9th Floor Diamond Plaza Building, 34 Le Duan, Ben Nghe Ward, District 1, Ho Chi Minh City
info@bkclaw.vn
0901 333 341
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Establishing a company in Canada not only offers attractive business opportunities but also opens the door to one of the fastest-growing markets in the world. With a stable economy, transparent legal system, and effective business support policies, Canada is an ideal destination for international entrepreneurs. However, to establish a company there, you need a clear understanding of the conditions, procedures, and costs involved. This article provides a comprehensive and detailed overview of the process for establishing a business in Canada.
To begin the process of establishing a business in Canada, entrepreneurs or investors must apply for a Canadian visa under the entrepreneur or self-employed immigration category. This visa targets individuals with sufficient net worth to start a business in Canada.
Requirements:
– Management experience: Applicants must have at least one year of experience in managing and operating a business.
– Business plan: A feasible business plan must be presented for establishing a business in Canada.
– Hiring Canadian citizens: Prospective entrepreneurs must commit to hiring multiple Canadian citizens during the processing of the application.
Currently, the investor qualification requirements have been relaxed. Individuals who are not business owners in Vietnam but have management experience or have worked in business fields are also encouraged by the Canadian government to participate in investment.
For group self-employed visa applications, the requirements are similar to the entrepreneur class, but applicants are not required to employ staff in their business. This visa is granted to entrepreneurs planning to establish independent business projects in the fields of arts, music, culture, or farming.
– Citizens or Foreign Nationals: Investors may be Canadian citizens or foreign nationals. However, some provinces require at least one member of the board of directors to be a Canadian citizen or permanent resident.
– Age: Founding members must be of legal age as prescribed by law, generally 18 years or older.
– Investors must have sufficient financial capacity to invest in the business and cover the costs associated with the establishment procedure. This is a prerequisite to ensure effective business operations.
– A clear business plan not only helps define objectives and target markets but is also a critical factor when seeking investment capital or bank loans.
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The process of establishing a business in Canada includes several important steps:
According to the regulations of the local government, foreign investors establishing a company in Canada may choose one of the following forms:
The business plan should include:
– Business description: Products or services you provide.
– Market analysis: Research on competitors and market segments.
– Marketing strategy: Plan to reach customers and build the brand.
– Financial projections: Forecast of revenue, costs, and profits in the future.
Although not required for all businesses, many new enterprises must obtain a business license before legally operating in the province. In cities or towns without online websites, businesses can find contact information for government agencies to obtain licenses. Depending on the business sector, in addition to a general business license, enterprises may need additional specialized permits.
BizPaL from Industry Canada is a useful tool for identifying required business licenses. Available in most provinces and territories, BizPaL provides a list of business documents required by all levels of government.
To start a business in Canada, traders need to submit registration applications at both provincial and federal levels to obtain a Canadian visa. The federal linkage process includes determining the place of registration, selecting directors, and choosing a suitable company name in accordance with regulations.
Traders must prepare dossiers with required forms for: initial registered office address, list of first directors, and other provincial registration forms.
– Submission of application for establishment:
The enterprise submits the necessary documents to the provincial registration office. This dossier includes:
– Form 1: Articles of incorporation.
– Form 2: Initial registered office address and list of first directors.
– Provincial registration form: Business registration in Ontario, Newfoundland and Labrador, Nova Scotia, and Saskatchewan may be processed simultaneously with online electronic registration systems. However, if the investor wishes to establish a company in another province of Canada, the dossier must be submitted directly to that province.
– Method of implementation
There are two methods for registration: online or direct submission. Online registration allows the enterprise to select the tax authority (Canada Revenue Agency – CRA) as prescribed. When selecting the tax registration authority, the CRA business number is automatically generated within 5 days from the date of establishment.
– Provincial registration fee: Approximately CAD 200.
– Processing time: 5 working days from receipt of a complete and valid dossier.
Depending on the business sector, you may need to obtain operating licenses or specialized permits. This process includes:
– General Business License: Most businesses require this license to operate legally.
