Moving your business from NJ to Canada
Canada is an attractive destination not only for job seekers but for entrepreneurs, too, interested to move their business. NAFTA (the North American Trade Agreement) has made it easier for business people, allowing them access to the North American market in its entirety. It doesn’t strike as odd that US citizens choose Canada for business relocation. Moving your business to one of the most welcoming countries, which is at the same time the most profitable for international business and foreign investments, sounds like a good deal.
Moving your business: yes or no?
According to economic development consultants, five major reasons for business relocation have emerged. Most commonly, business owners decide to relocate to
- get access to qualified workers
- reach new markets after moving your business
- lower operating costs
- increase income
- improve the quality of life
If there is anything that Canada has in abundance that is an educated workforce. Getting skilled labor is well worth the relocation. Moreover, it is a good spot to move your business to if it has already outgrown its current location or market. Moving your business to Canada brings it closer to booming Asian economies, too. Lowering the expenses is possible through tax incentives, namely, scientific research and experimental development (SR&ED) tax credit. Its goal is to motivate business owners to implement research and development in their business practice. This applies to Canadian businesses of all sizes and in all fields. If your concerns relate to a few of the abovementioned reasons, consider finding reliable movers and ask for a long-distance international moving costs estimate.
How to set up your business in Canada
As mentioned, moving your business to Canada is an interstate commercial relocation. So, aside from registering your business, you also need to fill in an application for business immigration. Only once it’s approved you can consider moving your business. A review of the application can last up to 20 weeks so plan accordingly. At the border, you need to show your approved application, valid passport, and a list of things you’re bringing into the country. Before you set up your new office, you might consider commercial storage options.
Registering your business at the Service Canada office is the next step toward receiving a business license. Finally, apply for HST (Harmonized Sales Tax). It consists of the Federal VAT or GST (Goods and Services Tax) of 5% and the Provincial Sales Tax of about 8% in most provinces. It is crucial that you get well acquainted with Canadian tax policies on time.
Competitive advantages of moving your business to Canada
Canada is undoubtedly one of the best countries in the world to conduct business and the title is well deserved. Business owners in Canada can rely on its
- well-educated and skilled population
- financial stability
- leadership in various fields and industries
- the attractive quality of life
The US’s northern neighbor is a magnet for educated job seekers from all around the world. It is only natural that business people follow and join forces in Canada. Both employers and employees feel safer if they’re working in a stable financial atmosphere. Canada’s banks are successfully assuring that, according to the World Economic Forum. Moreover, even US producers can’t deny Canada’s leadership in industries and fields, like biopharmaceuticals, renewable energy, agri-food, and digital gaming.
Finally, there is one more asset that makes Canada attractive for business relocation and that is its unique lifestyle. Who wouldn’t want to be a part of a clean, safe, cordial community equally indulging in sports, culture and the great outdoors? Gibraltar Van Lines can take care of your NJ belongings while you focus on the quality of life and running a business in Canada.
Business relocation tips
You may be moving your business from New Jersey to Canada but you should look at it as a long-distance international relocation. This way, it makes it easier to see it as just another project. Regardless of the reason, commercial relocation requires time, effort, and good organizational skills. The bigger the business, the more of it is needed. However, that is not all. Before you fully commit to the idea of business relocation, you should thoroughly consider
- moving budget
- necessary permissions
- hiring corporate movers
- employee relocation
- and account for downtime
Set up a moving budget
Moving budget doesn’t involve just moving your office inventory. It also encompasses all costs regarding your relocation and of your employees. Furthermore, obtaining permissions and licenses, submitting appropriate forms and documentation entails fees. One of the reasons commercial relocation becomes a nightmare is rushing with budgeting and overseeing hidden costs.
Take care of your co-workers and belongings
Hire corporate movers even if you move a small business. Professional help makes it easier to leave NJ and settle down in another state. You know that experience and expertise make a difference in every line of work. Finally, take special care of employee relocation. While cultural differences between the USA and Canada are not big, some of your co-workers may oppose or downright refuse the idea of relocation. Preparation is vital, so start early.
Finally, consider downtime. Your company will not work as effectively during relocation or not at all, so account for this and inform all relevant parties and stakeholders. Before you move your business, you should visit the city at least once to get a feel for it. It will help you choose the most suitable location for your firm. There is no need to speed up moving. It usually backfires.
Conduct research before moving your business
Every project requires careful research and the following websites are quite resourceful. Trade Commissioner Service, Statistics Canada, and Business and Industry section of the Government of Canada website offer valuable information.