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Monday, October 10, 2005
RP traders get chance to invest in Canada
FILIPINO businessmen, especially those who are into the business process outsourcing (BPO) services, could take advantage of Canada’s aggressive immigration program and capture the North American market.
Lawyer Josephine Tañada-Yam said because of Canada’s proximity to North America, most entrepreneurs in other parts of the world, such as China and India, have made Canada a “middle man” to enter the “richest market in terms of trade” in the world.
“If you open a shop in Canada, aside from having easy access to the 32 million people, you will also have easy access to half a billion people in North America because of the North American Free Trade Agreement (Nafta),” she told participants to a forum sponsored by the Cebu Chamber of Commerce and Industry and the Cebu-Canada Business Council at the City Sports Club on Friday.
Yam, a member of the Cebu-Canada Business Council, said the Canadian government has also made investing in Canada easy by opening programs such as the immigrant investor program.
She said many BPO companies in India and China have already opened branches in Canada since the government of the United States ordered US companies to stop out-sourcing their backroom operations to Asia and other parts of the world due to the backlash on the Americans.
Fomer US ambassador to the Philippines Francis Ricciardoni earlier said the outsourcing of US companies to Asia has resulted in the increase in the unemployment rate in the US.
Since Canada is near the US and is part of the Nafta, US companies are allowed to outsource their back-room operations, such as accounting, human resource, payroll and information technology to this country, Yam said.
Program
Yam heads a Canadian business immigration law firm which focuses on the immigration investor program.
The program, which began in 1986, gives experienced business people and government managers, together with their families, the opportunity to immigrate to Canada by investing CA$400,000, among other personal requirements, into the country for five years.
The investment, which is fully guaranteed by the Canadian government, will be returned to the investor when the term expires.
Also, immediately after the investment is made, the investors, together with their families, are given the right to apply for Canadian citizenship.
This will allow them to live, do business and study anywhere in Canada aside from availing themselves of all the free social service benefits given to Canadian citizens, such as health care and world-class education, Yam said.
She said Canada has a cost-competitive business environment with its competitive tax system and low start-up and overall business costs.
“Starting a business in Canada has only three procedures and (it) can be done online,” Yam said.
Canada is among the countries with low inflation average rate. It is only at 2.4 percent per annum and is lower than the average inflation rate of the US. (JBN)
(October 10, 2005 issue)
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