British Columbia – A Competitive and Dynamic Place to Do Business
B.C. companies benefit from low taxes, competitive operating costs, stable labour conditions and an exceptional multicultural work force that is well educated, highly skilled and productive.
Business Incentives
British Columbia provides provincial tax credits, exemptions and deductions to encourage business investment and innovation. Certain incentives target particular industries (film, mining, new media and international financial services). British Columbia’s tax incentives are provided as ‘entitlements’ – they do not have to be negotiated – and are available equally to all eligible businesses for qualifying activities. Federal government incentives are also available that often mirror provincial measures.
Incentives – http://www.britishcolumbia.ca/invest/why-british-columbia-canada/business-incentives/
Tax credits and refunds – http://www.britishcolumbia.ca/invest/why-british-columbia-canada/business-incentives/taxincentives/
Workforce
B.C.’s labour force is large (2.4 million), flexible, and well-educated. Nearly 2/3 of workers are under 45 years of age. Over half of B.C.’s workforce is employed in knowledge-based industries or trade-related occupations.
Business Climate
B.C. offers one of North America’s most competitive business climates, with low taxes, streamlined regulations, and a supportive, financially responsible government.
To make it easier to establish and conduct business:
Business registrations can be completed in a matter of hours.
Employment standards regulations are responsive to the needs of businesses. For example, employers in the high-tech sector can set work schedules to suit specific business requirements (i.e., other than an eight-hour day or 40-hour week).
B.C.’s environmental assessment legislation establishes fixed timelines for project reviews. Permitting and licensing are streamlined for resort developments, mining, and other major investments.
Business Costs
The cost of doing business in B.C. can be much lower than in the United States. Labour, power and facility costs, and corporate income tax rates are generally lower.
Compared with the West Coast of the United States, total annual operating cost savings of up to 20 per cent can be achieved in industries like content development, biotechnology R&D, electronics design and manufacturing, and qualified international business activities.
An energy future is secure, with reliable, renewable and low-cost hydroelectric power supplying almost 90% of B.C.’s electricity needs (the balance is mainly natural-gas-fired power). The BC Hydro system that delivers uninterrupted power to all regions of the province has an Average System Availability Index of 99.935 per cent (including major events).
B.C. is also rich in natural gas (Canada’s second largest producer), oil, coal-bed methane and coal. The province’s Energy Plan promotes development of alternative power sources – such as wind, biomass and ‘run of the river’ hydroelectric generation – in addition to conventional sources.
Global Access
B.C. is Canada’s transportation gateway to the Asia Pacific region. Under the North American Free Trade Agreement, businesses located in B.C. qualify for duty-free access to the world’s largest and most powerful economy (U.S.). When you need to ship products, move information or travel to leading global markets, British Columbia has the cost-competitive transportation and communication systems to service your business.
Quality of Life
B.C. is a magnet for skilled and creative people. The province offers a quality of life unmatched anywhere in North America, and by few places in the world. B.C. companies view this as a key competitive advantage in recruiting and retaining top talent.
Vancouver is the most livable city in the world, according to the 2010 Livability ranking survey of 140 cities by the Economist Intelligence Unit.
Information repurposed from source: http://www.britishcolumbia.ca/
