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Economics
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Apr 3, 2024
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docx
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International Trade
Research
Group 6
Group Research Paper Proposal
Saksham Goel 991769462
Vishwanath Murugan
991758057
Group Research Paper Proposal:
Creating a company:
Starting a business in Toronto, Ontario, Canada involves several steps. Let’s break it down:
1.
Conduct Market Research
: Before diving in, research your industry and market thoroughly. Understand your potential customers, competitors, and trends.
2.
Prepare a Business Plan
: Create a comprehensive business plan that outlines your business idea, short-term and long-term goals, available resources, and financial projections.
3.
Choose Your Ownership Structure
: There are four common business structures in Ontario:
o
Sole Proprietorship
: Simplest form, where you’re the sole owner.
o
General Partnership
: Shared ownership with one or more partners.
o
Ontario Limited Liability Partnership (LLP)
: A hybrid of partnership and corporate structure.
o
Business Corporation
: A separate legal entity.
4.
Register Your Business Online
: If your business has employees, facilities, or offices in Ontario, register using the
Ontario Business Registry
. The registration fee varies based on the type of business:
o
Sole Proprietorship: $60
o
General Partnership: $60
o
Ontario LLP: $60
o
Extra-Provincial LLP: $60
o
Ontario Limited Partnership: $210
o
Business Corporation: $300
(ontariobusinessgrants, 2023) (toronto.ca, n.d.) (canada.ca, 2017)
If you’re registering as a corporation, order an Ontario-biased or weighted
Nuans name search report
to reserve your business name (if not using a number name).
5.
Confirm Licences and Permits
: Depending on your business activities, you may need federal, provincial, or municipal licences and permits. Check the requirements.
6.
Understand Tax Obligations
: Most businesses in Ontario must register for a
GST/HST account
with the federal government. Report your personal income if you’re self-
employed or in a partnership.
7.
Consider Business Insurance
: While not mandatory, having business insurance is highly recommended, especially if you operate a home-based business.
8.
Learn the Regulations
: Familiarize yourself with the regulations that apply to your specific business type.
9.
Explore Funding and Support
: Financial assistance and resources are available for small businesses. Consider reaching out to Small Business Enterprise Centres or Regional
Innovation Centres for guidance and mentorship.
10.
One-on-One Business Support
: Ontario’s Small Business Enterprise Centres offer advisory services, workshops, and grant opportunities to help entrepreneurs succeed
(toronto.ca, n.d.) (ontariobusinessgrants, 2023)
.
For
Toronto-specific business licenses
, you’ll need to provide the following documents:
Two pieces of government-issued identification (one must be photo ID).
Examples include Canadian Passport, Driver’s Licence, Canadian Birth Certificate, Citizenship Card, Permanent Resident Card, or SIN Card (Social Insurance Number)
(canada.ca, 2017)
One of the products that Canada is known for exporting is
maple syrup
. 🍁
Maple syrup
is a delicious and natural sweetener made from the sap of sugar maple trees. It’s a quintessential Canadian product, and its production is closely associated with the northeastern regions of Canada, particularly Quebec and Ontario.
Here are three major importing countries for
maple syrup
:
1.
United States
: The U.S. is the largest importer of maple syrup, consuming over half of the world’s maple sweets. In 2022, the U.S. imported approximately
$381 million
worth of maple syrup. (AgricultureCanada, 2022) (TrendEconomy, 2024)
2.
Germany
: Germany is another significant importer, accounting for about
5.4%
of global maple syrup imports in 2022, with an import value of around
$41 million
1. (AgricultureCanada, 2022) (TrendEconomy, 2024)
3.
Netherlands
: The Netherlands also appreciates the sweet goodness of maple syrup. They
imported approximately
$63 million
worth of maple products in 2022, including syrup. (AgricultureCanada, 2022) (TrendEconomy, 2024)
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