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Good offer Canada STANDARD
Canada – is one of the largest countries in the world, occupying a third of the continent of North America. Due to the high economic development, the country firmly holds a leading position in the British Commonwealth of Nations.
Canada gained independence from Britain in 1931, nevertheless, admits Queen Elizabeth II as the head of the state, its official representative is the Governor-General.
Canada is among the most economically developed countries in the world with one of the highest living standards. The state is a part of Group of Seven and Organization for Economic Cooperation and Development. Canada is one of the most trading countries, is the largest exporter of wheat, has a developed industrial sector and mining industry, as well as rich deposits of zinc, uranium, gold and nickel.
The diversified structure of the economy, highly developed financial system, loyal legal framework and favorable conditions for investment contributed to the offshore Canada became one of the most popular options for business dealing.
Canada is a country with a high level of taxation, companies registered in its territory pay taxes, even the income is gained outside the country. Moreover, despite of the place of company registration, control and management of which are carried out from Canada also considered as tax resident. Due to the fact that the state has no direct relationship to the classical offshore, this has positive effect on the company reputation registered in Canada.
There are the following advantages of offshore registration in Canada:
- High respectability of jurisdiction;
- Possibility of holding companies registration;
- Nominee services;
- No foreign exchange controls;
- No requirements to the size of the authorized capital;
- Possibility of opening bank accounts in Canada;
- The country does not appear in the list of low-tax jurisdictions and tax havens;
- Accelerated process of naturalization;
- Signing agreements on avoidance of double taxation with more than 50 countries, including Australia, France, Germany, Italy, Japan, Korea, the Netherlands, Sweden, Switzerland, United Kingdom, United States.
There are the following types of business registered in Canada:
- Sole Proprietorships
- Extra-Provincial Corporation
Despite the fact that in offshore zone Canada are not registered non-resident and tax-free companies, however, there is exception from the rule, and it`s extra-provincial corporation.
Legislation of such provinces as Alberta, Quebec, New Brunswick provide continuities of existing foreign companies, including offshore. If the company’s management is carried out not from Canada, that the income earned outside the country is not taxed because the company is not considered as taxation subject.
Taxation in Extra-Provincial Corporation
Is not taxed
- Income earned outside of Canada
- Wages paid to non-resident
The size of the income tax
- If the business is conducted in Canada - 25%
- If the business is conducted outside of Canada - 0%
Requirements for the structure of the company
The structure of EPC must follow the structure specified in the initial company. That is, the number of shareholders and directors must be the same as in the registered firm (at least one director and one shareholder). If in the country of initial registration is private register of shareholders and directors, than in Canada such information is public. One can use nominee service to comply with the proper level of privacy.
There are following requirements for the financial reporting
Canadian companies, even when there is no source of income in the country, must submit an annual financial report and perform an audit (in the case if authorized capital exceeds 5 million Canadian dollars).
There are following requirements for company name
The name should indicate the form of the company, does not indicate to the connection with the state authorities. The presence of elements in the name, indicating on the insurance or banking activity, require licensing. Registration number can be used as the name.
The list of documents required for the establishment of EPC
- Inquiry form
- Notarized copy of the passport
- Company name
- Receipt for payment of household bills (for confirmation of registration)
For the founder (legal entity) and director
- Company registration order
- Company name
- Nature of business
Companies of this type are the best option for the conclusion of major international contracts.
Canadian Limited Partnership (LP) is another popular form of company.
Requirements for the structure of the company
It requires two or more partners, who may be private or legal entities. There are no requirements to the residence. The General Partner, which can serve as a director manages the company. He bears full material responsibility. Limited Partners are responsible only for the size of theirs contribution to the partnership.
Requirements for the company name
The name should indicate the legal form and has the words Limited Partnership or "LP".
Requirements for Financial Reporting
There is no need to submit reporting and audit.
Profits earned abroad are not taxed. There is no income tax, if the partners are not Canadian citizens.
It requires registration office at the address of which one receives official correspondence.
Thus, there are the following advantages of offshore registration in Canada:
- Respectable business status of the company, registered in the prestigious jurisdiction.
- Ability to open accounts in Canadian banks, which have no authority to block the accounts of clients as well as provide information to the tax authorities.
- Implementation of tax planning.
- Simplification of immigration procedures to Canada.
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