Canada is a land of opportunities. It is a huge country with a relatively
small population and with an abundance of natural resources. The close
proximity to the large U.S. market and the existence of a Free Trade
Agreement with the U.S. also allow for unlimited potential in the
field of business.
Immigrants coming in the Entrepreneur category have to open up a
business in Canada within two years of their arrival in Canada.
However, we have found over the years that even immigrants in the
skilled worker/professional category are tempted to start their
own businesses. Some of them do it part-time at first while employed
full-time and then switch to full-time business once their business
is firmly entrenched. The reason for the above is that this country
does not have too many restrictions on starting a business. Then of
course, the businessperson is his/her own boss. The other possible
reason is that most immigrants still have contacts back home in
their previous country of residence or origin and they can utilize
these contacts in their business endeavors in two-way trading,
generating investment, etc.
We assist our clients in explaining to them the pros and cons of
setting-up their business in the particular industry in which they
are interested in, e.g. the costs involved, the chances of success
based on industry trends and their background, etc. If there is a
need for financing, we can get our clients in touch with banks
and other financiers and investors.
There are three types of businesses. The simplest is the sole
proprietorship and is basically a one-man show. Very little cost
to set-up and easy to manage initially. Then there is the
partnership based on two or more partners. The final type is
the incorporated company. This has limited liability and is a
separate entity from the directors, owners and employees. Each
type of business has its own tax ramifications with the
incorporated company requiring a separate tax return whereas
the income of a sole proprietorship is picked up in the tax
return of the individual. In the case of a partnership, the
income is divided amongst the partners based upon the ownership
percentages and is shown in their personal tax returns. Based
upon their need and choice, we help our clients set-up all three
types of businesses. In the case of a corporation , we have to
do a name search to make sure that the name is available for use
and has not been taken by another company in Canada.
Once our clients are in business, we can assist in accounting
and taxation matters so as to minimize the payment of taxes.
Please let us know if you are looking:
to buy a particular type of business
for investors or other financing
for partners to start a business
to incorporate a company
for contacts in any particular industry
consultation in similar matters