STARTING A BUSINESS IN TORONTO

TORONTO BUSINESS FACTS

• Over 6.4 million people.
• A labour force of more than 4.7 million.
• Over 800,000 businesses.
• 38 percent of Canada’s business headquarters.
• 18.5 percent of Canada’s GDP.
• A CDN$332 billion economy.
• Nearly 100,000 new immigrants annually.
• A diverse population with over 51 percent foreign-born.

Toronto is the biggest city in Canada with a population of over five million people. It producess almost one-fifth of Canada’s GDP and it’s the centre of the country’s financial community.

Toronto is one of the greatest cities in the world to do business,consistently ranked at the top when it comes to global competitiveness, innovation and quality of life.

STEP 1: CHOOSE A BUSINESS NAME

Choosing a business name is important, you want to make it easier for your customers to remember it, here are some tips:

1. Avoid hard-to-spell names.
2. Don’t pick a name that could be limiting as your business grows.
3. Conduct a thorough Internet search.
4. Search and register a domain name
5. Use a name that conveys some meaning.
6. Conduct a trademark search.

For database business name search in Canada and other resources go to :

https://www.canada.ca/en/services/business/start/choosing-a-business-name-2.html

STEP 3: CHECK ON LICENSE REQUIREMENTS

The city’s Municipal Licensing and Standards Division handles the application process, which is straightforward. Photo identification and proof of work status are required, and so is a copy of the registration along with notarized controlling interest forms, if they apply. Licensing applies to businesses, particularly those with health implications that the city regulates. The list includes hairdressers, pet shops, grocery stores, holistic centers, secondhand shops, nightclubs and restaurants among others. Applications have to be completed in person.

More information about Toronto business licenses and permits: https://www.toronto.ca/services-payments/permits-licences-bylaws/

STEP 5: SCOPE OUT HIRING

Finding qualified people for your business is not a problem in Toronto as 64 percent of people aged 25 to 64 have a post-secondary degree. The city’s population is also intensely diverse. Half of the 5.1 million people in the greater metropolitan area were born elsewhere.

Prospective business owners should be warned that they will need to pay into the Canadian equivalent of Social Security, Canada Pension. But providing healthcare benefits will cost far less than it does in America due to the country’s universal healthcare system.

STEP 7: CHOOSE A NEIGHBORHOOD

Toronto regularly tops most livable cities lists, in part because it has a large percentage of parkland.

The immigrant population is so large that the city has several Chinatowns and Little Italys, in addition to dozens of ethnic neighborhoods.

In addition to districts known for fashion and technology, the city has 70 business improvement areas, where local businesses are working with City Hall to draw residents to their goods and services.

Toronto’s status as a world-class city derives in part from its great diversity, and nowhere is this more evident than in its extraordinary variation in neighborhoods. From the sparkling glass of the downtown financial core to the time-weathered brick of the Distillery district; from Parkdale’s transformative urban spaces to the up-and-coming Junction, Toronto is brimming with potential to suit every need. For a complete guide on Toronto’s Neighborhoods go to iqoffices.com

STEP 9: TAP INTO TRANSIT

The expansive Toronto Transit Commission’s system of subways and rapid transit routes carries one million people daily. One of the cleanest in the world, the system received a $1.5 billion (Canadian) investment in for five new light rail routes.

The Toronto Pearson International Airport is the country’s largest, as well as the busiest. It also recently introduced free Wi-Fi.