Each year the World Bank releases a Doing Business ranking. The process considers 88 factors across 10 different categories analyzing potential success for new businesses in a country.
Canada placed above average in a majority of the categories, securing it’s 2nd place rank out of the 200 countries that make up the Organisation for Economic Co-operation and Development (OECD).
Below are the categories in which Canada excels and that determine why the World Bank sees Canada as a great place to do business:
Starting Your Business Quickly
The World Bank considers Canada an excellent country to start up a business due to our quick and efficient processes. The OECD average for starting a business is more than eight days. In Canada, it takes an average of 1.5 days to start a business - giving us an index score of 98.23.
Canada’s profit tax rate is 10 per cent lower than the OECD average, ranking 3.9% versus the 13.35% average. This excellent tax rate secured Canada an index score of 88.06 (compared to the average of 82.13).
Ease of Registering Property
In Canada it takes an average of 16.5 days to complete a property registration, which is much lower than the average of 22 days. This ease of registration is why Canada scores almost four points higher than the average, at 74.5.
Acquiring Credit is Easier
Acquiring credit is crucial to starting up a successful business. Canada ranks seventh globally and fourth among OECD countries in ease of acquiring credit. According to The World Bank, Canada has a score of 85, versus the OECD average of 59.
Minority Investors Protected
The World Bank’s analysis of Canada found that Canadian minority investors are better protected than those in almost every other country. Multiculturalism is a pillar in our country, so it is no surprise that Canada scores 15 points above the average with 76.67 points.
For foreign and domestic investors, Canada paints an ideal market to invest in. Consistent rankings year after year in this study keeps Canada at top of mind for investment potential.