Expansion Into Canada Essay
The year 2018 is perhaps one of the most opportune times for U.S. and foreign employers to expand their businesses into Canada. Last year, the Canadian economy saw a 3.1 percent increase in growth, and even as its rapid pace has slowed somewhat in 2018, forecasts are still predicting a solid 2.2 percent. Despite such a solid base for U.S. and foreign business prospects to gain a foothold, many businesses hesitate to expand into Canada.
The apprehension is understandable, given that registering a business in Canada as a foreign employer can be complicated. There are many tedious steps involved in setting up shop legally in Canada since businesses are regulated differently from province to province (or territory).
If you’re determined to establish grounding for your business, however, chances are you’re looking for an employer of record (EOR). Such an organization can streamline the whole process, and we’re here with a complete guide to help you find the right EOR.
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The above is the first question you should be asking yourself when you’re surveying your options for an employer of record. One of the biggest mistakes that you need to avoid as a foreign business planning to expand into Canada is being uninformed about the Canadian market.
Many U.S. businesses in particular make this mistake; they assume there are enough similarities between American and Canadian markets that they believe they can manage on their own error-free. This mistake can be a drain on both your business’ time and resources, as there are many potential pitfalls concerning proper establishment of a Canadian administrative presence and infrastructure.
The right EOR will be the one that’s based in the country you wish to expand into. This EOR will have experts on staff who are well-versed in business expansion and payroll compliance. Speaking of
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