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Should I list on the OTC market or in Canada (TSXV, CSE)?
For most US companies, the OTC market is the better starting point. The TSX Venture Exchange is a good fit for natural resources companies and publicly traded investment funds; the CSE can make sense in certain scenarios, but its listing criteria are less attractive than the OTC for the same company. Canadian venture markets are public venture capital in the truest sense. They also bring a second regulator, a second set of rules and a smaller investor base for most US businesses.
Joel Arberman, Meraki Partners · Reviewed October 2026. Based on 17 companies taken public since 1999: 11 by direct listing, 4 by reverse merger and 2 by IPO.
What is the TSX Venture Exchange good for?
Mining, oil and gas, and other resource companies, where Canada has deep investor and analyst coverage, and vehicles such as Capital Pool Companies that list first and then find a business to acquire.
Why list a small investment fund in Canada?
A small venture capital or investment fund that wants to be publicly traded runs into the Investment Company Act of 1940 in the United States, which makes going public costly and difficult at that size. The TSX Venture Exchange is a more practical home for a publicly traded fund.
What about the CSE?
The Canadian Securities Exchange is easier to list on but tends to lack liquidity, visibility and access to capital. For most US operating companies, OTCQB offers a better path for the same work.
Why do we start US companies on OTCQB?
Because the company is already reporting to the SEC, its investors are mostly in the US, and OTCQB leads naturally to Nasdaq when the numbers support it. See the OTCQB requirements.
Can a company trade in both markets?
Yes. Some Canadian-listed companies also trade on the OTC market for US investors. That adds cost and compliance in both countries, so it makes sense only when there are real investors on both sides.
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