Business Entrepreneur

5 Advantages Of Starting A New Business Venture In Ontario

When considering places to begin your startup business, a few of the same places might come to mind. New York, London, Silicon Valley, Hong Kong – all of these places rank among the most popular locales to start a new business venture. However, no matter what industry you work in, none of these places are the best options.

In fact, the best place to start a new business is Ontario, Canada. Here in Ontario, home to Canada’s political capital of Ottawa and its business capital of Toronto, your business can get off to the best possible start and thrive. Here’s why starting a business in Ontario is always a good idea. 

1. Be Where the Action Is

If you need your business to be where the money, power, cachet, and spenders are, then you can’t do much better than an Ontario. Ontario’s GDP is a staggering $629 billion – more than Sweden or Switzerland. Meanwhile, Ontario is home to the epicentre of political power in Canada – Ottawa – which houses all central government agencies and major NGOs. In addition, Toronto is the economic powerhouse of Canada, home to all major companies and 118,000 millionaires, while salaries are higher than anywhere else in the nation. 

2. Start a New Business Venture in Seconds

One of the best things about building your startup business in Ontario is that it is very, very easy. As this guide to starting a sole proprietorship in Ontario explains, you can launch your business in just a few seconds flat. All you need to do is register your business online, think of a name, and open a bank account. Once you have done this, you officially own and operate a legal business in Canada. That’s it.

3. Enjoy a More Competitive Environment

The US might have a reputation for business competitiveness, but Ontario wins out on almost every front. Our corporate tax rate here is a mere 15%, compared to an average of 21% for the US. This makes Canada the most cost-effective option on every front. Meanwhile, Ontario’s economy is more stable than that of the US, with a higher credit rating and less bureaucracy. 

4. Access the Best Talent 

Ontario is home to several of the world’s best universities, as well as the largest and most dynamic companies in Canada. On top of this, you’ll find more than 300 nationalities represented across the Province, with people from every corner of the globe calling Ontario their home. All of this means that you have access to the best talent in the world for your Ontario startup, so take your pick. 

5. Skip the Red Tape 

Red tape and endless government bureaucracy is a guaranteed innovation killer. If you would rather get straight down to business and start growing your company, Ontario is here to help. The government has embarked upon a massive red tape busting drive and is in the process of eliminating $400 million worth of costs to businesses in the Province. We now rank as one of the top places in the world for our lack of red tape, which is what makes doing business here easy.  

Stay One Step Ahead

With your new business venture, success depends on your ability to stay one step ahead of the competition. For this, we have got you covered. Make sure to consult our insider business guides to learn about the skills you need to stay on top.

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