Canada is a respectable onshore jurisdiction that offers excellent conditions to non-resident entrepreneurs seeking to register their businesses. In fact, the conditions are just as good as those offered by many offshore destinations! Register a general partnership in Canada to take advantage of a favorable taxation system, enhanced confidentiality, and a friendly attitude toward foreigners. If you derive 100% of your income from sources outside Canada, you will not be liable for any local income tax. Full foreign ownership is allowed, and you will get access to the Canadian banking system that provides top-notch financial services. Sounds interesting?
If you want to discover more details, we will be happy to see you on our portal where you can read the article on the general partnership registration process in Ontario, Canada. You will find links to articles that will give you information on limited partnership opportunities as well. In general, we write about business and banking in different jurisdictions, tax optimization and asset protection opportunities, citizenship- and residence-by-investment programs, and more – so you are sure to find something interesting for yourself! You can book a free individual meeting with our expert to discuss all your business needs and find the best solution possible. We will help you set up a partnership in Canada and open an account with a Canadian bank at a reasonable fee!
Ontario General Partnership: Details
Let’s take a look at the main peculiarities of the general partnership in Ontario:
- The registry of beneficial owners exists under Canadian corporate laws and is available to the public for a fee.
- You can take advantage of nominee services in Canada: they are perfectly lawful and regulated!
- A general partnership formed in the province of Ontario is a legal form that must have a local presence – at least in the form of a registered address in Canada and a mailing address for official correspondence.
- There are no authorized capital requirements.
- You will not need to appoint a director for your general partnership in Ontario as the structure is managed by the partners.
- The Canadian corporate legislation does not require a secretary to be appointed for your GP, but it can be done if the partners decide so.
- An Ontario GP is required to properly keep its accounts. However, it is not obliged to submit any reports or tax returns or conduct regular audits. The only case when a relevant form may be required is the amount of GP assets exceeding CAD 5 million or income/expenses exceeding CAD 2 million.
- As for taxation, the income derived from sources abroad is not subject to any taxes. The income tax is paid by each partner individually in the country of residence according to the local rules.
If you have any questions, do not hesitate to get in touch with our specialist by following the above link: we are online in the live chat during office hours!
Ontario GP: Details about Partners
A GP in Ontario is required to have at least two partners, individuals or legal entities, who can be residents of any country.
Canadian general partnerships are managed in a flexible way, which is an excellent option if you have a business with a sole non-resident founder:
- The corporate documents of the Canadian GP need to contain two partners, with one of them being a local resident who officially owns the majority interest in the partnership.
- The above partner is usually a nominee that you need to simplify opening a local corporate account and manage your GP without involving third parties or other partners/beneficial owners.
- The partnership’s unofficial beneficial owner is the non-resident founder who is a second partner under the documents, and this is the only person who draws profit from the business and has 100% interest in Ontario GP.
- The nominee partner and the actual beneficial owner of the Ontario GP sign an agreement to set the rules for receiving profit from business activities.
Our experts will help you find a reliable nominee partner to set up your partnership in Ontario!
Documents Required to Establish a GP
Here is a package of documents you will need to form an Ontario general partnership:
- Resolution of the General Partnership
- Application for Canada partnership registration
- Partnership Agreement
- Evidence of state duty payment
- Proof of residence address (utility bill, bank statement, or extract from the register of residents. You can provide any document, and it should be issued no more than three months ago).
- Each partner should provide a copy of the international passport valid for at least half a year from the date of filing the application for GP registration.
- Articles of Association (if the partner is a legal entity).
- A photo of the GP’s individual partner with a passport held in his/her hands for identification purposes.
- A name for your general partnership that cannot include some reserved words (like “trust”, “government”, or “bank”) or names of founders.
Make sure all the documents are submitted in English (or a translation is provided) and apostilled.
Establishing a General Partnership in Ontario with Expert Assistance
Want to set up a general partnership in Ontario in no time and have no problems with registries or banks? Our specialists will help you complete all the formalities remotely if you provide a power of attorney to us. This offer should be discussed on an individual basis, including price and terms.
The Ontario General Partnership turnkey registration package costs 3,999 euros, and it includes the following:
- We will prepare and submit the documents required for partnership registration
- You will use the registered agent’s services for 1 year
- You will get a local registered office for 1 year
- The corporate documents will be sent to the address you specify
- You will get a postal address for 1 year
- We will provide one set of original corporate documents
- All government fees for partnership registration will be paid
- In the process of partnership registration in Ontario, you will get free informational/consulting support from our expert by phone
If you want to open a corporate bank account in Canada as well, the package with the account will cost 8,999 euros.
If you need just a partnership, we will provide a ready-to-use entity within 10 days. The option with a bank account will require more time (about 15 days).
You can use any payment method that is convenient to you, from bank transfer to Bitcoin. You initially pay 50% of the fee, and the rest is transferred at the final stage.
Click on the above link to explore our portal or reach our expert!