Canada

General Information

Area – 9,985,000 sq. km

Population – 35.16 million people

Capital – Ottawa

Official language – English, French

Official currency – Canadian dollar (CAD)  

Key Aspects

Canada is a federal state. It consists of ten provinces and three territories. Canada ranks fifth in the Forbes’ list of Best Countries for Business. In the country, personal freedoms of citizens, their investments and property rights are safely protected, whereas the level of bureaucracy is minimum; therefore, many businessmen strive to open a company in Canada.

Company Type

LP (Limited Partnership)

Corporate Legislation

The legal regulation of the entrepreneurial activity in Canada is performed on the basis of both federal and provincial laws.

Main Requirements

The number of partners – at least two

Status – natural persons and legal entities

Residence –may be residents of any country.

Information about the founders: is kept by the register of enterprises of the respective province.

Nominee founders: are allowed to be used.

(In Canada there is no Apostille, therefore documents are certified either in another country or are notarised in Canada, or certification is done by the Foreign Ministry of Canada and then by the embassy).

* The registered office of a corporation must be in Canada. The Limited Partnerships Act provides that an L.P. company is managed by the general partner who may also acts as the director.

The name of a company must finish with ‘Limited Partnership’. It is not allowed to register company names containing the words ‘Bank’, ‘Insurance’, ‘Trust’, etc.

Authorised Capital

The standard share capital is CAD 1,000.

Requirements for the minimum paid-up capital – none.

Accounting and Taxation

All transactions performed by Limited Partnerships outside Canada are not subject to the corporate tax and income tax. On the basis of the above, tax reports are not to be submitted. Audit is not required to be conducted.

Filing of financial accounts with the register of enterprises is not required. However, a company is not exempted from the legislative requirement to make and keep said financial accounts.

Questions that need to be answered to prepare incorporation documents

– Passport details of the beneficiary (passport scan; in case a national passport is scanned – its translation into English).

– Utility Bill (confirmation of the registration address translated into English).

– Passport and Utility Bill in the agent’s name if it is not the beneficiary.