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Bilateral Trade for United States and Canada Business - Similar Yet Different

April 15, 2012 | Comments: 0 | Views: 152

Canada business can be a challenge, especially if you are used to how things work in the United States or elsewhere. For a start Canada is much more of a socialist country, where taxes are higher, and so are the public services. This can be beneficial when you first want to establish yourself somewhere in the country.

For example, subsidies are available for some fields in certain cities and provinces. There are also a lot of services available to help you and your company out. This will allow you to prosper in the country, including from the federal government and business councils.

A lot of companies try to reach local Canadian markets from overseas or across the border, but there are several problems with that. First, the Canadian market is very peculiar, like any other local market. Not everyone likes the same things, and if you cater to the United States population, not everything is going to go over as well in Canada.

Canada Business for Bilateral Trade - Similar yet Different

Each area has its own traditions and culture, and it is hard to find those out when you don't have a local office, and employees who come from the community and know what's going on around town. Of course the impact of this situation will depend based on which field you are in. An example is if you intend to do anything that's related to health care or finances you may find the need to be very well acquainted with local laws and regulations. If you sell entertainment products, this may not be necessary because of the similarities of Canada and United States in this industry.

On top of simply having a better shot at reaching your customers, having a local business in Canada has many other implications. To have a successful company, you need to know the differences between Canadian laws and those of other countries. For example, the income tax system is very complex and can seem quite expensive, but there are many ways to end up paying fewer taxes, if you know how to deal with it efficiently.

Currency for Canada Business

The Canadian currency is also an issue. If you mostly do transactions in US dollars, you need to mind the exchange rate and make sure you don't lose precious profits there. Finally, whenever you establish a new office in Canada, there is usually a business council available to help you out with links to the community.

Know your Local Market

In the end, when establishing a new business in Canada, it's important to learn about the local community so that you can get an edge over your fellow competitors, and other businesses who attempt to reach that market from abroad. If you contact the right organizations and people, you can get some local information, and keep on top of trends much easier. It's your key to maximizing your profits through local transactions.

United States and Canada businesses share more than just a border. Nevada bilateral trade with Canada is the largest for the state. The Canada Nevada Business Council advocates for favorable business frameworks. They connect business leaders and government officials to promote and increase bilateral trade between the two.

Source: EzineArticles
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