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Company Registration in Canada- An Overview

Canada is the world's tenth largest mixed economy allowing people to establish and carry out business. The wealth of resources in Canada makes it simple for any investor or entrepreneur to start a business. Any person across the globe can incorporate and start a company in Canada. The government offers different forms of incentives to entrepreneurs to operate in Canada. Apart from this, many investors migrate to Canada as the opportunity provided makes it easier for company registration in Canada. It is a leading country and categorised as one of the prominent G7 nations. Apart from this, it is also well placed in the ease of doing business index in the world. You can choose from different types of business structure depending on your business activity.

Benefits of Company Registration in Canada

The following are the benefits of company registration in Canada:

Straightforward Incorporation Procedure

When compared to other countries, the Company Registration process is quite straightforward here. Apart from this, incorporating a company in Canada is completely an online process. This makes it simple for an entrepreneur to incorporate a company in Canada.

Cost of Incorporation is Low

The cost of Company Registration in Canada is quite low when compared to other jurisdictions such as the USA, Australia and the UK. Even the annual compliance cost for running the company is quite low.

Global Infrastructure

Amongst the G7 economies, Canada has been ranked for ease of doing business. Hence incorporating or starting a business in Canada is quite simple. Apart from this, the Canadian government offers different form of allied scheme incentives for companies to invest in Canada. It is quite stable when compared to other countries.

Different Industries

There are different industries that flourish in Canada. This would include the financial services sector, insurance business, legal sector as well as the automobile sectors. All these sectors provide different opportunities for businesses to grow. There is continuous government support also offered to these industries.

Corporate Tax Advantages

Tax rates in Canada are comparatively less when compared to other jurisdictions. The applicable federal tax rate stands at 15%. However, if the Canadian business is controlled by Canadian shareholders, then they can avail small business deductions (SBD). When taking all deductions and benefits then amount of tax paid by the Canadian Controlled company would be 11%.

Beneficial Corporate Legislation

The status of the company or a corporation is different from its shareholders or members. Hence even if the owners change, the business would exist. The company can also enter into different form of agreements and sue on contracts. Apart from this, property can be purchased by the company. Hence the company has the status of perpetual succession.

Talent

There is a multitude of talent available in Canada. Immigration policies and sponsorships are attracting different individuals to apply to Canada. Through this, a diverse talent pool is offered in Canada.

Less Corruption

All investments carried out by investors would have some form of protection, as law and legislation would support foreign investment and investors.

Documents Required for Company Registration in Canada

The following documents are required for company registration in Canada:

Certificate of Incorporation;

Memorandum of Association and Articles of Association of the Company; Articles of Incorporation for a Federal Corporation or a Provincial Territory in Canada; Registered Office of the Business and Information on first Board of Directors; Name Search Report- This would be provided to show the authority that sufficient steps have been carried out by the company related to the name search and reserving the name; Federal Business Number and the Income Tax Number for carrying out corporate transactions from the relevant revenue authority of Canada; In case the Shareholders are foreigners then address proof must be provided in Canada; Copy of the Passport (Visa); Information on the Paid up capital Required for forming a company; Application filing fee.

Cooperatives

For Cooperatives the following documents are required: Cover letter from the applicant stating all information which is required for filing the application; Information whether the cooperative starting in Canada is for profits or not for profits; A complete signed and PDF version of the Articles of Incorporation of the Cooperative; Registered Office of the Business and Information on first Board of Directors; Name Search Report- This would be provided to show the authority that sufficient steps have been carried out by the company related to the name search and reserving the name; Name has been approved by the corporations Canada then attachment of the approval letter also has to be provided; Application Filing fee.