Overview of Canada Company Registration

Registering a company is about establishing the company as a legal entity that is independent of authorities like its owners and shareholders. Such legal entities are called corporations along with their set of liabilities and obligations. Canada company registration is considered as a legal entity or a juristic person who is completely separate from its shareholders as well as owners. 

The businesses in Canada can be incorporated either at a federal or provincial level. This is because most of the people research and incorporate their companies in Ontario, Provinces of Alberta and British Columbia. If you are confused whether to set up a business in Canada then we are here to tell you the thousands of reasons due to which you must choose this country for your business. 

What are the Benefits of Canada Company Registration?

A company is registered in Canada because of the easy access to financial resources, loans at low interest rates and any tax benefits. Incorporation helps the company safeguard from different issues in different situations and represents them as a legal entity. The registration of companies in Canada is done either at a provincial or federal level. Some of the key benefits of Canada company registration are:

• Funds at low Interest Rate: The approach of obtaining financial resources in Canada is simple and corporations can get access to funds at a low interest rate.
• Tax Benefits: The registered companies get many tax benefits. Registered companies in Canada pay separate taxes from their owners with corporate taxes which are lower than personal income tax rates.
• Limited Liability: Incorporation of a company provides protection to all the individuals who are related or involved with the operations of the company including the partners and employees.
• Separate Legal Entity: Companies in Canada function as an individual entity after registration.
• Build Reputation or Goodwill: Registration helps a company in building a strong professional reputation in the business market and the corporate world.
• Perpetual Succession: The corporation continues to exist until and unless they are merged, dissolved or voluntarily surrendered their charter.
• Enhance Credibility: The registration of a company enhances the credibility of the business.

Documents Required for Canada Company Registration

It is essential for applicants to submit the required documents for Canada company registration. The documents required to do Canada company registration are:

• Article of Associations(AoA) of the applicant companies
• A lease agreement for the space chosen for the office
• A title agreement of the registered space for the office
• Details of BoD (Board of Directors)
• Federal Business Number(FBN) for corporate transactions from Canadian Authority
• Proof of residence for foreign shareholders
• Address related evidences 
• Visa and passport of the directors and shareholders
• Identity proof of the shareholders of the company that is translated and notarized
• The certified copies of the visa and passport of the applicant
• The details of the founder of the applicant company like details of the company’s managers(ID proofs and appointment letters)
• Fee receipt of Canada company registration
• Fit and proper criteria of the managers who are appointed in the company

Canada Company Registration Procedure 

The steps of Canada company registration process one by one are mentioned below:

• Choose the Level of Registration: The first step of Canada company registration is to decide whether the applicant wants to get it registered at the Provincial level or at the Federal level.
• Obtain Business Number: The next step is to acquire a business number which helps in the identification of the company. The business number assigned to companies is a nine-digit number and is used by the federal and provincial authorities to identify the company or organisation.
• Choose Business Structure: After acquiring a business number, the next step is to choose the business structure depending on the type of business.
• Check Name Availability: The next step is to check the availability of the company name selected by the applicant checking whether it is present in the NUANS or Canada’s corporate registry or not. After this, the chosen name can be registered with the appropriate authorities.
• Take an Office: The next step is to acquire a space as the registered office address. It is a place where the company’s official records and business papers are preserved so that they can be accessed whenever required.
• Collect Documents: All the relevant documents that include articles or associations must be gathered.
• Submit Application: After gathering all the documents, the next step is filing the request for company registration with the government. Necessary documents must be attached along with relevant fees if needed.
• Obtain the Certification: Once all the steps above are completed the the procedure of the registration has been completed, authorities will provide you the registration certification. 

Types of Canada Company Registration Structures 

There are mainly four types of Canada company registration structures. Understanding these business structures helps the applicant to identify the type of business structure that they want to register. The four types of business structures for Canada company registration are:

• Sole Proprietorship Firms 

This is the most common and typical of small businesses chosen by a majority of the entrepreneurs in Canada. They can easily be established and are adaptable but the owner is responsible to the owner’s tax rate. A proprietorship can be owned by a single individual that is called a sole proprietorship or by multiple individuals called a partnership. The registration of business can be done online at any given time.

• Partnership Firms 

A partnership is a differentiated business that is owned as well as managed by two or more persons. Such firms can be further divided into two types: General partnership and limited partnership. A partnership is advantageous due to sharing or profits between partners.

• Corporations

A Corporation offers many advantages and imposes restrictions on personal accountability. It offers various taxation benefits like reduced taxes. A Corporation enhances flexibility and potential for growth of the company. A Corporation can be owned by a single individual and become a one-person corporation or many individuals.

• Co-operatives

Co-operatives can either function as a profitable or a non-profitable entity. They have flexibility in operating as a company. They enjoy special taxation benefits. Multiple partners are involved in establishing and operating a company.

Why Choose Whizseed for Canada Company Registration? 

Canada Company registration is a sequential procedure that includes the selection of business structure, naming and registering the company name, producing necessary documents and filing for company registration to the government authorities. Whizseed has a team of professionals who are experienced in their respective field and they are going to help you out on all the stages of company registration in Canada. Hence in order to do stressless and cost effective company registration you should choose whizseed.