Are there any residency requirements for corporations or its owners?
Another
factor that can be important in deciding where to incorporate is the Canadian
residency requirements of each jurisdiction. This is especially relevant to
foreigners or non-Canadians starting a business in Canada. If these requirements are not
satisfied, you cannot incorporate in that jurisdiction. Canadian corporate laws have relaxed these requirements over the years.
There
are no legal requirements that shareholders (owners) be Canadian residents,
although there may be tax implications for the shareholder or the corporation. Consult with your tax professional to explore this matter.
As for directors, there are several Canadian jurisdictions that have no requirements. Below
are the director residency requirements for each Canadian jurisdiction:
|
Federal
|
at least 25% must be resident Canadians
|
|
Alberta
|
None
|
|
British Columbia
|
None
|
|
Manitoba
|
at least 25% must be resident Canadians
|
|
Newfoundland
|
at least 25% must be resident Canadians
|
|
New Brunswick
|
None
|
|
Nova Scotia
|
None
|
|
Ontario
|
None
|
|
Prince Edward Island
|
None
|
|
Quebec
|
None
|
|
Saskatchewan
|
at least 25% must be resident Canadians; at least one director must be
ordinarily resident of Saskatchewan
|
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