Let’s explore the value of forming your business in Canada
Canada has long been known as a stable North American country with a flourishing economy and two official languages; English and French.
The Constitution Act officially proclaimed Canadian Confederation on July 1st, 1867, initially with four provinces; Ontario, Quebec, Nova Scotia, and New Brunswick. Today Canada counts ten provinces and Canada is not an official offshore country but when there is no asset and no effective control of management within the country, the corporation’s aren’t subject to paying income tax in Canada as the company is deemed to be non-resident regarding the common law rules
Why is Canada so popular?
The short answer to this question lies in its simplicity other jurisdictions are constantly creating new regulations and requirements which is not the case in Canada since the fiscal laws have been implemented in Canada the country has kept the same principles regarding the fiscal non-residency of corporations in addition, while several countries have increased the transparency of the beneficial ownership of corporations over the last few years the Canadian government has kept the same rule allowing businessman to maintain a high level of confidentiality. Here are some of the great advantages of Canada;
Canada has been an economically and politically stable country as there is no beneficial owner register the identity of a beneficial owner is not public information
Canadian legislation allows corporations to operate and hold assets outside of Canada
No Canadian citizenship is required to own or manage a Canadian corporation
There is no personal tax in Canada for non-residents
As a result Canadian companies are definitely a great option for international individuals because Canadian corporations may be operated similarly to offshore companies if there are neither assets in Canada nor control of management within Canada. Canadian corporations are simple to establish and to maintain. No complicated documents are required to be filed with the government they are ideal vehicles for private companies that are not publicly traded on the stock market or for holding assets and the effective owners may continue to appoint nominees as either director or shareholder. Don’t hesitate to take a look at our website for more
information or updates. Please contact SFM should you be interested to set up your company in Canada. Thank you for watching.
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