Beneficial Business Environment
Intellectual Property Protection
Low Corporate Tax Rate
Canadian trade pacts
Immigrants are welcome
Access to a large trade network
Strong Economic Performance
A sole proprietor's business structure is informal and the most common for small businesses. In the eyes of the law and tax authorities, the business and the operator are the same. The income generated from the sole proprietorship is the income of the proprietor himself and, therefore, liable for taxation in the personal income tax form. It is also used as a source of tax management where people adopt the sole proprietorship structure for their side businesses. It helps them in tax management, where the losses generated in the businesses can be used to reduce the income gained from other sources. Here, the proprietorship's money and responsibilities are that of the proprietor himself. This also becomes a downside as the proprietor is personally liable for all the debts and liabilities of the proprietorship.
A partnership is a similar structure where there is more than one proprietor. There is no legal structure for a partnership; however, they are governed by the terms and conditions laid down under the partnership agreement, which governs the sharing of revenues, expenses, and tasks, etc. Three types of partnerships exist in the Canadian system, viz. General partnership, Limited Partnership, and Limited Liability Partnership.
A corporation in Canada is similar to the concept of a company in other jurisdictions where the liability of the investors towards the debts and obligations of the corporation is limited, the investor can raise capital from the investors quite easily, and the tax payment can be optimized in many ways. However, a corporation involves elaborate paperwork and hefty sums of money for their incorporation purposes, governance, etc.
Following are the 5 types of corporations that are recognized in Canada:
A corporation is said to be a CCPC if it meets all of the following criteria at the end of the tax year:
It is a corporation that was resident in Canada and was either incorporated in Canada or resident in Canada from 18th June 1971 to the end of the tax year
It is a private corporation.
It is not under the direct or indirect control of one or more public corporations (other than prescribed venture capital corporation as defined under Regulation 6700 of the Income Tax Regulations)
It is not under the control of one or more non-resident persons
It is not under the control of a Canadian resident corporation whose shares are listed on a designated stock exchange outside of Canada
It is not under the direct or indirect control of any combination of persons mentioned under the previous three conditions
If a non-resident person owns all the shares of the corporation, by a public corporation (other than a prescribed venture capital corporation), or by a corporation whose shares are listed on a designated stock exchange were owned by one person, and such person does not own sufficient shares to control the corporation.
There are no classes of shares of the corporation that are listed on a designated stock exchange
A corporation is considered an Other Private Corporation if it meets all of the following criteria at the end of the tax year:
It is not a public corporation
It is resident in Canada
It is not under the control of one or more prescribed federal Crown corporations (as defined in Regulation 7100)
It is not under the control of one or more public corporations (other than prescribed venture capital corporation as defined under Regulation 6700 of the Income Tax Regulations)
It is not under the control of any combination of corporations described under the previous two conditions.
A corporation is said to be a Public Corporation if it satisfies either of the following requirements at the end of the tax year:
If it has a class of shares that are listed on a designated Canadian Stock Exchange; or
It has been elected, or the Minister of National Revenue has designated it to be a public corporation. The corporation has complied with the conditions prescribed in Regulation 4800(1) of the Income Tax Regulations on the number of shareholders, the public trading of shares, the dispersal of the ownership of its shares, and the corporation's size
A corporation is said to be a Corporation Controlled by a Public Corporation if it is a Canadian subsidiary of a public corporation. This corporation does not qualify as a public corporation to determine the type of corporation when completing your T2 Corporation Income Tax Return.
Those corporations that do not fit into the criteria of the abovementioned corporations are said to be Other Corporations. Well-known examples of Other Corporations include General Insurers and Crown Corporations.
Corporate Income Tax
Withholding tax on income
Value-Added Tax or Goods and Services Tax
Land Transaction Tax
Enterslice is one of the leading management consultancy firms which offers end-to-end business set-up, financial, regulatory, taxation, legal, and advisory services to early-stage businesses, start-ups, entrepreneurs, and large corporate houses across the globe
Our Canada Entry Strategy services involve the following services:
Our Canada Entry Strategy is classified into the following:
Business Structures available in Canada are sole proprietorship, partnership, and corporations. A partnership is of three types: General Partnership, Limited Partnership, and Limited Liability Partnership. A corporation is of five types: Canadian Controlled Private Corporation, Other Private Corporation, Public Corporation, Corporation Controlled by Public Corporation, and Other Corporation. Our business set-up services include advisory related to the type of business structure you should opt for to set up business in Canada. Our team will assist you in the business registration process, in opening a bank account for the business, and in post-registration compliance.
Our consultants formulate a strategic plan for establishing and operating the business depending on your business needs. We formulate a budget and develop cash flows for your business. We also review internal control processes and conduct business reviews. We provide advisory on issues related to the management of the business.
Our legal experts provide legal advice on business operations, finances, IP protection, etc. We draft legal documents for your business and review and compile the required documentation. We also ensure that all legal and regulatory compliance are duly complied with.
Our experts provide bookkeeping services, assuring the proper maintenance of different accounting records. This involves keeping thorough and organized financial records, such as cash books, general ledgers, fixed asset registers, and accounts receivable and payable sub-ledgers. In addition to this, we also provide financial reporting, accounting guidance, and bookkeeping services. They aid in the production of accurate financial accounts, ensure conformity to accounting standards, and offer qualified advice on difficult accounting matters. The accounts and financial statements are prepared to reflect the true and fair view of the company’s operations. On behalf of our clients, we ensure that the accounting and audit requirements are fulfilled.
Our tax experts will assist you in effectively managing your tax obligations and identifying opportunities to lower tax expenses. We ensure that the tax return is timely filed. We provide advisory on direct as well as indirect taxes. As the globe becomes increasingly linked, businesses regularly engage in cross-border transactions with intricate tax ramifications. We provide thorough advice on international tax compliance, double taxation agreements, transfer pricing, and international tax planning by using our worldwide tax consultancy services. Our knowledge aids companies in overcoming the difficulties associated with international taxes and strengthening their worldwide tax position.
Our IP Experts assist in IP Compliance. We assist in getting IP registration by filling out applications for registration and compiling relevant documents. Our team of IP experts also advice on IP compliance and IP Protection. We also assist in enforcing IP rights against any infringement.
i. Professional Support
ii. 24*7 Customer Support
iii. Highly Integrated IT Team
iv. Tailor-made solution for our clients
v. Competent Team of Lawyers, CAs, Cost Accountants, CSs, and CPAs.
vi. All-inclusive solution for our clients
24x7 Client relationship support desk.
Tech-enabled service delivery platform.
Dedicated foreign Investment desk.
50,000+ Network of Lawyers/Attorney’s/CA/CPA/CFA.
Strong team of Inhouse Lawyers/Attorney’s/CA/CPA/CFA
A wide Network of Audit and Law firms in India.
Individual and Dedicated professionals on every assignment.
We register 100+ Companies every Month.
If you have any queries related to the Process, feel free to contact us. We will provide
you with immediate help.
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“I have registered my Trademark through them. The application was filed within 3 days. And the charges were also very reasonable. We got TM Approved in 6 month’s time without any re-submission or objection. They charge high to deliver the best in industry.”
“I would like to thank the Enterslice team for the excellent business plan made by them. They understood our requirement and gave us exactly what we wanted. Thank you Team Enterslice.”
“Thanks for your services. The team is really professional. They make sure that things are delivered in time. The best part about Enterslice is the consultative approach and guiding us on all our business matters.”
Haiden Group - UAE