Provincial vs Federal Incorporation in Canada | Canada Incorporation | Ontario Incorporation

Описание: Ready to incorporate your Canadian business but unsure if you should incorporate provincially or federally? Ontario Business Central has the answers.

In this video, we provide you with the information you need to decide if you’d like to incorporate your business provincially or federally, the benefits of incorporating a business, costs you can expect when incorporating, and the legal differences between provincial and federal incorporation.

There are many benefits to incorporating your business. These include liability protection, business name protection, and potential tax savings.

#1 Government Fees - The government fees for incorporating your business vary depending on the jurisdiction. Visit our website for detailed pricing for provincial and federal incorporations.

Ontario Incorporation:
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Federal Incorporation:
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#2 Mandatory Filings - Federal incorporations are required to complete annual filings, known as Annual Returns. A small fee is associated with these Annual Returns. These are due in the anniversary month of the corporation.

As of October 19th 2021, the Annual Return is required for Ontario corporations.

#3 Name Protection - When incorporating federally, your business name has a higher level of name protection because your name is protected at the federal level. When incorporating provincially you will have name protection only within that province.

#4 Name Search - A NUANS report is mandatory for federal incorporations as well as some provincial incorporations, such as Ontario and Alberta. In other provinces, such as British Columbia, a Name Reservation is required. We can assist you with all of these name search requirements. Visit our website for more information.

Presearch:
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NUANS Report:
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#5 Processing Times - Processing times for your incorporation vary by application. The name approval process for a federal incorporation usually takes 1-2 business days whereas for a provincial incorporation typically takes about 24 hours.

#6 Extra-Provincial Registration - Businesses that incorporate federally also require extra-provincial registration. They must register within each jurisdiction where the company maintains a physical address.

With either incorporation you can change any details of the corporation including corporate name, adding a secondary business name, adding or removing directors, and changing share structure.

Change A Business:
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Change Ontario Corporate Name or Structure:
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Change Federal Corporate Name or Structure:
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#7 Qualifications - When applying for incorporation, the criteria can vary from province to province. In Alberta, Manitoba, and Saskatchewan, applicants must have 25% of the directors listed as either Canadian citizens or permanent residents. This is also a requirement when federally incorporating.

British Columbia and now Ontario, offer the availability of non-residents of Canada to be directors or shareholders of the corporation.

Ontario Business Central has assisted entrepreneurs to incorporate and register their business in Canada for over 25 years. Our services include changing details of your registered or incorporated business, canceling or dissolving a business, searching for an existing business, as well as registering domain names.

This is one of several videos in a series to help you incorporate your business. Other videos you may find helpful include:

Incorporating A Business in Canada:
   • Incorporating A Business in Canada - Corpo...  

Ontario Corporation - How To DIY:
   • Ontario Incorporation - How to DIY  

We have a number of blogs related to provincial incorporations and federal incorporations and so much more.
https://www.ontariobusinesscentral.ca...

The information provided in this video is specifically designed to assist and in no way shall be considered as legal or accounting advice.

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