How does a foreigner start a business in Canada in 2020?
According to the results of the latest world studies published in Forbes magazine, Canada, ahead of the USA - entered the TOP-5 most favorable countries for doing business. This success can be explained: the country has good natural resources, which the government competently manages, developed infrastructure, high level of IT-technologies and stable economy. Registration of the company in Canada will open free access to world markets and will serve as a worthy alternative to opening a firm in an offshore zone. With a competent approach, taxes in this country can be legally minimized without damaging the reputation of the company.
Advantages of doing business in Canada
- Company income received outside the country is not subject to mandatory taxation.
- There are no requirements to submit tax and financial statements to the controlling authorities for inspection.
- There is no legal minimum size of the company's authorized capital.
- The owner of the company does not need to be a Canadian citizen.
- The process of registering a company is simple and clear to everyone, and the government is trying to get rid of corruption and bureaucracy in the country.
- There is no possibility of a raider seizure of business.
- There is no currency control procedure.
- A wide range of benefits for foreign companies and small and medium business support programs.
It is very prestigious and, at first glance, expensive to have a business in Canada. This fact often discourages businessmen to buy or establish their own company there. The illusion that a country's economy is overflowing with entrepreneurs and cannot "let" anyone else into the market is completely unjustified. Canada is the second-larges country in the world, so there are still enough undeveloped territories and fields.
The stages of registering a business in Canada
- Checking the parameters of the future company for compliance with local legislation.
- Selecting a trading name and checking its uniqueness, registering the Internet domain for the future website.
- Filling out the package of questionnaires in English or French.
- Collecting and executing the package of documents of the legal entity, together with some personal documents of the owner.
- Filing an application for company registration.
Most often it takes at least 3 weeks from the moment of application to the receipt of documents confirming the establishment of the company in Canada. Special services carry out a thorough check so that there is no need to apply sanctions already in the process of its activities. To open a firm in Canada in 2020, you may be a citizen of the country or a non-resident. The process can be conducted both in person, and remotely if the owner of the firm has no citizenship, there must be at least a quarter of Canadians among its shareholders (participants).
The country has a wide range of available legal forms for foreign companies. These include: corporations, cooperatives, partnerships and analogues of Individual Entrepreneurship. In addition, it is possible to buy a ready-made "zero" firm or franchise. IT-OFFSHORE experts will help you to understand the nuances of business creation in Canada. You can get detailed advice, order the registration of the company "turnkey" or support a certain stage of the transaction.