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There's nothing stopping a Canadian from starting (or redomiciling) their startup in the Cayman Islands. That's basically the Cayman Islands' raison d'être ever since the war on terror and the crack down on international anonymous banking.
Is it politically motivated or does it have to do with Canadian tech not requiring investment because of its stability?
I can't speak for YC, but legal overhead is an operational pain. It's safe to assume YC will continue to fund Canadian founders, but they'll now require them to incorporate in Delaware, Singapore, or the Cayman Islands - none of which is significantly difficult for a founder. You could literally make a US Corp via Firstbase in a couple of minutes [0] [0] - https://www.firstbase.io/partnership/y-combinator
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I think some things could make your work far easier than mine, but in my case there are a lot of hoops to jump through. I initially wanted to bootstrap myself in my garage, but discovered over time that this is essentially illegal and I'm required to operate out of a business address. This is also virtually forced on me because there are a variety of compounds I can't order without a registered business and accompany…
Thanks for your comment. I have in my mind to start a hardware focused business in Ontario. I am a little afraid now, but hopefully, I have better luck than you. Can you expand a bit more on how difficult it is to deliver hardware product orders to other countries? Whichever countries you have experience in.
The primary tension and strain comes from deciding where your market is, I think. You can simplify your overhead in obtaining certificates and building your workflows by choosing to sell to a market where these factors are minimally taxing (like just selling in Ontario or across Canada), but in my case this limits my market too much. Not that many people in Canada are buying what I sell, but there are large markets in other countries that are underserved.
I have a feeling hardware is much easier. What you're developing is probably not illegal or considered high risk where you want to sell it. In my case, some of the products I sell are banned outright because the province or state it's going to considers it invasive. Even with the certificates, I can't sell some species in some locations. Figuring out all of these requirements and rules in advance is essential so your shipments don't end up rejected and destroyed at the border.
What kind of hardware are you manufacturing?
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Attractiveness to talent? Fairly senior dev, US citizen here (20 years experience). After what I've seen this past year, but more the past month, I will work for peanuts for a path to citizenship in Canada. US in 5 years is not a place I want to be, looking into all options and very serious.
If you have skills in one of the many categories, and with 20 years in tech you should, get the offer. Once armed with an offer from a Canadian company you can handle the visa at the border. For Quebec-based companies you have to have a handle on French but for the rest of Canada it's a skills and education based system for getting permanent residency.
Starting a business in the USA is often far more lucrative, but people usually still incorporate in both countries for tax and liability reasons.
Things like the Canadian youth tax-credits also mean anyone over 28 gets pushed down the list for entry-level positions. The US is far easier to find a reasonable job, and the cultural tradition of entrepreneurship is far better. =3
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Can you give more details? I'm simply a sole proprietorship in Canada so not sure what I'm getting myself into.
I think some things could make your work far easier than mine, but in my case there are a lot of hoops to jump through. I initially wanted to bootstrap myself in my garage, but discovered over time that this is essentially illegal and I'm required to operate out of a business address. This is also virtually forced on me because there are a variety of compounds I can't order without a registered business and accompany…
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The lifestyle difference is real but the income difference is enough to sway most people to the US. If Canada can close the gap on that I'd say it can become an even more attractive place for global tech talent than the US because of its overall better livability.
Live in Canada and work remotely into the US. Been doing it for the last 6 years...
Depends how secure your position is I guess... =3
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Or Canadian real estate.
Most institutional investors limit real estate to around less than 5% of their portfolio.
Keep in mind the 2008 correction never happened in Canada. =3