When building a Web3 product, there are many considerations when deciding who your development partner will be. In this article, I will discuss the benefits Canadian Web3 companies have when choosing to work with Canadian Web3 developers.
Canadian outsourcing firms are often more accessible than off-shore firms and choosing a Canadian development shop can benefit your company with tax credits. These firms are also more familiar with Canadian data privacy laws and local cryptocurrency regulations. Furthermore, investing in the Canadian Web3 space is an investment in our local ecosystem. For these reasons, outsourcing Web3 development in Canada is better for Canadian cryptocurrency projects than outsourcing overseas.
When working with a Canadian Web3 software development agency, you could get something that could be otherwise difficult to find with an off-shore partner. This “thing” is access. It’s highly likely working with Canadian Web3 developers will give you better access to teams, support, and if you’re close enough, even in-person meetings.
I spoke to a founder in Montreal a few months ago and he shared his experience outsourcing to India. Although the quality was good, the schedule was always mismatched. As he started his work day his dev shop partner in India was finishing theirs. Conversely, when the workday started in India, he was going to bed. This time difference led to delayed communication resulting in heavily delayed projects.
This is the least troublesome issue when it comes to having good access and communication with overseas partners. I’ve talked to many other Web3 projects in Canada that have run into quality issues because of communication gaps. It’s not unheard of for the wrong thing to be built entirely. If you value greater control of your project’s development, Canadian development agencies are some of the best options.
Ready to talk about software development for your company? Contact EastCode here.
The Scientific Research and Experimental Development (SR&ED) program will reimburse up to 35% of your outsourcing fees through a tax credit or a reimbursement. This credit is only available to companies if developers perform the work in Canada. Wages paid to off-shore developers, even if your project qualifies for SR&ED, will not be eligible for this credit.
Even though you may pay more to a Canadian firm upfront, the net cost of the work may be the same as with off-shore development if you utilize SR&ED. (For more info on SR&ED eligibility, click here)
All Canadian Web3 projects must comply with the Personal Protection and Electronic Documents Act (PIPEDA). The same applies to Canadian Web3 development firms. Canadian projects that hire off-shore development firms may need parts of the work redone to ensure PIPEDA compliance.
The easiest way to prevent this is by working with Canadian Web3 developers from the beginning. When partnering with a local agency, you know the partner is familiar with Canadian data protection standards. This is especially important in the context of handling financial data in the cryptocurrency industry.
Canadian Web3 development firms that make Web3 software for Canadian-based projects must follow the nation's cryptocurrency laws and regulations. Web3 entities based in other countries will not be aware of these rules. If you’re building a Web3 company in Canada, it makes sense to work with a partner that understands the regulations you are subject to.
Communicating the laws and regulations of your country and how teams need to develop accordingly can be challenging. You could find yourself with a product you can’t bring to market or worse, you release a product and are later fined massive sums of money by your provincial securities commission. Needless to say, this situation could spell the end of your project or even worse your business.
I suggest working with someone who knows the local laws and regulations in your native country. If you’re a Canadian Web3 company, the easiest way to do this is by working with Canadian Web3 developers.
Last but not least, collaboration with a Canadian Web3 development firm benefits the broader cryptocurrency ecosystem in Canada. As Web3 gains momentum in our country, many Canadian individuals and firms involved in cryptocurrencies may be able to capitalize on new possibilities and ventures.
Moreover, Canadian development agencies gain substantial advantages from serving and collaborating with local Web3 companies as they directly bolster the growth of the same ecosystem. When we have a larger and more diverse Web3 space in Canada, cryptocurrency enthusiasts and companies will surely benefit. To foster the strengthening of cryptocurrency development and adoption in our country, trust Canadian Web3 developers and companies for your Web3 software development needs.
Partnering with Canadian Web3 development firms ensures compliance with local regulations like PIPEDA and an understanding of cryptocurrency laws, minimizing the risk of costly legal complications. Beyond immediate project needs, this choice aids in the growth of the Web3 ecosystem in Canada, nurturing innovation, creating opportunities, and strengthening the foundation for a thriving industry that benefits both companies and the broader community.
Interested in exploring software outsourcing in Canada? Contact EastCode here.
