To register as self-employed or as a partnership, you may need:
A limited liability company is a unique legal entity whose claims and debts are separate from the personal property of its shareholders. Contracts and agreements are entered into in the name of the company, acquiring rights and responsibilities, and are legally binding.
A limited liability company can be registered as a joint venture by one shareholder or multiple shareholders, with the purpose of making a profit, operating jointly, and distributing profits according to the shareholders' agreement. When a company operates multiple businesses, it can achieve separate business management by registering different brand names.
Limited liability company registration service
Efficient and fast company registration services, every second counts on helping you succeed
As a consulting company serving the Greater Toronto Area for more than 10 years, our services and prices have always been very attractive. In order to provide higher quality, more comprehensive and thoughtful services, and to maintain our prices that have not changed in ten years, here is our streamlined work process:
- Quickly fill in the form online and provide all basic information
- Pay according to the contract price
- Appoint a consultation time in person, by phone, WeChat or email
- We will prepare application documents for you and let you review the information within 24 working hours
- Submit registration application
- Ontario companies usually register successfully within 24 hours; federally registered companies will receive registration feedback within 48 hours. Subject to company name restrictions, the acceptance time can generally be controlled within a week
Characteristics of limited liability companies
Protection of shareholders' personal property
The biggest advantage of incorporation is that the company gives shareholders limited liability for debts, obligations and liabilities, separate from the shareholders' personal property.
A company can have multiple partners
According to the agreement, shareholders can acquire or sell company shares and assume liability within the scope of their shareholding, and are not responsible for the personal debts of other shareholders.
Under certain conditions, companies in certain industries can apply for government funding support programs.
There are various ways to raise funds
A limited liability company can raise funds through the issuance of stocks, bonds, etc. to increase the company's cash flow and use it to develop and develop its business.
Encourage employees through shares
The company can provide shares to employees to encourage employees to improve their performance, thereby increasing the value of their shares and the profits produced by the company, so that they can share the company without affecting the control of the company. profits and performance.
Possible tax advantages
For example, companies controlled by Canadian tax residents that meet certain conditions may be eligible for small business tax incentives.
- Rational tax avoidance of the company
- For high-income people in Canada, the tax rate for operating companies controlled by Canadians is much lower than the general personal tax rate. Companies can conduct tax planning based on personal and corporate income and reasonably avoid taxes.
Hold real estate rights and sign contracts
A company can own real estate and sign contracts in its name.
- One of the directors must be a permanent resident or citizen of Canada
- All directors must be 18 years or older
- The headquarters address needs to be in Canada
- No bankruptcy record
The difference between federal companies and provincial companies
When registering a company in Canada, whether you should choose a federal company or a provincial company, the main differences between the two are as follows:
- Federal company registration has a more complicated company name check process, but it is easier for provincial companies. Because the federal company name check not only needs to be conducted nationwide, but also the federal company name check is manually reviewed and approved. Not only is duplicate name not allowed, but any application similar to an existing company name is prohibited. Therefore, if there are no special needs, it is recommended to apply for a provincial company.
- If a federal company wants to open a branch in another province, it generally needs to apply for extra-provincial registration (Extra-Provincial Registration) and name application. A federal company must first choose a province as its registration place and go through the registration process. If you need to open a branch in other provinces, you must also register. If the company name has been registered in another province, it can no longer be used.
- There is generally no difference in taxation and operations.
- In most cases, federal company registration fees are higher than provincial company registration fees. Because federal companies need to register at the same time as federal and provincial companies and pay both levels of government fees, the registration fee for federal companies is generally higher than that for provincial companies. The only exception is Ontario.
- Federal companies require annual inspections (paid), but Ontario companies do not. Companies in other provinces vary according to provincial regulations.
Summary: If your name is common and you don’t want to bother with annual inspection every year in the future, it is recommended to choose a provincial company. If you consider that you may open branches in other provinces in the future (you don’t have to worry about this problem for general sales and other businesses), it is more appropriate to register a federal company.