Canada named second easiest country to start a business in

27 August 2018

Canada was identified as the second easiest country in the world to start a business in, according to data from the World Bank. New Zealand ranked first, while emerging economies like Kosovo, Uzbekistan, and Georgia also placed in the top 12.

Ease of doing business is an important part of well-functioning economies. If a country has too many regulatory blocks, an arcane system of permits (and endless avenues for corruption), and barriers to foreign companies and investment, businesses will be less likely to move in, start up, and thrive. Poor systems of business regulation can reinforce a cycle of weak economies while hindering job creation.

Delving into data from the World Bank’s Doing Business 2018 report, however, digital marketing consultancy Reboot Digital Agency has found that countries around the globe are increasingly trying to remove barriers to business and commerce. Reboot highlights that of the 190 countries measured in the World Bank report, 119 enacted at least one business regulation reform in the past year. Of those countries, 80% implemented a reform for a second consecutive year, while 65% did so for a third year.

World Bank data shows that New Zealand is the best country to start a business in, while also being the champion of the entire Ease of Doing Business index. Though the country’s Distance to Frontier (DTF) – which measures the distance from the best recorded performance across all economies since 2005 – fell 0.18%, New Zealand still reigned supreme. Reboot relates that it takes just one procedure, half a day, and less than 1% of income per capita to start a business in Auckland.

Canada named second best country in which to start a business in 2018

Aside from the ease of starting a business, the small island nation was also tops in ‘getting credit’ and ‘registering property,’ while snagging top-three rankings in ‘dealing with construction permits’ and ‘protecting minority investors.’

Meanwhile Canada was ranked the second best country in which to start a business in 2018. According to Reboot, it would take just two procedures, 1.5 days, and less than 1% of income per capita to start a business in Toronto. Overall, the World Bank report ranked Canada 18th for ease of doing business, with high rankings in ‘getting credit’ (12), protecting minority investors (8), resolving insolvency (11), and paying taxes (16). Canada scored poorly in ‘getting electricity’ (105) and ‘enforcing contracts’ (114).

In an alternate ranking from Forbes’ Best Countries for Business, Canada ranked fifth overall while New Zealand came in second. In Forbes’ ranking, the United Kingdom snagged the top spot.

Meanwhile, emerging economies like Georgie, Jamaica, Kosovo, and Uzbekistan placed in the top 12 best countries in which to start up a business, highlighting efforts in those nations to attract foreign businesses while also making the startup process easier for their own citizens. Kosovo and Uzbekistan’s DTF score jumped by 4.98% and 4.46% respectively, while Georgia’s increased by 2.12%.

“It’s encouraging to observe countries, like Georgia, Kosovo, and Uzbekistan experiencing vibrant growth,” commented Shai Aharony, managing director of Reboot Digital Agency. “It hints we are heading toward a rich, multi-cultural time in business, which will no doubt encourage us to venture to areas anew, to start-up or network. Some may even argue it will become essential to do so. I’m sure we will see continued change in the sector as businesses reform and push beyond old boundaries.”


PwC Canada announces finalists in 2019 Vision to Reality Awards

03 April 2019

Accounting and consulting firm PwC Canada announced the finalists in its annual Vision to Reality (V2R) Awards, which recognize innovative and creative Canadian organizations.

The finalists included organizations across a wide range of industries, including agriculture, healthcare and life sciences, financial services, and the public sector. Twenty organizations were chosen across the four categories of visionaries, builders, reinventors, and accelerators.

“The visionary” award is given to a small organization with $0-50 million in revenue (including pre-revenue) that has a new idea that is adding value to people, businesses, or society. “The builder” award is given for the same sort of innovation, but eligibility is limited to organizations with between $51 million - $1 billion in revenue.

“The reinventor” award is presented to a company with more than $1 billion in annual revenue that has transformed how it operates or interacts with customers in a way that supports overall strategy and gears the company towards future success. “The accelerator” award is conferred on a public sector organization (of any size) which has launched a progressive initiative that positively impacts Canadians.

PwC Canada announces finalists in 2019 Vision to Reality Awards

The visionary award finalists for 2019 are: Decisive Farming, GHGSat Inc., Livestock Water Recycling, Loop Industries, Inc., and Ondine Biomedical Inc.

The builder award finalists are: Interac, Mircom Technologies Ltd., PointClickCare, Raptor Mining, and the Vancouver Airport Authority.

The reinventor finalists are: Agropur Cooperative, BMO Financial Group, Loblaw Digital, Rogers, and Sun Life Financial.

The accelerator finalists are: The Business Development Bank of Canada (BDC), British Columbia's Ministry of Health, Canada Border Services Agency, Medavie Health Services New Brunswick, and Oakville Hydro.

The organizations across the four categories are strong indicators that innovation – a major component of competitiveness in a globalized world – is still alive and well in Canada. GHGSat, for example, is using high resolution satellites to detect greenhouse gas emission from industrial sites anywhere in the world. The Vancouver Airport Authority has implemented the first automated border clearance kiosk in the world, using biometrics and self-service technology to speed up border clearance and improve customer experience.

Sun Life Financial has introduced digital platform Lumino, which helps Canadians find healthcare providers and innovations with built-in credible ratings and cost information to enable informed choices. Oakville Hydro has also blazed into the future with the implementation of distributed grid intelligence that automatically responds to changing grid conditions and cuts down on outage frequency.

The shortlisted organizations were chosen by an independent panel of judges from the public and private sectors who have experience assessing innovative organizations. The panel will continue its work as it selects the four ultimate winners next month. They will be announced at an exclusive event in Toronto on May 9th.

"We're thrilled to celebrate our V2R Awards finalists who represent some of Canada's best innovators and leaders," Chris Dulny, chief innovation officer, PwC Canada, said. "In addition to giving innovators well-deserved recognition, V2R brings together a community of trailblazers to collaborate and share ideas. Ultimately, this type of collaboration helps make Canada a more competitive place for innovation and we're proud to be a part of that."