Company Incorporation in Canada – How to Start a Business in British Columbia – Banking, Accountancy and Audits
Canada is one of the world's wealthiest countries, and the economy is mainly dominated by the service industry. Although the overall economic culture is liberal, it is not easy to set up a company in Canada if you’re not a resident. If you live outside Canada and are thinking of company incorporation in Canada, British Columbia is an excellent choice for a Canadian LLC - this is because the British Columbia Business Corporation Act allows for non-resident directors and more flexibility than any other jurisdiction in Canada.
What are the requirements for company incorporation in British Columbia / Canada?
- You need a minimum of 1 director. A maximum of 10 directors is allowed.
- The company names will have to be approved. Some generic names can be refused.
- You need to provide a British address – not a PO Box (we can provide this)
- The company name must be in a 3 element format – 1. Distinctive unique name; 2. Description of the business activity (services, products etc.); 3. Legal structure (LTD or INC)
- The company incorporation process takes around 6 working days
What is the regulatory environment like?
Canada has a liberal culture and is strongly inspired by its American neighbor. Canada also signs Free Trade Agreements with a number of countries worldwide so a Canadian company can easily trade globally.
And what about banking facilities?
Canada has an important network of banks and financial institutions. Local banks are also capable of competing strongly and effectively to provide facilities for foreign investors, but opening a bank account requires specialist advice. Our Canadian banking contacts can provide you with all the information you’ll need for this step.
If you want to open a bank account in Canada, you’ll have to make a visit to the country in order to meet face-to-face with the banker and you will also need to provide a business plan.
For more information on how to open a bank account or for any further information on company formation in Canada / British Columbia, including tax advice, accountants or serviced offices, please contact us on 0033 (0)1 53 57 49 10 or email us from our contact page and we’ll be happy to help.