Ontario is one of the richest and most developed Canadian provinces. It accounts for more than half of Canadian production. YB Case professionals advise to register an Extra-provincial company in Ontario (EPC).
Registering an Extra-provincial company in Ontario
A non-resident can register an EPC in Ontario, this gives him the right to represent a foreign company in this country.
It is important:YB Case specialists draw your attention to the fact, that after the establishment of the EPC in Ontario, you need to obtain a Canadian license for the Extra-provincial company. An agent (a resident of Canada) will also be required. Obtaining a Canadian license entitles such an enterprise to open an account with a Canadian bank.
Benefits, that will become available, if you decide to register an EPC in Ontario:
- A residency of the founders does not matter;
- It is possible to open a corporate account in a Canadian bank;
- No taxation of activities outside of Canada;
- A shareholder liability for company debts is limited;
- Shareholder meetings are not mandatory.
A package of documents for registering an Extra-provincial company in Ontario
Request for advice on registering Canadian companies from YB Case, and our experts will help you to collect a package of necessary documents, according to the type of activity of your future company. List of required documents:
- a notarized copy of the passport;
- an application for registering a company in Ontario;
- a letter of recommendation from the bank;
- a confirmation of the address of residence (in English, notarized);
- a form, indicating the type of entrepreneurial activity (in English);
- a unique name.
Documents, required to obtain a license in Ontario:
- notarized copies of the share certificate (if necessary), a Power of attorney (if there is a corporate director), a Memorandum of Association;
- samples of signatures of all founders of the enterprise;
- a notarized copy of the Certificate of Registration;
- personal data of the founders.
YB Case experts will provide professional support in obtaining a license in Ontario.
A name of the company
An important step in registering an EPC in Ontario is to choose a unique name for the company. YB Case can assist you with this matter. In the name it is forbidden to use the following terms: “bank”, “insurance”, “stock exchange”, “trust”.
A taxation and reporting
Please note: by deciding to register an EPC in Ontario, remember, that your company will be exempt from paying taxes in Canada, if the activity is carried out outside of it.
An annual financial report is also optional, if the business is located outside of Canada.
For more information on the subject of this article, we recommend ordering professional advice on registering companies in Canada from YB Case experts. Our team will also provide comprehensive recommendations, if you decide to buy an existing Extra-provincial company in Ontario.