July 14, 2016

Mizuho Bank Canada and AdvantageBC – MOH Signing

Mizuho  Bank  Canada, AdvantageBC, The Business Council of British Columbia (BCBC)  and  HQ  Vancouver  are  pleased  to announce   the  signing  of  a  Memorandum  of  Understanding.

Colin Hansen, President & CEO of AdvantageBC states, “We are pleased to partner with Mizuho. Mizuho has been an important part of the business community in British Columbia and through this collaboration we can find opportunities that will be of mutual benefit to Japan and Canada.”

Mizuho Bank Canada - AdvantageBC - BCBC

Mizuho  Bank  is  the  retail  and  corporate  banking  arm  of  Mizuho  Financial  Group,  one  of  the   largest  financial  services  companies  in  Japan.  Mizuho  Bank  first  started  business  in Canada  as  a   Schedule  II  bank  in  1982  in  Toronto,  Ontario  and  Vancouver,  British  Columbia.  In  2007,  Mizuho   Bank  Canada  changed  its  organization  from  a  local  subsidiary  to  a Branch  as  a  Schedule  III   Bank.    Mizuho  Bank  Canada  also  established  a  Calgary,  Alberta  office  in 2013.

Mizuho Bank Canada - AdvantageBC - BCBC - MOH Signing2

This  is  a  win-­‐win  for  both  organizations:  it  is   the  first  MOU  signed  by  Mizuho  Bank  with  a  Canadian  economic  development  entity;  and  it  is   the  first  MOU  signed  by  HQ Vancouver, AdvantageBC and BCBC  with  a  Japanese  entity.

The  purpose  of  the  MOU  is  for  the  organizations  to  collaborate  to  promote  Japanese  firms   seeking  to  establish  a  presence in  North  America  to  choose  Vancouver  for  their  head  offices. Both  organizations  cite  the  many  advantages  of  Vancouver  and  British  Columbia  for  Japanese   companies:  Vancouver being  the  closest  major  city  in  the  Americas  to  Japan;  connectivity  to   Japan  via  convenient  non-­‐stop  flights;  gateway  to  the  North  American  market;  ability  to  do   business  in  both markets  on  the  same  day;  very  stable  financial  services  governance  including  a   competitive  tax  regime;  and  a  diverse  talent  pool  and  supporting  professional  services  with  an   understanding  of  Japanese  business.

Did you know?

  • Vancouver is among the top-10 wealth management centres in the world.
  • All five of Canada’s largest banks have significant operations in BC.
  • British Columbia is one of the top two designated financial centres in Canada.
  • BC has some of the lowest corporate taxes in North America.
  • You may be eligible for a refund of BC corporate tax on income from international business activities.