In Canada Company is treated as a separate person from its owners and shareholder as in India. In all among G7 countries Canada leads in ease of doing business. Canada is one of the members of the Organization for Economic Co-operation and Development (OECD). In Canada Company can be incorporated at the federal level or provincial level. Most people incorporate their company in the province of Alberta, Ontario, and British Columbia, but in the province of Alberta, Ontario the rule of Canadian citizenship or permanent residency applies.
Forms of business available in Canada:
➲ Co-operative in Canada
➲ Partnership in Canada
➲ Corporation in Canada
➲ Sole proprietorship in Canada
➲ Separate Legal Entity
As per act corporation is a separate legal entity, commonly referred to as a “company”. A corporation has the same rights and obligations as a natural person.
➲ Limited Liability
Incorporation limits the liability of a corporation's shareholders. This means that, as a general rule, the shareholders of a corporation are not responsible for its debts.
➲ Lower Corporate Tax rates:
Corporations are taxed separately from their owners. As the corporate tax rate is generally lower than the individual tax rate, incorporation can offer you some fiscal advantages.
➲ Easy in raising money
Getting loan and deposits are easier than it is for other forms of business. The ability to issue various types of shares with dividend, redemption, or convertibility choices and to use bonds or debentures greatly enhances the ability of corporations to obtain expansion or development funds.
➲ Continuous existence
The corporation would continue to exist even if every shareholder and director were to die.
The minimum requirement for incorporation:
➲ Minimum 1 director
Director must meet the eligibility requirement for being a director:
A director must:
➲ Minimum 1 Shareholder
➲ Minimum Capital requirement of 1 CDR
➲ Registered local office address
Types of shareholders and their rights:
The article of the company can allow one or more types of shareholders. The rights, restrictions, and conditions for each class must be indicated in the article for each class.
The corporation comprises of only one class of shares, those shares must, as a minimum, have:
The corporation is comprising of more than one class of shares, each of the three rights has to be assigned to at least one class of shares, but one class does not need to have all three. Each right can be given to more than one class.
The liability of shareholder in a corporation is limited to the amount they paid for their shares; they are usually not liable for the corporation's debts.
➲ Choose a name for your business
The name should be distinctive and it must not be misleading or likely to be confused with the name used by the other organization or businesses. Corporation of Canada applies very rigorous standards when granting a loan.
➲ Completing the article of incorporation:
The article will establish the structure of your corporation; however, you can apply to change the structure of your corporation once you start operations.
These articles of incorporation will need to be signed by the incorporator(s). In case if an incorporator is a company or other incorporated body, the articles must be signed by an individual authorized by that body
To incorporate, you need to state:
➲ Decide to Incorporate federally or provincially
This province provides the platform business under the same name in all provinces and territories, but the expenses will be higher. For incorporating under this province company has to follow the procedure of incorporation through corporations Canada.
Incorporating business under this province incorporation will be done through the provincial registrar.
➲ Establish the initial registered office and the first board of directors
Fix an address where you will be sure to receive any documents that are sent there since, legally, they will be assumed to have been received by the corporation
Documents required for company incorporation:
➲ Article of the company
➲ Copies of passport and ID proof of proposed director
➲ Copies of passport and ID proof of proposed shareholder
➲ Incorporation Agreement
Government Fees for incorporating the corporation as per the Canada Business Corporations Act:
➲ Name reservation of proposed corporate
Every incorporated business must have a legal identifying name; this is called a corporate name. The first step to integrate is to determine how you wish to name your business.
Your corporation may have a corporate word name (composed of letters and symbols) or a numbered name (for example, Canada Inc. 12345678).
➲ Drafting of the Article for the proposed company
This step sets out the structure.
Try choosing the basic incorporation if you are forming a small, private company. This pre-packaged incorporation option takes the guesswork out of this process and your company will have: pre-determined incorporation things (you can modify them later, if necessary) one class of common shares with a maximum of 10 directors to be assigned.
➲ Drafting of the incorporating Agreement
Any incorporation must carry some agreement incorporating the corporation like shareholder agreement, pre-incorporation agreements, etc.
➲ Establishment of Registered office.
Any incorporated company must have an address for its registered office and a board of directors.
The registered office is where the corporate records will be stored and where official papers on the corporation will be held. Choose an address where you will be sure to receive any documents sent there because it is legally presumed the organization will receive them.
➲ Bank Account opening Facility
We will help you in opening a bank account remotely in Canada where your business has been incorporated.
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