Answering the question as to why we live in Prince Edward Island requires just two words: it’s home. All the many advantages of living here can surely be found elsewhere. And the many disadvantages, like the lack of social services and health care, high taxation, etc., are negated by simply repeating those two words.

That doesn’t necessarily apply when it comes to running a business. Does it?

I finally received a bill for legal services that we received from McInnis Cooper. I’m glad I have a sense of humour, as it was laughably high considering what service was rendered. A copy of their findings was also going to cost extra, which I declined.

I like working with people across a table and with a whiteboard or paper handy. It’s enjoyable to connect with experts like those at McInnis Cooper. As such, I have been trying to be as local a company as we can be, even when their fees are 2-3x as much as those of a remote competitor.

Recently, as we have placed more attention on the financial side of our business, I’ve realized that all our business is conducted in US dollars. We do nothing in Canada. We have US currency accounts and are also in the process of opening a bank account in the US.

We’ve decided that no matter the size of our tiny shop, we will not hire employees. There are many reasons for this, the most important being that I don’t want to be someone’s boss. The work that we hire for will be done remotely by freelancers or contractors outside of Canada.

So why not move the whole company to another, perhaps more favourable jurisdiction? What advantages are there to be had by being located here (locating elsewhere is surprisingly easy)? Why be local at all?

During my search for an answer to this question, there were many reasons listed: Tax benefits, legal system, access to trade agreements, banking and currency exchange, access to talent, reputation and branding, funding and government support, and healthcare.

The only one of these that interested me was tax benefits, and that will require a conversation with an accountant. I don’t foresee any government support.

We will categorize this as a thought experiment for this year, but if we are lucky enough to continue or even grow, we will look more seriously at it in the new year.