Canadian firms explore opening offices in St. Pete

Mike Swesey, president and CEO of the St. Petersburg Area Economic Development Corporation, outlines Florida's tax advantages to Canadian business leaders during the Canada Meets Florida event in Toronto Sept. 30. Photo provided. Five or six Canadian companies are in detailed discussions about potentially establishing operations in St. Petersburg following a September business recruitment trip to Toronto. Two prospective companies have already visited the city, and five more visits are being arranged, according to Mike Swesey, president and CEO of the St. Petersburg Area Economic Development Corporation. No deals have been announced, but the interest could eventually bring new offices, investment and jobs to St. Petersburg. The Sept. 30 event, called Canada Meets Florida, brought together more than 60 Canadian business leaders with St. Pete business owners, government officials, attorneys and bankers. “Coming out of the trip, we’re actively following up with eight to 10 companies that have expressed real interest in learning more about St. Pete,” Swesey said in written responses to the Catalyst. The companies represented industries including financial services, technology, manufacturing and health-related research. Swesey said uncertainty over tariffs, trade rules and policies favoring American-made products has some Canadian businesses considering a U.S. presence to better serve their American customers. St. Petersburg has attracted major companies from elsewhere. Dynasty Financial Partners moved its headquarters from New York in 2019, while ARK Invest followed in 2021. The city’s economic development organization reported helping create 137 jobs in its targeted industries, securing five business projects and generating 53 new business leads in 2025. In Toronto, the pitch included Florida’s lack of a state personal income tax, access to workers throughout Tampa Bay, transportation connections and the city’s business community. Organizers also brought professionals who could explain the practical side of opening a business in another country. Adam Kupsta, CEO of Oncore Cloud Services, helped organize the event after proposing the idea to Swesey earlier this year. Kupsta has been through the process himself. His company originally established its American office in Atlanta before moving that operation to St. Petersburg. He described St. Pete as a place where established business owners are willing to introduce newcomers to people who can help them get started. “It’s the small city beside the big city,” Kupsta said, referring to St. Petersburg’s relationship with Tampa. Angela Podolsky, who leads technology consulting firm QuantumSmart and helped organize the Toronto gathering, said even experienced business owners can struggle with the logistics of expanding across the border. Banking, taxes, hiring, immigration requirements and unfamiliar regulations can all present obstacles. “The biggest fear is how do I start,” Podolsky said. Rather than send prospective businesses to separate meetings with attorneys, bankers and other advisers, organizers brought those professionals together in one room. They also invited business leaders who had already chosen St. Petersburg. Mason Salit, chief talent officer at Dynasty Financial Partners, traveled to Toronto to explain why his company moved its headquarters downtown. Dynasty arrived in 2019 with fewer than 40 employees and has since grown considerably. Salit said the company expects to move into roughly 75,000 square feet at the Residences at 400 Central in January, including offices, meeting areas and an auditorium. He said the reception Dynasty received from local business leaders helped set St. Petersburg apart during its search for a new headquarters. “Every single EDC or chamber said the same question. What are you going to do for us?” Salit recalled. “When we came to St. Pete, it was the opposite.” Salit said Canadian business owners asked detailed questions about taxes, financing and what it would take to establish operations in the United States. He also has plans to meet with a Canadian financial services company considering a St. Petersburg location. He expects the Toronto trip could lead to one or two companies opening offices here within several months. For the EDC, the next step is bringing more interested business owners to St. Petersburg to tour available properties and meet local business leaders. “St. Pete makes its own best case,” Swesey said. “We just have to get people here.” Share Tweet Share Related Topics: Canada Dynasty Financial Partners Economic Development Corporation relocation St. Petersburg Click to comment Subscribe to the Daily Spark Get the latest right to your phone Subscription Form Name Email Subscribe Subscribe to the Daily Spark Get the latest right to your phone Subscription Form Name Email Subscribe You may like