In Canada, a Corporation is similar to a Company as in other nations. A Canadian Corporation, like a registered company in India, limits the liability of the shareholders toward its various debts and obligations. It can raise capital from Investors or shareholders for business growth. The Canadian Corporate Authority has optimized the tax payment for registered Corporations in
Canada. However, Company Registration in Canada involves hefty paperwork with a lot of money. Now let us look into the type of eligible corporate structures available in Canada for Business Registration.
Types of Corporate Company Registrations in Canada
The Corporate Legislature sub-categorizes the Corporations in Canada into the following types:
Let us look at them one by one in detail.
Every eligible applicant for Canadian Controlled Private Corporation must fulfill the following pre-conditions at the end of its financial year:
Both from June 18, 1971, to the financial year’s end.
You can register a corporation in Canada as an Other Private Corporation if it meets the following criteria at the end of its financial year:
It must not be under the control of any of the aforementioned corporations.
You can register a Business in Canada as a Public Corporation if it satisfies the following requirements at the end of its financial year:
A Corporation Controlled by a Public Corporation or a CCPC is a subsidiary of a Canadian Public Corporation in Canada. Such Public Corporations do not qualify as dedicated Public Corporations when completing the Corporation ITR filings.
If a corporate entity does not fit into the criteria of any of the above-mentioned corporations, then it is termed an Other Corporation. You can term Life Insurers and Crown Corporations as Other Corporations of Canada.
To learn further about the eligible business structures for incorporation in Canada, connect with the Incorporation Experts at Registrationwala.