Foreign enterprisers who want to open companies in Canada have various choices when it comes to the cities they established their activities in. Apart from the capital, Ottawa, there are other important cities such as Montreal and Toronto which are well seen by foreign investors.
Out of these, Toronto, the capital of Ontario province, stands out as the financial capital of Canada and entrepreneurs who want to open companies here will benefit from many advantages and a well-developed local economy. Our Canadian company registration agents can offer information on how to set up a company in Toronto and also how to open a company in Ontario, one of the most important provinces in Canada.
The most important local economic sectors in Toronto, Ontario
As mentioned above, Toronto is Canada’s financial capital and the capital of Ontario province; the financial sector places the city among the top financial hubs on the continent and in the world. The financial services industry is one of the most important economic sectors in Toronto, together with the IT industry.
Foreign investors who want to open companies in Toronto, Ontario, should know that the Canadian city occupied the highest positions in various studies carried out by prestigious magazines all over the world. Among these, Toronto was commended for the intelligence of its workforce, for the opportunities it offers to entrepreneurs, for its tax efficiency and for the global investments possibilities. Our company formation consultants in Canada can offer detailed information about the taxation system applicable in Toronto and they can also help you with company formation in Ontario.
What are the benefits of starting a business in Toronto?
Given that Toronto is among the well developed Canadian cities, foreign and local investors alike can have multiple advantages for starting a business here. The city is characterized by a large interest in the field of research, financial services and technology and those who operate in these industries or want to activate in this industries will find a suitable market here. Below, we highlighted few of the reasons for starting a business in Toronto:
- Toronto is amongst the top 10 international cities considered to be the most competitive financial centers;
- as said above, the research industry is one of the most important fields developed here – in a financial year, the sector attracts investments of $1 billion;
- the same sector accounts for a large share of the employment market, employing approximately 40,000 professionals;
- the city is also the home of more than 4,000 startup businesses;
- the technology and startup sectors account for 25,000 employees.
What are the main steps in starting a business in Toronto?
Those who want to start a business in Toronto will have to follow the same registration steps that are prescribed by the national commercial law on company formation in Canada. You can read the presentation below, which highlights the main steps you should expect, and in-depth information on each of the steps presented here can be provided by our consultants:
- first, it is advisable to conduct a market research, for the purpose of finding our whether your business idea will have a chance to develop here;
- then, it is compulsory to develop a business plan in which you will outline the main goals you want to achieve with you company and when such goals can be achieved;
- then, you must also create a marketing plan, in which you will set out the main steps through which you will reach you future clients, partners and so on;
- you then have to decide on the company type that you will register when starting a business in Toronto;
- the registration of the company with the local institutions is the next step, but this one is comprised of multiple requirements, and here, the help our team will be needed.
When opening a company in Canada, regardless of the city or region, the registration procedure will encompass numerous smaller steps. Here, we mention the registration with the local institutions so that the company will be legally recognized, the selection of a suitable trading name that has to fulfill certain conditions, the submission of the company’s statutory documents with the local institutions after the company’s founders have signed them, all these being compulsory steps.
For example, investors will have to register with the Ministry of Government and Consumer Services – and this is applicable to all newly founded legal entities that have a trading name different than the ones of the founders. The same institution is the one where investors have to submit the articles of association, a procedure that has to be completed in maximum 90 days since the moment when the founders have received the approval on the company’s trading name.
Please mind that the last step we mentioned imposes the payment of a processing fee charged by the institution. When applying for a trading name, there is also a fixed fee charged by the institution; prior to starting the process of company formation in Canada, we advise you to verify the overall costs of the registration procedure.
If you do not have the required capital, you can also apply for funding, but this can be offered based on the type of activity that you will develop, the business model you will implement, if the company can be listed on the stock exchange, if there is a market potential for your business and if you have a clear customer base.
Assistance in obtaining licenses in Toronto
Our Canada company incorporation advisors can help investors who want to establish their companies in Toronto, Ontario. The first step to take is to choose a company name and register it and then have the articles of association of the company drafted. Our local agents can handle these steps, as mentioned above.
The registration of a company in Toronto must be completed with the provincial Trade Register in Ontario, as the city is the capital of this territory. Once the Registrar issues the company’s certificate of incorporation, the business owner must apply for the relevant licenses and permits in order to start the activity. These licenses are issued in accordance with the local legislation.
Our team of consultants in company formation in Canada can help investors in the process of obtaining business permits and licenses, this being one of our main corporate services. When starting a business in Toronto, you may need to apply for municipal licenses, provincial licenses or federal licenses.
If you want to open a company in Toronto, Ontario and need assistance, do not hesitate to address to our Canadian company formation representatives. They will also offer you information about company formation in other towns in Ontario. Our team can present the types of permits that you may require, but you can also verify on the online portal of City of Toronto.
Tax services in Toronto
Our team can also represent you in the process of registering for tax purposes. If you need assistance on the taxes you need to pay and the tax compliance that you are required to follow in a financial year, please contact our team of consultants in company registration in Canada. Our specialists can also offer payroll services, necessary when starting a business in Toronto.