To open a corporation in Toronto, Ontario as a foreigner, you’ll need to complete several steps and provide various documents. The process is quite similar to incorporating in British Columbia. Please note that the information provided here is for guidance only, and you should always consult with a legal professional or relevant authorities for the most up-to-date information.
1. Choose a name for your corporation: Perform a name search and reserve the name through the Ontario Business Name Registration system. You’ll need an approved NUANS (Newly Upgraded Automated Name Search) report to proceed with the incorporation process.
2. Prepare incorporation documents: You’ll need to prepare the following documents:
a. Articles of Incorporation (Form 1)
b. Initial Registered Office Address and First Board of Directors (Form 2)
3. Appoint a registered office address within Ontario.
4. Appoint directors: At least 25% of the directors must be Canadian residents. The minimum number of directors is one, while the maximum is unlimited.
5. File your documents: Submit your incorporation documents and the applicable fee to the Companies and Personal Property Security Branch of the Ministry of Government and Consumer Services. You can do this online through the ONe-Source for Business portal, by mail, or in person.
6. Obtain a Business Number (BN): After successful incorporation, you’ll receive a Certificate of Incorporation. You will then need to apply for a Business Number (BN) with the Canada Revenue Agency (CRA).
7. Register for other taxes and accounts, as applicable (e.g., GST/HST, payroll, import/export).
Once your corporation is registered, you can open a company bank account in Canada. To do so, follow these steps:
1. Choose a bank: Research and select a Canadian bank that best suits your business needs.
2. Gather required documents: Each bank may have specific requirements, but generally, you’ll need the following documents:
a. Certificate of Incorporation
b. Articles of Incorporation
c. Business Number (BN) issued by the CRA
d. Two pieces of identification for each signing officer (one must be government-issued with a photo, like a passport or driver’s license)
e. Proof of Canadian residency for your resident partner
3. Set up an appointment: Contact the bank to set up an appointment with a business banking representative. Be prepared to provide the documents mentioned above.
4. Open the account: At the appointment, the bank representative will guide you through the account opening process, which typically includes providing details about the corporation, the signing officers, and the nature of your business. The bank will then open your company bank account.
Keep in mind that requirements may change, so always check with the relevant authorities and banks for the most accurate information.
Jasur Mavlyanov, an experienced entrepreneur and legal expert, has built a notable career in international business, with a focus on China. With over 13 years of experience living and working in China, Mavlyanov has acquired valuable insights into the Chinese legal system and business environment.
As an entrepreneur, Jasur founded JR & Firm LLC, a company dedicated to providing legal services to global clients entering the Chinese market. His leadership has helped the firm become a reliable partner for businesses navigating the complexities of Chinese regulations and laws. READ MORE about Jasur.