Comments by "Marvin Fine" (@torontovoice1) on "Best Cities for Young Entrepreneurs" video.

  1. I think you're missing one important point about these cities. Yes the cost of living is outrageous, and yes the taxes are burdensome to say the least, but they do offer other benefits that you wouldn't get in other countries. For example, in Canada they have the SR and Ed program, scientific research and experimental development which will provide entrepreneurs millions of dollars in r&d funding. They also have another program called Irap which will actually up front many are in the expenditures. Additionally they have the Federal Business development Bank which goes out and finances businesses to get started. As a financer of last resort, they literally provide millions of dollars in finance to businesses that otherwise could not find venture capital. Now when you look at the doing business guide one of the criterias in each countries portfolio relates to access to Capital. So if you go to a country with very poor access to Capital, yes the wages will be lower, and yes the taxes will likely be lower, and yes the cost of living will be lower too, however, you only pay tax on earned income. If you have no income you don't pay any tax. So the idea is to start earning real money and then look for greener pastures if they're available. The taxation in Ontario for example is not as high as you think. For example the small business tax on corporations is only 15% for the first $500,000 of income. And there's very liberal capitalization of capital cost equipment and all kinds of other expenses occasioned with generating money especially in the areas of r&d and high-tech. I think one has to take a holistic approach to wealth development, and make the necessary decisions based on where they are in their life. There's a reason why these cities are attracting this kind of talent and capital. It's not an accident! Additionally, you're in an environment of like-minded people and which is an inducement basis to productivity and success. Silicon valley didn't just get its name by accident!
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  2. You're on the right track. And that's one of the things about being in a first world country, you have access to Capital, and automatic right to banking, and all of the other perks that go along with it. The world is shrinking. Not geographically of course, but from regulatory point of view it is. It's becoming more and more difficult to open up bank accounts, kyc is more intrusive, and some of the jurisdictions especially those that have low taxes and attract a lot of gray businesses have tremendous difficulties with the access to banking and capital. And I suspect it's only going to get worse. The United States just recently enacted a 15% minimum tax for large corporations. It always starts there and then works its way down. Pretty soon, and then also distant future you're not going to be able to get down below the 15% tax rate. So countries that have higher taxes might be able to lower them because they'll be so taxation. And the rules are going to be expanding to determine where the goods and services are sold as opposed to where the company resides. Holding patents in Ireland may not work a few years from now for Apple for example
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  3. But depending on what you're doing, if you're living there and the country gives you a market upon which to sell your goods and services, it's only fair that you pay some tax. The question is how much? And when it's becomes prohibitive, that's when you look for greener pastures. And in the European Union, there are many low text jurisdictions where you can move to and still have access to the whole market. And don't forget there you have access to a lot of social programs, and medical services etc. I think that's really important especially if he gets sick. We're not all 30 years old! Some of us do have medical problems and need medical services. As a famous comedian once said, it's not whether you're going to get sick or not, but rather picking the disease that you like!
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  4. Yes Toronto has become very expensive, and with the liberal government has not been the best environment for entrepreneurship. They took a page of biden's book. Make the rich poor, and make the poor comfortable. Unfortunately, watching this channel you'll know that it just doesn't work. The rich have greener pastures to go to, and the poor well, they just stay put and become your liability. So it's politically correct to talk about it, but political suicide to try to enact most of these left-wing hum ideas. Toronto's getting super expensive because of all of the immigration programs and all of the new immigrants that are coming into the country. And they were usually settling in either Toronto or the GTA for that matter or Vancouver or the greater Vancouver area. There's lots of places in Canada where you can live pretty cheap, but they're not in the big cities.
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  5.  @ElJefe1986  That's one of the determents of immigration. Look at Vancouver for example. (Quebec immigrant inventor program caused havoc)
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  6. I think you're right. Taxes are important if you have a particular business that is structured in such a way that you're completely oblivious to the banking system. It's getting tougher and tougher all the time
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  7. Try iryamim
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  8.  @goclick  oh that's very true. But, if all these countries were that bad, people would be trying to leave there. And exactly the opposite is happening. The populations are growing, and there's a long waiting list of people that are trying to immigrate
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  9.  @MyLatinLife  that's just getting an account. The fees are astronomical, and the banks are shaky. If they go broke, your money goes with it. And if you open up an account in Panama and you have accounts in first world countries, you might find your accounts Frozen because of the jurisdiction of your other accounts. So it's not quite cut and dry
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  10.  @MyLatinLife  And that's just for an account. What about other costs, and risks with P2 or P3 banks!
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