Europe Emirates Group can help you start your business in Canada
Company formation in Canada is available through two different options:
- Under provincial law, where a company is only permitted to conduct business in the province in which it is established.
- Federal formation, which permits a company to operate across Canada. The process takes around 14 working days to complete.
The first step is to submit the corporate name for approval in English or French, or a combination of the two. Once approved, a Memorandum must be submitted for the company along with the addresses of the registered office and records office. The firm must also submit rules and regulations that apply to the directors of the corporation and its shareholders.
Canada requires that businesses keep a register of directors, shareholders and securities at the registered office. They are also required to keep all of the bylaws that apply to the corporation, the minutes from any company meetings and their own copies of any filings they make with the government.
Corporations are also required to have their own bank account and are issued with a Business Number, which is used for taxation, import and export and payroll purposes. Permits and licences are also handled under the Business Number. The Business Number can also be used as the name of the business.
Canada requires a registered office for a business, which should be the same place where the business conducts most of its operations.
Records of shareholders, the amounts and shares that they own and their address information also have to be maintained.
Companies must register with the Canada Revenue Agency (CRA) to file corporate business taxes. The CRA also handles payroll deductions, GST and harmonised sales tax as per the fiscal year (any 12-month period you choose).
Officers within the company are allowed to hold more than one position and non-resident shareholders and directors may serve as corporate officers, but a President and Secretary must be appointed.