A stable economy, low-cost living and exceptional quality of life, all these tell the success story of Canada. This country is considered the best and future-ready country due to certain reasons. According to a Forbes report, Canada topped the list for being the best place for businesses. Canada got top position on the basis of 11 factors including technology and innovation, taxes, share market performance and several others.
All these reasons make this country an ideal place for software development companies. Let’s look at these reasons a bit more to know why Canada can become a hub for IT companies in coming years.
· Economic Stability Will Help Companies in the Future: At present, the economy of Canada is actually overachieving. Every sector including Information Technology is contributing to the steady growth of this country. Presently, Canada is on the top of the list to start a business for many people. The reason is simple. Every business wants to flourish in an economy which is stable and growing. And Canadian economy has both elements. In last few years, many small and medium-sized software development companies in Canada have been able to expand their business overseas, thanks largely to the stable environment at home. Some of them have a fabulous revenue growth rate and annual turnover. The decreasing unemployment rate also hints at the steadiness of Canada’s economy. As per the predictions of experts, this growth will continue in coming years.
· Education Will Have Direct Impact on Software Development: A survey was conducted by the Organisation for Economic Co-operation and Development (OCED) in 2014, where all 35 member countries including Canada participated. According to this survey, Canada ranked number one for having the best education rate among all the members. This is not the only time when Canada impressed everyone with its education rate. In 2015, the World Economic Forum displayed a report where Canada ranked 18th in the whole world for having the best education rate. Education has a direct impact on industries in the coming years. Be it software development or software testing services in Canada, good education ensures the presence of people who know how to set up a business that can last long and contribute to the country’s economy. Businesses that are planning to establish themselves in this budding software development hub can count on its economy and education and become a part of such a booming economy.
· Flexible Immigration Policies Will Help Businesses to Expand Their Reach: Immigration policies here are quite flexible as compared to the United States and other countries. This is another great reason why several big companies will move to Canada to expand their business in the future. In fact, a term is popular for such people – business immigrant. The Government of Canada selects a business person as a business immigrant on the basis of his/her abilities so that they can establish themselves and support the economy for overall growth. The Canadian Government has two types of business immigrant programs – start-up visa program and self-employed. Both the programs have a few requirements that a business needs to fulfil to enter Canada. These programs present a golden opportunity for software development companies of neighbouring countries to expand their reach to Canada.
. Government Policies Help a Business to Start on a Successful Note: Monetary support is the most important thing for a new business. The best thing about Canada is that here the government runs several programs to support new businesses. The Canadian Government provides financial help to companies and entrepreneurs to start their business. Some financial help is targeted to a specific demographic group and industry sector, and some programs are available for every sector. The government understands the emerging needs of technology, and therefore have different financial programs for software development companies as well. The financial support offers by the government include grants and contributions, loans and guarantees.