Starting a business in Toronto

Starting a new business is never easy, so it makes sense to pick a location that offers as many advantages as possible. With a thriving economy, Toronto is a perfect site for any new start-up business that wants properly regulated banks and an educated workforce. In addition, with the continent’s third-largest stock exchange, Toronto is an ideal city for start-ups.

Like most other places in the world, businesses in Toronto have to be registered. However, unlike many other nations, the process is extremely simple, with executives who register their company with Enterprise Toronto being set up within a day. Licensing may also be a requirement, depending on the sector.

Toronto regulates businesses such as pet shops, holistic centers, hairdressers and restaurants, so it’s important to do a little research beforehand to determine whether a license is needed. The city also has a thriving network of business supporters, including the C100. This is a group of Canadians working in Silicon Valley using their skills to help new businesses back home, and with executives from the likes of eBay, Google and Oracle, a lot of experience and support can be found to propel new businesses on their way to success.

For anyone starting a new business in Toronto, it’s often the case that employees will be needed, even if they’re not required initially. Luckily, 64% of people in Toronto aged between 20 and 64 have a university degree. A vastly diverse population also means businesses can access skills and experiences gained across the world, giving their new company the best chance of success. In addition, with Toronto often topping most livable city lists, the range of neighbourhoods make it a great place to set up shop.

Let an umbrella company help you fill in the blanks.

In addition, any new business in Toronto should look for support from third party services. Organizations, such as an umbrella company, can offer all manner of aid to new companies, particularly those navigating the business scene in one of Canada’s most thriving cities. An umbrella company supports businesses in a number of ways, and can take many mundane but necessary tasks off an executive’s hands. Firstly, employment management can be a difficult line to walk, particularly if individuals have no prior experience. HR professionals can help provide advice on employment disputes, whilst overseeing contracts and ensuring they’re legitimate and don’t contain any strange clauses. In addition, these third party services can conduct all of the invoicing, chasing payments and tax filing responsibilities, freeing up executives to concentrate on growing their business, instead of managing it.

Toronto is often regarded as a great place to live, and offers new start-ups the ideal canvas to work on. With legislation in place to aid new businesses, as well as a large support network of diverse and international experts, help is relatively easy to find, enabling companies to get up and running fast. And, by utilizing the skills of third party providers and contractors, starting a business in Toronto is easier than many people think.