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Canada has lately turned out to be one of the most attractive destinations for starting business because of its vibrant economy and immigrant friendly policies. Having a corporation in Canada provides the opportunity to exploit the whole of North American market and access to the USA market in particular. Such business opportunities can be tapped by setting up a business in the form of a corporation in Canada. This article lists down the important steps in setting up a corporation in Canada.
A corporation is a separate legal entity doing business where it can own assets and incur debts in its own name. They are separate from their owners. A corporation is created when two promoters register their business with the federal or provincial governments by submitting articles of incorporation.
The procedure of setting up a Corporation in Canada is simple process and can be executed in the following steps.
Some of the common guidelines followed across the jurisdictions in selecting a corporate name are as follows:
There is a requirement for a corporate seal for the purpose of embossing the corporation’s name on the legal documents. Apart from few exceptions, all the Canadian jurisdictions mandate every corporation in Canada to maintain corporate seal to verify their validity.
On successful execution of the abovementioned steps, a person can set up a business corporation in Canada. Though the process of setting up a corporation is quick, it is a complicated and convoluted task if professional assistance is not taken.
Read our Article:What are the Advantages of Company Registration in Canada?
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