Canada is one of the easiest places on the globe in which to do business, according to a new study.
In a report released in collaboration with the International Monetary Fund, the World Bank ranked Canada 19th out of 189 countries in its “Ease of Doing Business” survey. Nations were evaluated based on their friendliness toward international business using a number of criteria, including the ability of multinationals to get construction permits, electricity and credit for their projects, along with the amount of time and effort required to pay taxes and enforce contracts.
Canada was at the top of the list in the report’s “Starting a Business” ranking, placing second in the world for the ease of getting operations underway on Canadian soil. The survey pointed to the lack of a minimum capital required for new international businesses in Canada, and the small amount of time and paperwork needed to establish a new venture.
Canada also scored in the top 10 amongst all nations in three other categories. Paying taxes, resolving insolvency and protecting one’s investors are all easier to do here than in most other countries around the world.
The survey highlighted two areas, however, in which an international company can find itself stalled when getting started in Canada. In the “Dealing with Construction Permits” category, Canada placed 116th in the world, likely due to the fact that there are at minimum 13 procedures in need of completion before proceeding with construction, with a wait time of at least 249 days.
It’s much longer than the time it would take to get a permit in Denmark (67 days), but on the bright side, not nearly as long as the construction permit process in Cyprus, which takes 677 days.
In “Getting Electricity,” Canada also placed low on the list, in 145th place—if your international business needs power for its new project, there are seven procedures to go through, with a wait time of 142 days.
Topping the “Ease of Business” list were Singapore, Hong Kong and New Zealand, with Canada’s largest trading partner, the United States, following in fourth place.