Frequently Asked Questions
Below are some of the most frequently asked questions and their answers before starting a business in Canada.
We also invite you to watch our video on FAQ in Canada:
1. Can a non-resident person start a company in Canada?
Yes, foreign citizens or investors are welcome to open companies in Canada under the same conditions as locals.
2. Do I need a residence permit if I want to start a company in Canada?
In most cases a residence permit in necessary for foreign citizens starting a business in Canada.
3. What are the steps for company incorporation in Canada?
The first step related to opening a company in Canada is related to choosing a company name. Following that, the incorporation papers must be prepared and filed with the Trade Register. Then, special licenses or permits must be obtained. Our company formation agents in Canada can assist with the registration process of a business.
4. What types of companies can I open in Canada?
One can open several types of companies in Canada, however the most common one is the corporation. The Canadian corporation is the equivalent of the limited liability company.
5. Does the company have to be registered in Canada?
Yes, in order to be considered a resident company, a business must have a registered address in Canada. The company seat may be registered in one of the Canadian provinces.
6. How fast can I incorporate a company in Canada?
The company registration procedure is not lengthy in Canada. However, the investor must pay attention to all the steps and follow the exact steps prescribed by the Commercial Code. Our company registration consultants in Canada can explain these steps.
7. What is the minimum share capital in Canada?
The Commercial Law does not impose a minimum share capital for registration of a company. However, the company will need a working capital.
8. What are the taxes that I have to pay in Canada?
The taxation system in Canada is imposed at federal and territorial level. The rates also differ and are applied for different thresholds of income, which is why accounting services are recommended.
9. How can I open a Canadian bank account?
Foreign citizens have the right to open bank accounts in Canada, no matter if they are unemployed or employed. Also, companies must open corporate bank accounts where the share capital must be deposited. Our local advisors can offer information on the documents required to open a bank account.
10. Do I need special permits and licenses in Canada?
Yes, depending on the activities a company will undertake, special licenses will be required.
If you have any other questions which were not answered here, please contact us. We also remind you that we offer company incorporation services in Canada.