Canada ranks 2nd in the world for starting a business
According to the World Bank's Doing Business ranking, Canada is the second best place in the world for starting a business. The 16th instalment of the annual report analyzes the ease of starting and operating a business in nearly 200 economies.
Within their assessment, The World Bank considered 88 factors across 10 categories: starting a business, dealing with construction permits, enforcing contracts, getting credit, getting electricity, paying taxes, protecting minority investors, registering property, resolving insolvency, and trading across borders. For the majority of the categories, Canada placed above the OECD average.
The top 5 reasons doing business in Canada is easier
Here are five of the most convincing reasons why the Canadian economy offers one of the best places in the world to start and operate a business.
Starting a business in Canada takes 1.5 days
In Canada, entrepreneurs can start a business in less than two days, compared with the OECD average of more than eight days. Canada received an index score of 98.23 for starting a business, the OECD average was 91.29.
Business owners in Canada pay less tax
Canada received an index score of 88.06 compared to the OECD average of 82.13 for paying taxes. Canada's profit tax rate is stated as 3.9%, versus an OECD average of 13.35%.
Registering property in Canada is easy
In Canada, registering property takes an average of 16.5 days, compared with the OECD average of nearly 22 days. In this category, Canada was assigned an index score of 75.4, compared with the OECD average of 71.79.
Canada is one of the best places in the world for getting credit
Canada ranks seventh in the world and fourth among OECD countries for getting credit. The World Bank assigns Canada an index score of 85 for getting credit, while the OECD average is only 59.
Canada protects minority investors
The World Bank found minority investors are better protected in Canada. Canada posted an index score of 76.67 for protecting minority investors, which is more than 15 points higher than the OECD average.