A large number of foreign citizens come to Canada yearly. Most of them are attracted by the prosperous economy of this country and come here with the purpose of opening companies. However, they often face many hurdles and have questions our Canadian company formation agents receive all the time.
Below are some of the most frequently asked questions and their answers before starting a business in Canada.
We also invite you to watch our video on FAQ in Canada:
Yes, foreign citizens or investors are welcome to open companies in Canada under the same conditions as locals.
In most cases a residence permit in necessary for foreign citizens starting a business in Canada.
The first step related to opening a company in Canada is related to choosing a company name. Following that, the incorporation papers must be prepared and filed with the Trade Register. Then, special licenses or permits must be obtained. Our company formation agents in Canada can assist with the registration process of a business.
One can open several types of companies in Canada, however the most common one is the corporation. The Canadian corporation is the equivalent of the limited liability company.
Yes, in order to be considered a resident company, a business must have a registered address in Canada. The company seat may be registered in one of the Canadian provinces.
The company registration procedure is not lengthy in Canada. However, the investor must pay attention to all the steps and follow the exact steps prescribed by the Commercial Code. Our company registration consultants in Canada can explain these steps.
The Commercial Law does not impose a minimum share capital for registration of a company. However, the company will need a working capital.
The taxation system in Canada is imposed at federal and territorial level. The rates also differ and are applied for different thresholds of income, which is why accounting services are recommended.
Foreign citizens have the right to open bank accounts in Canada, no matter if they are unemployed or employed. Also, companies must open corporate bank accounts where the share capital must be deposited. Our local advisors can offer information on the documents required to open a bank account.
Yes, depending on the activities a company will undertake, special licenses will be required.
If you have any other questions which were not answered here, please contact us. We also remind you that we offer company incorporation services in Canada.
