Canada as a country for registering companies and opening bank accounts of non-residents has been quite relevant for some time.
Many businessmen or entrepreneurs have often thought about using a prestigious corporation or company in Canada to conduct their own business.
Some successful and business people even plan to change their place of residence and move to the north of the American continent in order to start their own business there. This article discusses the types of companies in Canada, as well as the rules for opening a bank account for non-residents.
The main types of business organizations in this state include the following:
1.OO (Limited Partnerships).
To register your own business in Ontario as the most prestigious and wealthiest province in Canada, it is recommended that you open an LLC (Limited Liability Company). In this city there is a large part of all the finances and organizations of the state.
This type of business registration is quite easy. After registration, a new Canadian organization appears, which has great advantages.
If the partners or founders are not residents of Canada, then taxation is not imposed on them, and they also have the right not to submit their statements in this country.
The form for creating an LLC is popular among software developers (programmers), programmers, system administrators, and companies that provide IT services to customers from the USA, Canada or European countries.
2. Corporation (Incorporation).
This method of business registration requires you to have a co-founder of a resident company from Canada, while the Canadian share should be the largest part, and the corporation itself is registered in the name of the director and has a legal address of Canada.
This requirement applies to most provinces. An exception to the rule is the administrative units of New Brunswick and Quebec. Here, company registration and opening an account with a bank is simplified and can occur even without the personal participation of the founder.
The financial report is sent after 18 months from the registration date. During this period of time, you can close the company if it turns out to be unprofitable.
3. Branch of a non-Canadian company.
In Ontario or another province, you can register a branch of an organization (or LLC) located outside of Canada, as well as a bank account of the corporation.
After this procedure, the company has an extra-provincial license and Ontario status with the indicated corporate number.
The license obtained permits the opening of an office, bank account, or business in Ontario, with other provinces of Canada or with foreign organizations.
With its obvious advantages, the Canadian extra-provincial license does not give the right to create a separate existing legal entity, but only its branch (representative center).
Thus, a foreign corporation that is registered in Ontario is not taxed in the country if it operates outside the state.
Regarding opening a bank account, the businessman has the right to open a bank account for the corporation during the registration of the company in Canada, as well as a personal account in US dollars or Canada at the user’s choice.
At the same time, Canada is the only state in the Big Twenty where banking institutions do not collect the tax number of corporations and individuals who open bank accounts.
Financial institutions do not provide information on opening a personal current or business account with tax inspectorates or other government organizations.
Canada’s core privacy laws are the Personal Information Protection and Electronic Documents Act and the Privacy Act.
You need to know that opening or registering a company in Canada is not a reason that allows you to prepare documentation for immigration to this state.
But this process gives its advantages when preparing documents for projects or related programs.
Our company is based on experience with this sphere and Eternity Law International specialists will be happy to рrovide you with assistance in resolving this issue.