A Corporation is a popular business structure in Canada, and it's available to both Canadian citizens and non-Canadian citizens. If you are a foreigner looking to start a Corporation in Canada, our lawyers can assist you with the paperwork and ensure it’s structured in accordance to the local rules and regulations.
A Named Corporation is a Corporation that has been registered with a unique corporate name chosen by its owners. This name is approved by the Government of Alberta and becomes the official legal name of the Corporation. The use of a distinctive and meaningful name can be important for branding, marketing, and legal identity purposes, as it is the primary way the Corporation is identified in the business world.
A Numbered Corporation is assigned a numerical identifier or registration number by the Government of Alberta. Numbered Corporation are commonly used when business owners have not yet decided on a specific business name. Once a numbered Corporation is registered, the business owner can later choose to assign a specific name to the Corporation.
A NUANS Report is required to check the availability of a proposed corporate name. Before registering a corporation in Alberta, it's crucial to ensure that the chosen name is unique and does not infringe on the trademarks or corporate names of existing entities. NUANS reports have an expiration date, so it's important to use the report and incorporate your corporation within the specified time frame. If you don't, you may need to obtain a new NUANS report.
Bylaws are a set of rules and regulations that govern the internal operations and management of a corporation. They are established by the founders or directors of the corporation and serve as a framework for how the entity conducts its business and makes decisions. A Minute Book also known as a corporate minute book or company records book, is a physical or digital repository of official records and documents related to the corporate governance and activities of a corporation. The minute book typically includes key documents such as: Bylaws, Resolutions, Annual Reports etc.,
When you register Corporation in Canada, your Corporation will be automatically assigned a business number (BN). There is no cost to obtain a business number. A CRA business number allows access to various federal, provincial and tax programs.
When you register Corporation in Canada, your Corporation will be automatically assigned a Corporation income tax program account number. There is no cost to obtain a Corporation income tax program account number. The Corporate Income Tax account is used to manage and report a Corporation income tax related activities to CRA.
Canadian law requires that every business entity have and maintain a Registered Agent for Service who may be either an individual resident or business entity that is authorized to do business in the respective province. The registered agent must have a physical street address in the province the where Extra-Provincial is being registered. This Extra-Provincial package includes registered agent for service at no additional cost.
A registered address service is a service provided by a firm that acts as a designated point of contact for receiving legal and official documents on behalf of a company.
Business Activity: refers to the specific commercial, economic, or operational actions and endeavors that the corporation engages in as part of its normal operations. Business activities encompass a wide range of actions and transactions that are conducted by the Corporation to achieve its objectives, typically with the primary goal of generating revenue and profits.
A Registered Office Address is the official address where the Corporation is registered with the government and where legal documents, notices, and correspondence from government agencies, courts, and other official entities are typically sent. Physical address and a legal land description can only be used as a registered office address. UPS/Canada post rental addresses and PO Boxes are prohibited from being used.
A Legal Suffix: also known as a corporate suffix, is a specific designation or abbreviation added to the end of a business entity's name to indicate its limited liability (Corporation ) legal structure or type. The most common legal suffixes include: Incorporated, Limited, Corporation, Inc., Ltd., & Corp.
To serve as a director of a corporation in Canada, a director must be of legal age and have the mental capacity to manage their affairs. In Canada, the legal age for directors is 18 years or older.
Ontario, British Columbia and Alberta do not have any residency requirements. Foreigners can act as a director of the corporation.
Share Class: typically refers to different categories or types of shares that a company may issue. Share classes are used to distinguish various ownership rights, privileges, and characteristics associated with different groups of shareholders.
We recommend setting initial share price of $1 for a share being issued. This is typically something that a new company does.
Share number refers to the total quantity of shares that a company has issued and is available for ownership by investors.
A shareholder of a Corporation is an individual or entity that holds ownership in the Corporation by owning one or more shares of the Corporation stock. Shareholders can be individuals, other corporations, trusts, or other legal entities.
officers of a Corporation are typically individuals who are appointed or elected to hold specific executive positions within the Corporation. The specific roles and qualifications for officers can vary depending on the Corporation bylaws, its articles of incorporation, and the business needs of the organization. Here are common officer positions in a Corporation regarding who can hold these positions in Alberta: President, Vice President, Secretary, Treasurer, CEO.
An authorized representative of Corporation is an individual designated to act on behalf of the Corporation for various legal and administrative matters. This representative is often responsible for interacting with government authorities and have authority to make important decisions or sign documents on behalf of the corporation.
Canadian rules and regulations pertaining to Registration of Corporation requires that a valid Photo ID must be submitted along with the application. An acceptable Photo ID includes Driver's license, Passport, permanent resident card
