Canada is often considered as one of the best countries to move to operate a business. Its economy is continually expanding, and there is a great labor pool of skilled workers for business owners to choose from. If you are an entrepreneur, you should consider moving to British Columbia to pursue your business interests.
Here are five smart reasons why you should move to B.C. as an entrepreneur.
1. Great Economy
Most Canadian provinces have witnessed a fair amount of growth in the past decade. However, British Columbia’s economic growth between 2010 and 2019 stands out for being exceptionally great. According to this report there was a total of 532,500 businesses in British Columbia in 2019. Of these, 98 per cent (523,800) were small businesses with fewer than 50 employees. Entrepreneurs who wish to conduct business activities in a province that will benefit from high growth should look into British Columbia.
2. Numerous Industries
British Columbia is home to many thriving Canadian industries. This includes:
- Construction
- Agriculture
- High technology
- Mining
- Manufacturing
- Film & Television
Entrepreneurs seeking to break into any of the industries mentioned above will be able to make great strides by moving to B.C.
3. Great Labor Pool
Entrepreneurs that move to a new country and start a business should be rightfully concerned about the labor pool available. You may have the funds to begin operating, but you may not have access to the right workforce to grow your business and take it to the next level.
The good news is that entrepreneurs in B.C. have access to a large pool of skilled workers. After all, many students come to B.C. from all over the world and study at its institutions. Such workers are highly educated and are eager to participate in its economy.
4. Low Taxes
Entrepreneurs that wish to move to a province with low taxes will be making the right choice by choosing B.C. The province features competitive corporate tax rates and enjoys the lowest provincial income taxes in the country. These low tax rates can improve your profit margins and help your business grow relatively quickly.
5. Low Cost of Living
In addition to focusing on business costs, entrepreneurs should also be concerned with living costs in their chosen location. Many large cities in North America, such as Los Angeles and San Francisco, are known for their high living costs. Such costs can make it difficult for entrepreneurs to get settled and pursue their business goals.
The good news is that the cities in British Columbia feature relatively low costs of living. The cost of living in B.C.’s largest city, Vancouver, is still lower than living in a megacity such as New York.
How to Move to BC as an Entrepreneur?
Prospective entrepreneurs interested in moving to British Columbia can use one of the numerous business immigration options available. These include:
Entrepreneur Immigration
The BC Entrepreneur Program is suited for entrepreneurs who can create a successful business in the province and improve its economy. This program selects candidates using a scoring system. Prospective entrepreneurs can look up their scores using our BC PNP points calculator.
To be eligible under the entrepreneur immigration program, entrepreneurs must meet the following requirements:
- Possessing a net worth of $600,000 or greater.
- Investing at least $200,000 in a qualifying new business or purchasing and improving an existing one in the province of B.C.
- Creating one or more new full-time jobs for Canadian citizens and residents.
- Possessing business management experience.
Being eligible for temporary immigration to Canada.
Entrepreneur Immigration Regional Pilot
The Entrepreneur Immigration Regional Pilot program was launched in 2019 and is open until March 2024. This program is also suited for entrepreneurs that wish to start a business in Canada. However, unlike the main entrepreneur immigration program, the BC Regional Pilot Program is meant for entrepreneurs that wish to contribute to specific small communities in British Columbia.
To be eligible under the Entrepreneur Immigration Regional Pilot program, entrepreneurs must meet the following requirements:
- Possessing a net worth of at least $300,000.
- Offering business investments of at least $100,000.
- Owning a minimum of 51% of the new business.
- Achieve a Canadian Language Benchmark score of level 4 in English or French.
- Creating one or more jobs for Canadian citizens and residents.
- Performing an exploratory visit to the community, you will be conducting business activities within.
Strategic Projects
Prospective entrepreneurs interested in moving to British Columbia can use one of the numerous business immigration options available. These include:
- Being well-established and remaining within good financial standing.
- Demonstrating readiness to invest and expand in B.C.
- Offering economic benefits for the province through a large investment.
Company employees can be eligible for this program if they meet the following requirements:
- They are senior employees who possess the right qualifications and experience needed to work in their role in B.C.
- They have been appointed in senior managerial positions or executive positions or possess specialized knowledge needed to run the company’s B.C. branch.
We can help you get Entrepreneur visa for Canada
As you can see, entrepreneurs have plenty of great reasons to choose B.C. Prospective entrepreneurs interested in applying for business immigration through any of the programs listed above should get in touch with Elaar Immigration. We have assisted numerous
