To register as a self-employed person or a partnership, you may need to:
A limited liability company is a distinct legal entity that keeps the company's claims and liabilities separate from the personal property of its shareholders. Contracts and agreements are made in the company's name, and rights and responsibilities are acquired and enforceable.
A limited liability company can be registered by one or more shareholders for the purpose of profit-making, joint operation, and profit distribution 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 Services
Golden Key Business Development Center is an authorized company registration agent by the Canadian federal government's corporate and community management department
Efficient and fast company registration services, every second counts in helping you succeed
Efficient and fast company registration services, every second counts in helping you succeed
Workflow
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 for ten years, here is our streamlined work process:
- Fill out the form quickly online and provide all the basic information
- Payment according to the contract price
- Arrange a consultation time in person, by phone, WeChat or email
- We will prepare your application documents and review the information within 24 working hours.
- Submit registration application
- Ontario companies are usually successfully registered within 24 hours; federally registered companies will receive registration feedback within 48 hours. Due to the restrictions on company names, the processing time can generally be controlled within one week.
Characteristics of a Limited Liability Company
- Protecting shareholders’ personal property
The biggest advantage of incorporation is that the corporation gives shareholders limited liability for debts, obligations and liabilities, separate from the shareholders' personal property. - A business can have multiple partners
Under the agreement, shareholders can purchase or sell company shares and assume liability within the scope of their shareholdings, and are not responsible for the personal debts of other shareholders. - Government funding
Under certain conditions, companies in certain industries can apply for government funding support programs. - Various ways to raise funds
A limited liability company can raise funds by issuing stocks, bonds, etc. to increase corporate cash flow and use it for company development and business expansion. - Encouraging employees through shares
Companies can offer shares to employees to encourage them to improve their performance, thereby increasing the value of their shares and the profits produced by the company, thereby sharing the company's profits and performance without affecting control of the company. - Possible tax advantages
For example, a company controlled by Canadian tax residents that meets certain conditions may be eligible for small business tax incentives. - Reasonable tax avoidance by the company
- For high-income people in Canada, the tax rate for Canadian-controlled business companies is much lower than the general individual tax rate. Companies can conduct tax planning based on personal and corporate income to reasonably avoid taxes.
- Holding real estate title and signing contracts
A corporation can own real estate and enter into contracts in the corporation's name.
Establishment conditions
- One of the directors must be a Canadian permanent resident or citizen
- All director Must be 18 years of age or older
- The headquarters address must be in Canada
- No bankruptcy record
The difference between federal and provincial corporations
When registering a company in Canada, should you choose a federal company or a provincial company? The main differences between the two are as follows:
- The process of checking the company name for federal company registration is more complicated, while that for provincial companies is easier. This is because the federal company name check not only needs to be conducted nationwide, but also requires manual approval. Not only does it not allow duplicate names, but it also prohibits any application that is similar to an existing company name. Therefore, if there is no special need, 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 and name application. A federal company must first choose a province as its place of registration and apply for registration. If it needs to open a branch in another province, it must also apply for registration. If the company name has been registered in another province, it cannot be used.
- There are generally no tax and operational differences.
- In most cases, the registration fee for a federal company is higher than that for a provincial company. This is because a federal company needs to register with both the federal and provincial governments and pay fees from both levels of government. Therefore, the registration fee for a federal company is generally higher than that for a provincial company. The only exception is Ontario.
- Federal companies need annual inspections (with fees), but Ontario companies do not. Companies in other provinces have different regulations depending on the province.
Summary: If the name is common and you do not want to bother with annual inspections every year, it is recommended to choose a provincial company. If you consider opening branches in other provinces in the future (general sales and other businesses do not need to worry about this issue), it is more appropriate to register a federal company.
