BCBC In The News
Business in Vancouver: Americans beating B.C. firms to punch in enterprise expansion
The fifth annual summit, presented by the Business Council of BC (BCBC), aimed to address how B.C. companies expand in a province reliant on a disproportionately significant number of small businesses.
A new BCBC report presented by economists Jock Finlayson and Ken Peacock highlighted that the province is home to 7,900 businesses employing 50 or more people compared with 396,000 enterprises that qualify as small businesses.
Last year, according to the report, the province had 83.4 small businesses per 1,000 persons compared with the national benchmark of 69.9.
Finlayson and Peacock argued that a higher number of large businesses in B.C. would boost compensation, increase productivity and expand international trade.
“We believe the paucity of larger enterprises is an impediment to building globally competitive industry clusters in B.C. – and to developing a more innovative economy generally,” the BCBC report stated.
The report recommended that policy-makers reduce basic corporate income tax to encourage the growth of small businesses, introduce tax incentives to businesses that make investments to expand and adjust research and development support to boost growth.