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• 2021-05-11
• By admin

COMPANY INCORPORATION IN CANADA

Incorporating a company in Canada might be a daunting process. This is it, explained.

Pubslihed by Zoom Startups on 10th May, 2021

Federal incorporation of companies is necessary for anyone to legally operate a business in Canada. Across different provinces, there may be specific requirements. This is why a start-up company should consult with a legal professional or consultant. 

The incorporation process involves creating a new legal entity called a corporation. In Canada, each corporation has the same rights and liabilities as a person according to the federal government. 

There are many benefits to incorporating a company and disadvantages as well. One major advantage to incorporating a company is the right to use and market your company’s name across Canada and limit liability if another company has a similar name. It also ensures your name is unique and not already taken.

The process for conducting a name search and registering that name can also be difficult but a qualified legal professional or firm with years of experience working with start-up companies can assist every step of the way. A legal professional working with start-ups can conduct the search and register the name as well as incorporate the company for you.

Another benefit or incorporating a company is the ability to pay lower tax rates as a registered legal entity. Once again, consulting with a qualified business professional can help them advise you on how start-up companies and pay the registered business taxes. 

Incorporated companies also have access to federal government capital and grants that are geared toward helping persons grow their businesses across Canada. Any type of business or non-profit organization in Canada can incorporate their company with the federal government in order to access the benefits available to them as an incorporated business.

Another benefit or incorporating a company is the ability to pay lower tax rates as a registered legal entity. Once again, consulting with a qualified business professional can help them advise you on how start-up companies and pay the registered business taxes.

Incorporated companies also have access to federal government capital and grants that are geared toward helping persons grow their businesses across Canada. Any type of business or non-profit organization in Canada can incorporate their company with the federal government in order to access the benefits available to them as an incorporated business.

Incorporation can be done online through the federal government’s website by filling out the application form and paying the fee. It can also be done with a start-up business professional who works with you through the process of incorporating a business in Canada. 

The process of incorporating a business includes choosing a name that can be made up of words or numbers, creating the necessary articles of incorporation, establishing an office address and Board of Directors and paying the fee. There is a large number of applications currently filed with the federal government and for this reason the process may take up to 5 business days for the application to be reviewed. 

Incorporating a business can be done online, via email or through registered mail through the business’s owners or a qualified legal professional that can assist with the incorporation process.