Establishing a Company in Canada

Last updated 2 July 2020
Establishing a Company in Canada

What Documents are Required to Set Up a Company in Canada?

  • All personal information.
  • Company incorporation documents.
  • Choosing directors for the company.
  • You may be asked to bring some other documents, depending on the state.

Also read: A Simplified Definition of Commercial Law

What are the Procedures Necessary to Establish a Company in Canada?

  • Choosing a company name and the type of business.
  • Opening a commercial bank account.
  • Obtaining commercial licenses from municipalities.
  • Registration for the province’s tax.
  • Registration on the sales tax in case the company’s profits exceed thirty thousand dollars.
  • It may be necessary to register with the Worker Compensation Council when you hire employees.
  • Obtaining business insurance.

Also read: The Importance of Having a Commercial Lawyer Before Starting Your Investment

Things to be Prepared if the Company Wants to Expand its Business Outside Canada

  • Certification of the foundation and legalization in the Canadian Global Affairs Department.
  • Attesting the company establishment certificate at the embassy of the country in which you would like to do business.
  • You may be asked to bring a copy of the passport.

Also read: The Most Important Branches of Commercial Law

Types of Companies in Canada

One-Person Company

It is a company owned by one person and is the simplest type of company. Its founder is responsible for making its decisions, receiving all profits and bearing the company’s losses.

Partnership

It consists of two or more people. Each partner contributes to the capital with a specific amount. And in return, he gets a percentage of the profits according to the amount he provided.

Commercial Enterprise

Personal obligations are separated from company obligations.

Also read: The Importance of Commercial Law

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