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British Columbia’s Business Advantages

British Columbia’s Business Advantages. British Columbia Fast Facts. YUKON. Canada’s western-most and third largest province Multi-cultural population of 4.4M GDP $ 203Billion - producing 12% of Canada’s GDP

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British Columbia’s Business Advantages

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  1. British Columbia’s Business Advantages

  2. British Columbia Fast Facts YUKON • Canada’s western-most and third largest province • Multi-cultural population of 4.4M • GDP $ 203Billion - producing 12% of Canada’s GDP • While forestry, mining, fishing and agriculture remain important, there is strong growth in new industries such as tourism, film, high technology and green energy • BC enjoys a AAA credit rating Fort St. John Pacific Ocean British Columbia ALBERTA Prince Rupert Kitimat Prince George Kelowna Cranbrook Vancouver Victoria United States

  3. Gateway To North America from Asia Vancouver International Airport (YVR) and the Ports of Vancouver and Prince Rupert are the closest gateways to Asia from North America. • Vancouver is well positioned to take advantage of trade relationships with the Asia Pacific region • YVR offers 80 direct flights a day to US destinations, 99 flights a week to the Asia Pacific, 63 a week to Europe and 33 a week to Mexico. • BC’s business day overlaps with afternoon working hours in Europe and morning work schedules in Asia.

  4. Duty-Free Access to North American Markets Under NAFTA, firms in BC can access U.S markets duty-free, regardless of corporate nationality. • Applicable to goods that are wholly obtained or produced within North America or sufficiently transformed. • Canadian duties on imports from non-NAFTA countries are generally as low or lower than US duties.

  5. Ensuring Tax Competitiveness • Business tax burdens in B.C. are among the lowest in North America. • No capital tax, no provincial payroll taxes, no property tax on equipment. • Combined federal-provincial corporate income tax rate of 25% is lower than in every U.S. state. • Provincial value added harmonized sales tax will be replaced with a retail sales tax in 2013 • B.C. residents now pay the lowest personal income tax in Canada for incomes up to $120,000. • Generous tax credits for R&D and other targeted sectors Source: PricewaterhouseCoopers, April 30, 2012

  6. Abundant Low Cost Green Energy • Over 90% of B.C.’s electrical power is from clean renewable hydroelectricity • B.C. will be energy self sufficient by 2016 • All new generating projects will have ZERO net Greenhouse Gas Emissions

  7. Outstanding Talent • Highly educated, multi-lingual, young & energetic. • High quality labour pool of 2.4 million people • 2/3 of BC employees have post-secondary education • 3/5 workers are under 44 years old

  8. Educated Workforce BC has 25 public post-secondary institutions – 11 universities, 11 community colleges & 3 institutes • BC’s universities are consistently ranked high in International Academic ratings • UBC is 22nd in the worldTimes Higher Education World University Ranking (Oct 6th, 2011) • UBC is ranked at 29th in Computer ScienceAhead of Yale, North Western, & Brown University and the National University of Singapore and University of Tokyo according to the Academic Ranking of World Universities • Over 2,700 Engineering and Computer Sciencegraduates are awarded credentials annually in BC

  9. Simplified Work Permits and Expedited Immigration • Intra-company transferees can qualify for one year (initially) and extend for up to 7 years • Canadian Posts abroad can generally process work permit applications in 4-6 weeks • The BC Provincial Nominee Program (PNP): • Strategic Occupations ~ helps BC employers recruit or retain qualified foreign skilled workers, professionals and graduate students • Business Immigration ~ considers applications from experienced business entrepreneurs to move to and establish businesses in BC

  10. Cost of Labour • Vancouver’s total payroll cost is generally lower than competitor cities. • With no provincial levied payroll taxes, statutory benefits are approx. 4% of payroll in B.C. (about 50% lower than competitor cities in U.S.) • Health care costs are a discretionary employer benefit in B.C. and are considerably lower compared to US • Annual Health Care Costs (in US$)

  11. Pro-Business Government • The Government of B.C. is committed to ensuring the best business climate in North America • BC actively encourages investment by non-Canadians, and places few restrictions on foreign investors • Over 40% of all provincial regulations eliminated since 2001 • Significant tax reduction and elimination since 2001 • B.C. government has committed to return to balanced budget by 2013/14

  12. Livability • Vancouver is one of the most livable cities in the world • Vancouver is ranked 3rd -Economist Intelligence Unit ranks 140 cities worldwide • Condѐ Nast Magazine Award (Oct. 2010) “Best City in the Americas” • Mercer Quality of Life Survey (November 2011) Vancouver #5 worldwide / #1 in the Americas Reflects: Stability, health care, culture and environment, education, and infrastructure, etc.

  13. Trade and Investment Offices Abroad British Columbia's 9 trade and investment representatives promote British Columbia as a destination for investment, a partner for trade and innovation, as well as showcasing B.C. products and resources.

  14. Summary: Many advantages to locating and investing in B.C. • Strategic Gateway Location • Duty-Free Access to North American Markets • Low Corporate & Personal Income Taxes • Focused Tax Incentives • Cost Competitive • Green, Low Coast Power • Skilled Labour Force • Excellent Public Infrastructure • High Quality of Life

  15. Questions? Email bcjobsplanmoderators@gov.bc.ca 23

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