Moving or expanding your business to another city or country can be an exciting but also risky move. Before you decide to do this and hire office movers Toronto to pack and move your equipment, take time to consider all the facts. This especially goes if you are planning to move your business to Toronto from the USA. Canada is known for being the country with the 10th best economy in the world. Also, Canada is very welcoming towards immigrants and an educated population. They will be happy to have you if your business will bring benefits to their country as well. Sometimes moving business, means moving house as well. If you are a family man or a woman, there are more things to think about in this instance. But nothing is impossible, so let’s dig into this subject deeper and more thoroughly. Our advice should help decide more easily.
Reasons for moving your business to Toronto
For many years now Toronto has excellent colleges with a great number of students enrolling each year. The city has become a Mecca for educated young people. This is a very important thing to think about when moving business to Toronto and before engaging with any of the Toronto movers. You will want young, motivated, and educated employees. And not only motivated but experts in their own field. Canada is investing a lot in numerous youth programs, preparing the ground for new young professionals. Toronto is proud to say that it values diversity, meaning you are more than welcome, even if you are a foreigner, for example. This diversity can also be seen in the fact that there is a significant percentage of female entrepreneurs. Studies show that 12.5 percent of partners in the most profitable companies are women, which we think is an astonishing number in this man-made world.
How to go about moving business to Toronto?
Like any other relocation, this one needs thorough planning. And most importantly, it needs a professional moving company, that is experienced in commercial moves. If you already know the date of your move, first make all the arrangements with the movers. Ideally, hiring them a few months ahead would be the best. That way you will have enough time for all the paperwork you need to finish and to run all the errands necessary. Depending on the number of employees your company has, you will have to hold several meetings to get everyone up to speed. If your business is already in Canada, you will be able to move all employees there, under their consent, of course. But if you are maybe planning to move your business from Toronto from the USA, then only some of you will be able to gain a work permit. Owners, execs, and key employees.
Legal requirements for moving a business
This section will mostly refer to those moving their business to Toronto from another country, or possibly the US state. Expanding or moving business to Canada is a developed legal process that you will need to follow. This process can take between 12 and 18 months if it is followed properly. First, you need to check if your company is eligible to move to Canada under the Intra-Company Transferee Program. Not everyone can just move their business as they wish. Company owners need to comply with certain laws and regulations. Some of those are the below:
- a company needs to be at least a year old and to be currently active and selling products in its home country
- it needs to be officially registered, with all the tax payment records and to have a registered office
- minimum of one employee hired and amount of $100 000 to sustain a business is an important requirement
Should you move home if you are moving business?
The answer to this question will vary on a few factors. If you already live in Canada, near Toronto, no need to move house, unless you want to. Toronto is a great place to live in, so this idea is not that bad if you are up for a change. On the other hand, if you live far away or outside Canada, moving along with your business will be a smart move. If you are moving as a young professional to Ontario, take advantage of all the opportunities that this area offers. You can request a Permanent Residence under a few conditions. Your company needs to be active before you apply for permanent residence. It needs to be physically based in Canada, have at least one Canadian employee, and have all the permits necessary to operate in this country. There is absolutely no reason not to enjoy moving to Toronto.
Moving your business to Toronto is a different kind of move comparing to a house move, but it has its own complexities. Very often moving your business will mean moving house as well, depending on the industry you work in or for. Canada has great conditions for young entrepreneurs and also the government is encouraging young professionals to grow. A high rate of well-educated youths is a big plus when moving your business. Nothing better than having motivated, energized people in your team, ready to take your business to another level. Make sure you have all the permits needed and evidence of legal business management, so you can comply with Canadian laws. Even if you are just expanding your business to Toronto and not moving, more or less the same rules will apply. It will take you around a year and a half to finish with all the legal processes.