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Canada is the second largest country in the world. Owing to its natural infrastructure and geographic orientation, it proves itself to be a perfect location for businesses such as logistics, trading, imports and exports. Thus, the industry remains active and functional throughout the year producing export-worthy products, helping Canada’s GDP reach a massive 1.6 Trillion USD and continuing to grow at an impressive 3% annually. Canada offers a perfect business opportunity with a total population of 36 million people and a skilled workforce.
A company incorporated in a jurisdiction other than the one where the beneficial owner resides is called an ‘offshore company[1]‘. In other words, an offshore company is a company that is incorporated in a foreign jurisdiction. In contrast to an ‘onshore company,’ which is an entity that does all of its business within the borders of a nation, an ‘offshore company’ is a company that exists and operates outside the borders of a nation where it is incorporated. Since it is owned and exists as a non-resident entity, it is not subject to local taxation as all its transactions occur outside the country’s jurisdiction.
Following are the steps which are required to open an offshore company in Canada:
Thus, starting offshore companies offer many advantages, such as a more extensive consumer base, flexible legislation etc. It is a relatively new offshore location that provides several business advantages, thus making it a perfect location to establish an offshore company. It possesses a wealth of natural resources, a strong economy and cutting-edge technology. An offshore company in Canada will be able to take advantage of the country’s excellent image and reputation.Get in touch with an expert at Enterslice for more information on the same.
Read our Article: What are the Advantages of Company Registration in Canada?
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