The strategic Canada-India business relations
Canada and India share a strategic business relationship characterized by mutual cooperation and growth opportunities across various sectors. Both countries have recognized the immense potential for collaboration in areas such as technology, energy, agriculture, and education. For instance, bilateral trade between Canada and India reached approximately $8 billion in 2023, a 15% increase from the previous year. Canada’s expertise in advanced technologies and innovation complements India’s rising market and skilled workforce. This is where Canadian organizations are rapidly growing their remote teams in India using EOR services.
Furthermore, the Comprehensive Economic Partnership Agreement (CEPA) between the two nations has facilitated increased trade and investment flows, with Canadian direct investment in India totaling around $2.5 billion in 2022. With India’s growing middle class and Canada’s resource-rich economy, there is ample room for expansion and diversification of bilateral trade. Moreover, cultural ties and people-to-people connections continue to strengthen the foundation of this relationship, fostering long-term partnerships and shared prosperity. The strategic alliance of both countries stands as a testament to the benefits of synergy in the modern business landscape.
The synergy between Canadian industries and the Indian workforce
Canadian IT companies like CGI, Infosys, and BlackBerry have significant operations in India. They employ Indian software engineers, developers, and IT professionals to provide services such as software development, IT consulting, and business process outsourcing (BPO).
Canadian renewable energy companies are increasingly investing in India’s renewable energy sector, which is experiencing rapid growth and government support. These companies engage in solar, wind, hydro, and other renewable energy projects, employing Indian engineers, technicians, project managers, and administrative staff. They contribute to India’s renewable energy goals by developing and operating clean energy projects, while also creating job opportunities and driving sustainable development in the country.
Canadian healthcare companies, including pharmaceutical firms like Apotex and healthcare technology providers, have operations in India. They often collaborate with Indian pharmaceutical companies for manufacturing and research activities, utilizing Indian scientists, researchers, and healthcare professionals.
Canadian educational institutions have established partnerships and campuses in India, offering various programs and courses. They employ Indian faculty members, administrators, and support staff to manage operations and deliver education services to Indian students.
Canadian infrastructure companies are involved in projects related to transportation, energy, and urban development in India. They employ Indian engineers, architects, project managers, and construction workers to execute infrastructure projects across the country.
Canadian automotive companies like Magna International have a presence in India, either through manufacturing facilities or partnerships with Indian automotive firms. They employ Indian workers for manufacturing, engineering, research, and development activities.
Canadian companies in the natural resources sector, particularly mining and renewable energy, have operations in India. They may engage in activities such as exploration, extraction, and renewable energy projects, employing Indian geologists, engineers, technicians, and workers.
Why Canada prefer India for business expansion?
Our Comprehensive Services for Canadian Business Ventures
Access to Talent
Working with us will give you access to a broader talent pool as we hire employees in different locations. This will also eliminate the need for you to establish a legal entity in a foreign land.
Timely and Accurate Payroll Processing
We have dedicated payroll specialists who are responsible for processing payroll accurately and on time. They handle tasks such as calculating employee wages, deductions, taxes, and other withholdings according to local regulations and company policies.
Cost Savings
Outsourcing employment functions to us will potentially lead to cost savings as it will eliminate the need to establish legal entities, hire local HR staff, and invest in infrastructure for payroll and compliance management in new locations.
Employee Support Services
We offer additional employee support services, such as flexible work timings, access to healthcare and retirement benefits, and support for employee queries and concerns, which can enhance the overall employee experience and increase employee retention.
What Makes Remunance The Ideal EOR Partner For Canadian Companies?
- Expertise and Experience: We excel in HR, employment law, and compliance, offering expert guidance to manage your workforce efficiently
- Specialized Industry Focus: Certain industries like tech, healthcare, or manufacturing have unique HR and compliance needs, and partnering with us will offer you tailored solutions
- Project-Based Staffing Needs: We provide flexibility in short-term projects, seasonal work, or temporary staffing and swiftly manage workforce needs, ensure compliance, and streamline onboarding
- International Expansion Support: We excel in remote hiring, navigating employment laws, managing payroll, taxation, and ensuring compliance across borders
- HR Consulting and Strategic Support: We offer customized HR consulting, workforce planning, talent acquisition, and employee engagement strategies
- Prompt response and delivery: As the leading Employer of Record (EOR) in the country, we ensure quick response and delivery within 2 business days or less which helps us maintain efficient operations and foster positive relationships with clients, employees, and other stakeholders
Our Success Stories
Remunance X Medtigo, the success story of building a remote team
Building a team can be a tedious task, especially if you have to build one that is an expert in the medical domain! In this video we present you with a fantastic story highlighting the complete journey from discovery to delivery as to how this fantastic team came into existence.
Best PEO (Professional Employer Organization) in India - Formaliti
PEO offered more flexibility & reliability while building a team in India. Formaliti got the exact talent they were looking for in India to start with, Remunance PEO helped Formaliti saved time as well as proved to be more cost-effective than outsourcing.
Success Story | PEO to Forming a subsidiary in India | IntervalZero
Jeff from IntervalZero describes the journey of American startup with Remunance, how they set up their base in India which later turned into a wholly-owned subsidiary of IntevalZero saved time as well as proved to be more cost-effective than outsourcing.
FAQs
How does Remunance help Canada tap into Indian skilled youth for business growth?
Remunance helps Canadian businesses tap into skilled Indian youth for growth by providing access to talent, handling compliance and legal challenges, facilitating cultural integration, matching skills to roles, and offering cost-effective solutions.
What industries does Remunance serve for Canadian businesses?
Remunance serves a diverse range of industries for Canadian businesses, including technology, healthcare, manufacturing, retail, hospitality, professional services, construction, finance and insurance, transportation and logistics, and non-profit organizations. Remunance offers HR, payroll, benefits administration, and compliance support tailored to the unique needs of each sector.
How does a PEO balance its recruitment of Indian skilled youth and retain talent for Canadian businesses?
Remunance balances recruitment of Indian skilled youth for Canadian businesses by implementing tailored recruitment strategies, cultural integration programs, and providing employee onboarding-offboarding support. To retain talent, Remunance offers career development, competitive compensation, work-life balance initiatives, recognition, opportunities for advancement, regular feedback, and diversity and inclusion initiatives.
Are there any challenges Canadian businesses may face while collaborating with a PEO/EOR in India?
No. There are no particular challenges that Canadian businesses may face while collaborating with a PEO/EOR in India. This is because PEOs/EORs in India are designed to assist businesses with various HR functions, such as payroll, benefits administration, and compliance with employment laws and regulations. PEOs/EORs in India typically specialize in providing these services efficiently and effectively, which can help Canadian businesses streamline their operations and focus on their core activities without significant obstacles.
Explore the potential of your India chapter!
Our experts can help you navigate through the Indian talent market while providing the best and the most viable solutions for your business, grow your team smoothly with Remunance.
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