodities (2019 figures)
|Commodity||Worth US$||Percentage of Total Exports|
|Machines, engines, pumps||34,800,000,000||7.8|
|Gems, precious metals, coins||21,300,000,000||4.8|
What are Canada’s important events?
Canada hosts trade show spanning a variety of industries. Though the number of business tourists is comparatively lesser than the number of Canadians travelling within, there’s no shortage of active trade shows in the country each year.
Canada ranks among the highest in international standards of government transparency, economic freedom civil liberties and education deeming it a smooth trade and business port.
On the commerce front, Canada has emerged as a strong contender, ranking 9th in the world as a favourable investment option. With an impressive tax incentive program, a highly dependable banking system and duty-free manufacturing tariff rules, it’s no wonder that Forbes magazine ranks Canada as ‘Numero Uno’ for conducting business. A complete market research will help you understand the country and formulate your international expansion strategy.