{"id":11412,"date":"2019-09-19T08:21:45","date_gmt":"2019-09-19T08:21:45","guid":{"rendered":"https:\/\/www.swallowimmigration.ca\/en\/?p=11412"},"modified":"2021-10-13T09:44:33","modified_gmt":"2021-10-13T09:44:33","slug":"creating-immigrant-entrepreneurs","status":"publish","type":"post","link":"https:\/\/swallowimmigration.ca\/en\/creating-immigrant-entrepreneurs\/","title":{"rendered":"Creating Immigrant Entrepreneurs"},"content":{"rendered":"\n

Make It Easier For Job-Creating Immigrant Entrepreneurs <\/a>To Settle Down Here<\/strong><\/h2>\n\n\n\n

Sep 16, 2019<\/p>\n\n\n\n

by Krista Ross<\/a><\/p>\n\n\n\n

Later this month, chambers of commerce from across Canada will be traveling to Saint John to make and reinforce connections, get professional development training, learn best practices and enjoy what the city has to offer. It is also a chance to influence national policy-making \u2013 with the national chamber and the federal government.<\/p>\n\n\n\n

The centerpiece of the conference is the policy debates, where resolutions submitted by local chambers from across the country will be debated by the delegates in attendance.<\/p>\n\n\n\n

This year, the Fredericton chamber has two policy resolutions \u2013 one focused on the near-term and one more long-term. The Start-up Visa program provides permanent residency to up to five co-founders of a company and their families to launch an innovative business in Canada. The SUV was designed to attract innovative foreign entrepreneurs who would contribute to the innovation needs of the Canadian economy and facilitate the entry of innovative entrepreneurs who would actively pursue business ventures in Canada. To receive permanent residency under the program, applicants must receive support from a designated organization under one of three streams: venture capital, angel investment, or business incubation.<\/p>\n\n\n\n

While originally mandated to be a\nstreamlined process, Immigration, Refugees, and Citizenship Canada\u2019s\napplication processing times have recently increased by 202% (5.3 months to 16\nmonths), making the program less attractive to potential applicants and\ncreating a significant bottleneck. The very nature of startup businesses\nnecessitates that the Startup Visa program is quick and nimble.<\/p>\n\n\n\n

According to a Statistics Canada\nreport released earlier this year, private incorporated immigrant-owned firms\nare much more likely than firms with Canadian-born owners to be job creators.\nAdditionally, immigrant-owned firms have a higher level of net job creation per\nfirm and are more likely to be high-growth firms than those with Canadian-born\nowners.<\/p>\n\n\n\n

It is clear that immigrant\nentrepreneurs are a key factor in improving Canada\u2019s economic and demographic\ndeficits. The Start-up Visa program attracts these entrepreneurs to the region\nwhile also fostering a culture of innovation and inclusion. With the United\nStates canceling its version of the program, Canada has an opportunity to take\na global leadership position in the international start-up field. Our\nresolution calls on the federal government to ensure the process timeline is no\nlonger than six to eight months and communication between IRCC and service\nproviders is improved.<\/p>\n\n\n\n

Our second resolution is more\nlong-term focused \u2013 dealing with fair taxation in the digital economy.\nCurrently, tax treaties which Canada has in force with other countries\nemphasize that business profits earned in Canada will not be subject to tax on\naccount of income in Canada unless a sufficient amount of physical presence is\nestablished.  This physical presence is\ncalled a permanent establishment and can be established through such activities\nas physical facilities in Canada such as a head office or sales office,\nequipment located on a stationary work site for an extended period of time, or\nemployees who are present in Canada for a significant period of time.<\/p>\n\n\n\n

These principles helped to\nsimplify the application of income taxes in Canada and alleviate an undue tax\nburden where activities in Canada were incidental or ancillary to the primary\nprofit-generating activities of foreign business.<\/p>\n\n\n\n

However, it is no longer the case\nthat because a foreign business does not have a physical presence in Canada,\nthat their business model does not include a focus on Canada as a significant\nprofit generating location. Consequently, the tax system must be updated to\nkeep pace with the emerging technological focus of today\u2019s international\ncommerce.<\/p>\n\n\n\n

Currently, the International\nChamber of Commerce and the OECD are in the process of developing policy\nstatements and principles on taxation in a digital economy.  The OECD issued a public consultation\ndocument in March 2019 to solicit commentary on best practices to be included\nas part of their principles for OECD member countries to use as a guide.<\/p>\n\n\n\n

This issue is timely, and as\nthese frameworks are made public, and countries around the world adapt to tax\ndigital commerce within their borders, countries without similar laws will be\ndoubly penalized. Not only will they fail to receive the tax revenue on\ninternational commerce for sales to their residents, but their domestic\nbusinesses will also be subject to new layers of complexity and taxation when\nattempting to export through digital means. Canada should prepare themselves to\nact quickly once international frameworks are published and countries around\nthe world enact their own laws.<\/p>\n\n\n\n

Chambers of commerce believe in the \u201cpower of network\u201d and the conference is a testament to that unity. New Brunswick chambers also work together for the benefit of our members on a regular basis throughout the year.\u00a0A joint submission from Atlantic Chamber of Commerce, Fredericton Chamber of Commerce, Greater Moncton Chamber of Commerce, and Saint John Region Chamber of Commerce has been named one of three finalists\u00a0in this year\u2019s Canadian Chamber of Commerce Competition: Influence in Action. The recognition is for the group\u2019s 2018 provincial election campaign,\u00a0We Choose Growth.<\/p>\n\n\n\n

The conference is an opportunity to showcase the great things happening in Saint John and New Brunswick as a whole. The Saint John Region Chamber of Commerce is celebrating its 200th\u00a0anniversary this year \u2013 join me in congratulating them on two centuries of making connections, representing their members, and helping grow the economy.<\/p>\n\n\n\n

Krista Ross is CEO of the Fredericton Chamber of Commerce<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The centerpiece of the conference is the policy debates, where resolutions submitted by local chambers from across the country will be debated by the delegates in attendance.<\/p>\n","protected":false},"author":1,"featured_media":11798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[84,879,128,87],"tags":[132,147,148],"class_list":["post-11412","post","type-post","status-publish","format-standard","hentry","category-canada","category-canada-news","category-entrepreneurial-stream","category-new-brunswick","tag-entrepreneurs","tag-immigrant","tag-settle-down"],"yoast_head":"\nSwallow Immigration Consultancy Inc | Creating Immigrant Entrepreneurs<\/title>\n<meta name=\"description\" content=\"Later this month, chambers of commerce from across Canada 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