Your business has been growing steadily, but you’re always on the lookout for new opportunities. As your current markets have reached maturity, you’ve been wondering what your next move will be.
One option now on the table is an international expansion to Canada.
How can a company expand internationally?
There are a number of different ways to set up shop in Canada. Some are easier than others. This method may very well be the simplest way to expand business in Canada.
There Are Many Ways to Expand Business in Canada
For some business owners, moving in to Canada involves opening a branch office. This office is much like any other branch office, with the exception that it’s on Canadian soil. If you’ve opened offices in other cities or states, this may feel like the most logical move for you.
You will want to check the legislation governing branch operations, such as the tax laws. There might be a better way to expand business in Canada if you want tax efficiency.
You can also set up as a subsidiary company. This creates a new Canadian company, which is considered a separate entity from your parent company.
An acquisition is another way to expand a business. You could buy a Canadian business or property. Investing into an existing Canadian company is yet another option.
In any of these scenarios, it’s prudent to consult with financial experts, HR experts, and legal experts as well. Having professional advice offers you the strength of informed decisions. You want to make the best choice for your business.
Work with a PEO
The easiest route into Canada for most businesses is through a partnership with a professional employer organization, or PEO.
While you’ll still need to decide whether you’re setting up as a branch office or a subsidiary, working alongside a PEO can take the guesswork out of the HR logistics of your expansion.
Working with a PEO is like bringing in a specialized Canadian HR team. Their experts can help you monitor compliance, and they’ll administer your payroll. Your Canadian employees will be paid on time, every time, and you won’t need to worry about penalties from the Canada Revenue Agency.
The PEO will also provide access to other infrastructure, such as banking or insurance. Some PEOs provide health savings accounts for your employees. Through their program, you can rest assured you’re getting the best price and that the program is compliant..
Is a PEO Partnership Right for Your Business?
You might ask yourself whether you’re in the right position to partner with a PEO. Most small businesses can benefit from working with a PEO. The PEO is built to handle clients of all sizes, which means their infrastructure could help you as your business expands. Whether you have five employees or 500, the PEO is able to provide timely, efficient HR assistance for your business.
This is even more important for international businesses. The PEO’s expert team already knows the ins and outs of employment law, payroll taxes, and more, so they can help you conduct payroll, pay taxes, and provide leave, vacation, and more to your employees.
Talk to a PEO Today
If you’re thinking of ways to expand business in Canada, talk to a PEO today. Expert insights could help you get started on the road to successful international expansion.
With the right assistance, crossing borders and expanding into new markets is easier than ever before.