How to register in Canada, today we will share.
Canada (COMPANY) We call those corporate organizations formed under the BC COMPANY ACT of the Province of BC, each consisting of its members (meaning shareholders). A room without members cannot be traded. Generally speaking, one has the abilities and rights granted by law to an ordinary person; Such as trading and owning assets. However, under the BC Act, a business may not carry on the following business: (1) transport, unless approved by the Governor's ORDER-IN-COUNCIL; (ii) the insurance industry, unless it complies with the relevant legislation; (iii) CLUB, unless agreed in writing by the Office of Finance and Services; (4) Conduct transactions similar to the nature of a trust, except for the insolvency agent. It may also limit its business scope and powers in its MEMORANDUM of association.
2. Features of registration in Canada and benefits of incorporation. The name must indicate "LIMITED, LTD. "or" Registered "INCORPORATION, INC. The words. The property is not owned by its shareholders or directors. It is a legal individual who can do everything the law allows an ordinary person to do, including transacting and owning property. All internal and external transactions must be done in name only. The majority shareholder or sole shareholder has no legal representation. When a defendant is brought to court, he may only be listed as a defendant. Only in very exceptional circumstances can liability be attributed to individual directors or shareholders. To meet its legal liabilities with its assets. After the assets have been apportioned, others, including directors and shareholders, are not liable. Can last forever, not limited by the length of a person's life. The decision-making power is in the hands of directors, and other people such as managers, shareholders, etc., have no legal decision-making power. Active businesses generally pay a lower tax rate.
Requirements for Canadian registration? Provide at least one shareholder director, and the sole shareholder may also be the sole director. Each must have a PRESIDENT and a SECRETARY. However, the same person may serve concurrently. Submit three English name queries.
Do I have to file annual financial reports with the REGISTRAR OF COMPANIES after registration in Canada? Nay. However, the registration must submit an ANNUAL REPORT to the registration every year. The contents of the annual report are very simple, and the names and residential addresses of the directors and holders of the positions should be set out. If an annual report has not been submitted to the Register for three consecutive years, the register may remove it from the register. Shareholders or directors have to go through complicated procedures to regain their registered status.
Does Canadian registration require an accountant to check the accounts annually? The BC Act states that shareholders of a NON-REPORTING COMPANY may vote on whether an auditor needs to be appointed to reconcile the accounts.
What is a REPORTING COMPANY? Generally refers to the relevant can be bought and sold in the market. Therefore, almost all public offerings are listings. It is required to submit complex annual reports to the Registry and disclose its financial position.