SOURCE: Ontario Technology Corridor
SAO PAOLO, BRAZIL--(Marketwire - Dec 6, 2012) - When export-oriented Brazilian information technology companies consider expansion into North America, the typical choices are Miami, New York or Silicon Valley. A delegation from Ontario Technology Corridor cities is working to change that perception with an "advise the advisors" tour that takes Ontario's technology opportunity message this week to Brazilian IT associations and Brazilian-based companies in Florianopolis, Campinas, and Sao Paolo looking to expand outside the country's $212 billion information technology market that exports only $2.65 billion of products and services, according to Brasscom, the Brazilian Association of Information Technology and Communication Companies.
Ontario is Canada's largest province, and is home to the highest concentration of leading IT companies in Canada. Employing nearly 260,000 people among 6,400 companies within Information and Communication Technology (ICT) sectors, the Ontario Technology Corridor encompasses the Greater Toronto Area, Ottawa Region, Waterloo Region, City of London and the Niagara Region. Through the North American Free Trade Agreement (NAFTA), Ontario-based technology companies have long-term access to North America's $17.6 trillion (GDP) economy and 450 million consumers.
"Brazil has fantastic technologies and products that can change the world," said Gérson Schmitt, President of Brazilian software association ABES, and CEO of ClicBusiness Software S/A - Grupo Paradigma. "The Ontario Technology Corridor value proposition has already attracted companies like Cisco, Google, Huawei, IBM, Microsoft and Ubisoft to expand there, and we know we can represent, partner and collaborate with hundreds of export-oriented Ontario startups and Small to Medium Sized Enterprises (SMEs). The global-first export orientation of Ontario's homegrown companies like RIM and OpenText, and a deep base of senior executives with Silicon Valley and other global experience is also something our companies can take advantage of."
"Forbes Magazine's most recent Best Countries For Business rating ranked Canada No. 5, ahead of the U.S. at No. 12," said Bill Elliot, the Ontario Technology Corridor representative who is also Integrative Trade Consultant with Canada's Technology Triangle Inc. in Waterloo Region. "Canada offers a less risky, more financial stable business environment, very low crime rates and a multi-cultural society, like Brazil's, that recognizes and builds on all ethnic backgrounds."
"When you add Ontario's strategic focus on IT and digital media, government incentives can cut R&D costs by up to 61% per cent, the fact we offer North America's most educated workforce, and fast-track policies that make it easy for companies to relocate key personnel as well as their spouses, the Ontario Technology Corridor is a very compelling choice for export-minded Brazilian IT companies," added Elliot.
In addition to industry-targeted tax credits in areas such as digital media, powerful R&D tax credits can be combined to further reduce overall cost to Brazilian companies that choose to expand in Ontario. For example, $100 in R&D expenditures can be reduced to about $57, or $39 for a small business in Ontario. A broader range of costs qualify for deductions than in many other jurisdictions, and R&D tax credits can be carried back for 3 years or forward for 20 years.
Ontario Technology Corridor's thriving IT industry chooses its new hires from 44 top-notch universities and colleges that produce thousands of graduates in specialized programs including 3D animation, film studies, advanced computer programming, math, and hardware engineering.
About the Ontario Technology Corridor
Employing nearly 260,000 people among 6,400 companies within Information and Communication Technology (ICT) sectors, the Ontario Technology Corridor encompasses the Greater Toronto Area, Ottawa Region, Waterloo Region, City of London and the Niagara Region. The Corridor also welcomes the partnership of the Province of Ontario's Ministry of Economic Development and Innovation as well as the federal government's Department of Foreign Affairs and International Trade Canada. The Ontario Technology Corridor is supported by the Greater Toronto Marketing Alliance (GTMA), Invest Ottawa, Canada�s Technology Triangle, the London Economic Development Corporation and Niagara Economic Development. For more information: www.ontariotechcorridor.ca