"Vancouver's position as a global hub city with a diverse and dynamic population has shaped us into a welcoming progressive place that continually looks to the future." -Kennedy Stewart, Vancouver mayor since 2018.
The report measures the following aspects of city living with long-term plans for growth:
Business Friendliness: Vancouver ranks first!
Economic potential: Vancouver ranks second.
Connectivity: Vancouver ranks fifth.
Human Capital and Lifestyle: Vancouver ranks sixth.
Cost Effectiveness: Vancouver unfortunately did not make the top 10 on this criteria; only cities in Argentina, Brazil and Mexico appeared here.
The report was published at a time when cities across the globe are facing the challenges brought about by the COVID-19 pandemic. "Cities of the Future" refers to urban centres that have a forward-looking strategy for economic and human development. Canada is proud to see various cities appear as category winners in different aspects of the ranking.
Vancouver is leading the world through its sustainable urban design, focusing on clean energy, green buildings, local food, and integrative transportation systems. You can read more about Vancouver's growth strategy on the Vancouver Economic Commission website.
The province of British Columbia is one of the most welcoming provinces for international entrepreneurs. Foreign investors can own 100% of shares of their BC registered corporations without the need of appointing a Canadian citizen as director or shareholder, as is the case in other provinces such as Ontario and Alberta. This facilitates the inclusion of several new businesses each year, owned by foreigners who are eager to start operations in one of the fastest growing provinces in Canada. Other advantages include the divided sales tax structure in BC which allows businesses who offer services to only charge 5% GST. Other provinces do not divide their sales tax which means service-based businesses must add between 12% to 14% on their customer pricing.
The province of British Columbia has also created a unique government agency, Small Business BC, who's mission is to "support BC's entrepreneurs to start and grow successful and resilient businesses through expert business advisors, educational services, high-value, innovative and professional resources and engaging community events."
It's no surprise that the majority of our business immigrant clients choose British Columbia to start their entrepreneurial journey in Canada. If you'd like to know more about how you can start your business in BC, connect with our regulated Canadian immigration consultant, Rita Benkhalti, by booking a virtual meeting today.
© 2021 by North Horizon Immigration Consulting Inc.