Business Climate in British Columbia

Vancouver has one of the lowest costs of doing business in North America

In KPMG's Competitive Alternatives 2010 report, the cost of business in Vancouver ranks as the fourth lowest of large cities in North America ('large' cities are cities with a population over 2 million).

(KPMG 2010 Competitive Alternatives)

Doing Business in British Columbia

Here are some other facts about doing business in British Columbia:

• Vancouver’s ranking in the latest City of London’s Global Financial Centres Index rose by six places in the March 2010 Global Financial Centres Index. Vancouver ranks higher than jurisdictions such as Dubai, Amsterdam, the British Virgin Islands, Montreal, Seoul and the Cayman Islands.
• The bilateral Trade, Investment and Labour Mobility Agreement between B.C. and Alberta was fully implemented on April 1, 2009, removing trade barriers that restricted the free movement of people, goods and services between British Columbia and Alberta, thus boosting B.C. ’s competitiveness and reducing costs for business.
• B.C.’s HST (to be implemented on July 1, 2010) will lower tax on new investment by 40 per cent, creating jobs and new opportunities in every region of the Province.
• B.C. has initiated the $3-billion Gateway Program, the largest infrastructure project in British Columbia’s history, helping expedite the movement of goods – by truck, train, airplane and ship – and encouraging Asian importers to choose B.C. as their North American transportation hub.
• In December 2009, China granted Canada approved destination status, allowing tour operators and travel agents in China to advertise and organize tours in Canada and British Columbia. Approved destination status could increase Chinese tourism to B.C. by 25 per cent annually over the next few years.

Doing Business in Canada

• Canada leads the G7 countries in ease of doing business according to the 2009 IMD World Competitiveness Yearbook.
• The Economic Intelligence Unit forecasts Canada as the #1 place to do business in the G7 for the next five years.
• In response to Canada’s improved fiscal balance sheet and excellent long-term growth prospects, the country has enjoyed a AAA international credit rating (the highest rating) from Moody’s Investors Services since 2002. In the mid-1990s, Canada’s total net debt-to-GDP ratio was the second highest in the G7. Today, it is the lowest.
• For the second year in a row, the World Economic Forum’s Global Competitiveness Report found that Canada has the soundest banking system in the world. Canada's well-regulated financial institutions, banks, trust companies, cooperatives, insurance companies and stock exchanges, have demonstrated stability and competitiveness that has made their services popular around the world.

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