– Legal documents certifying that individuals or organizations meet the conditions for business sectors with special requirements.
After successful registration, you should open a corporate bank account to manage finances effectively. When opening an account, you will need to provide the following documents:
– Business license
– Tax number
– List of founding members
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The cost of establishing a business in Canada may vary depending on several factors:
– Registration fee: Usually from CAD 150 to CAD 300, depending on the business structure and province.
– Operating licenses: Costs may range from CAD 100 to CAD 500, depending on the business sector.
– Legal consultation: If you need support from legal or accounting experts, prepare costs from CAD 800 to CAD 2,000.
– Startup costs: In addition to the main fees, consider costs for renting an office, purchasing equipment, and hiring personnel, which may range from several thousand to tens of thousands of CAD.
Currently, Canada offers numerous preferential policies and market expansion measures to attract foreign investors. Specifically:
Low tax regime:
Canada’s corporate income tax rate is 13% lower than that of the United States. This is one of the conditions promoting foreign investment in Canada.
A standard enterprise in Canada typically bears a corporate income tax rate of up to 25% for Canadian tax authorities. Enterprises whose entire business activities take place outside Canadian territory are considered non-resident enterprises and enjoy a tax rate of 0%.
To enjoy this incentive, entrepreneurs may choose to register the enterprise under the Limited Liability Partnership (LLP) or Extra-Provincial Registration structure. LLP and Extra-Provincial Registration have significant differences. The differences are not only in tax structure but also in immigration policy benefits.
If the entrepreneur has already registered a company in Vietnam, they may open a branch in Canada under the Extra-Provincial Registration form. In cases where there is no company in the home country or a new company is desired in Canada, LLP is the only choice.
Canada is one of the world’s largest free trade areas:
For companies importing manufactured goods, Canada is becoming one of the largest free trade zones globally.
It is the first country in the European Union to provide a tax-free zone for industrial manufacturing enterprises. Investors in machinery and equipment sectors will enjoy many advantages, as the appreciation of the Canadian dollar combined with investment attraction measures will help reduce import costs for this sector.
Canada is a country with one of the world’s leading research and development environments:
Canada promotes entrepreneurship and innovation by offering preferential tax rates for scientific research and experimental development (SR&ED) worldwide. It is one of the countries with the lowest R&D operating costs.
Canada ranks second (in terms of tax) among 10 developed countries for R&D. The average profit in this sector can reach up to 30% for an investor.
Innovation business model:
Canada has the “Made in Canada” innovation model, integrating basic research into business applications. This is a key driver helping Canada carry out research and development activities.
The cooperation model between universities and industry helps reduce research costs and strengthens market access strategies for foreign investors.
BKC Law specializes in providing professional consultation services for establishing companies in Canada, helping entrepreneurs and investors easily access this potential market. We understand that starting a business in a new country can present many challenges, so our team of specialists will accompany you from the very first steps.
We provide advice on suitable business structures such as joint-stock companies and limited liability companies, and help you understand the advantages and disadvantages of each type. BKC Law also supports the preparation and submission of necessary documents for business registration, as well as consultation on tax and legal requirements you must comply with.
In addition, we offer services related to intellectual property protection, labor contracts, and other legal issues concerning your business operations. With dedicated and professional support, BKC Law is committed to helping you overcome all obstacles to successfully begin your business journey in Canada.
To receive free legal consultation at BKC Law, please contact our lawyers using the following information:
Telephone: 0901 3333 41
Email: info@bkclaw.vn
Branch in District 1: 9th Floor, Diamond Plaza Building, 34 Le Duan Street, District 1, Ho Chi Minh City
Branch in Binh Tan: 41 Ten Lua Street, Binh Tan District, Ho Chi Minh City
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41 Rockets, Binh Tri Dong B, Binh Tan District, Ho Chi Minh City.
info@bkclaw.vn
0901 3333 41
9th Floor, Diamond Plaza Building, 34 Le Duan, Ben Nghe Street, District 1, Ho Chi Minh City.
info@bkclaw.vn
0901 3333 41