Vancouver becoming the preferred base for many businesses
UCW News Team | May 04, 2016
The British Columbia and federal governments have been working hard to make Vancouver a base for business. HQ Vancouver, an organization that was formed by the federal and provincial governments, was created to inspire companies to make Vancouver their regional headquarters. It appears the organization has been successful; six companies have set up headquarters in the city.
HQ Vancouver President Yuen Pau Woo said that all six companies are Chinese, and this due in part of the fact that several businesspeople from China had already moved to British Columbia and were looking to align family interests with business interests.
BC’s Minister of International Trade, Teresa Wat, explained that China has several companies that are looking for a global market. Unlike large firms from Western Europe, South Korea and Japan, these companies do not have a relationship with or preference for another city in North America.
Wat said that it was easier to target those companies that are not established in the global market, which is why HQ Vancouver chose to target them first.
Some of the companies that are making Vancouver their regional headquarters include Aikang, which is a health care and medical investment fund; F-Pacific Communications, the Canadian subsidiary of China Fiber Optic Network Systems; Istuary Innovation, a start-up incubator; Zhiye Photoelectric, a photo-etching technology firm; and Poly Culture North America, the Canadian branch of the biggest art auction house in China.
China Fiber Optic Network has already invested a whopping $50 million in British Columbia, and plans are afoot to open a plant in Surrey to provide employment to 200 people.
Many local companies from different industries, such as fashion and aquaculture, are also getting in touch with Chinese investors to help them expand into British Columbia.
Indochino, a custom menswear brand based in Vancouver, has managed to snag investment of $42 million from Dayang, a China-based garment manufacturing company. This capital infusion will allow Indochino to broaden its product portfolio and strengthen its retail network and online retail platform.
Indochino CEO Drew Green said that Vancouver was gaining a stellar reputation among business professionals from Canada. Green said that Dayang appreciated the technology his company uses. He believes the investment by Dayang was a triumph for the retail and technology sectors in Vancouver.
Several other Chinese companies are active in Vancouver and helping its economy grow. The infrastructure and programs by the federal and provincial governments make the city a good place to start a small business and expand it. However, entrepreneurs will find that having an MBA can help them overcome business challenges. The UCW MBA program is designed for global leaders. Its MBA graduates are prepared to innovate and help businesses succeed in a global environment.