Canada

Description

Very respectable and reliable solution. Canada is in white list of OECD and is never considered to be offshore. The usage of agent scheme allows to minimize tax payments to three digits sums (on a yearly basis).

General information about Canadian LP

  • Number of founders: minimum two.
  • Status: private individuals or legal entities.
  • Residence: may be residents of any country.
  • Data about founders: is kept in companies registry of respective province.
  • Nominal shareholders: allowed.

If necessary, UniverseLAW will provide you with a legal address.

Advantages

  • Prestige jurisdiction
  • No strict minimum of registered share capital
  • Only one private individual is required for partnership registration
  • No taxes in the country of registration
  • No audit
  • No annual tax declaration

Taxation

All transactions, performed outside the country, are not subject to taxation.

As estimated by international experts, Canada has the lowest tax rates for business among all the countries of G7.

  • Corporate income tax. Basic federal tax rate is 38%, after general deduction it is 15%.
  • VAT (sales tax). Federal tax rate is 5%, regional one is from 7 to 10%.
  • Income tax is progressive and depends on the income: 15%, 20,5%, 26%, 29% and 33%. Specifically, income up to 45,3 000 CAD is subject to 15% tax rate, and income from 200 000 CAD is subject to 33% tax rate.

Accounting

If transactions are performed outside the country, accounting is not required, but if there are transactions in the country, federal and provincial statements must be filed.

List of required documents for registration and time frames

Required documents:

  • Copy of international passport
  • Copy of any document, confirming the client’s residence address (a copy of paid utility bill, excerpt from the house register or a copy of any similar document)

Time required for company registration:

Ready-made: 2 working days
Custom-made: 12-14 working days; time required to receive full package of legalized company documents – 4-5 weeks

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