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Incorporation British Columbia
Companies located in British Columbia are not legally limited to incorporate in their home province. In fact, Canadian law affords them the right to incorporate federally instead. What are the advantages of doing so? Federal registration provides strong national protection, which is advantageous for companies who do business nationwide. Additionally, as with all Canadian corporations, shareholders are provided limited liability protection, which is one of the primary appeals of incorporation. When it comes to the law, Canadian corporations have many of the same rights as Canadian citizens. In fact, corporations can own property, pay taxes and enter into legal agreements. Nevertheless, as opposed to a sole proprietorship, where the owner is entirely liable for the company's earnings and losses, shareholders in a corporation are only held responsible for the amount they invested in the company. Additionally, corporations receive a favorable tax status, which even allows them to levy losses from a previous year to their earnings on the following one. If you own a sole proprietorship in British Columbia, chances are that you've found raising capital to be somewhat challenging. Financial institutions are often less willing to lend money when the entire burden of the loan falls back on an individual. As a corporation, companies usually find raising capital to be easier as they have more options, including shares and bonds. Obviously, it is possible to incorporate in one's province. This process is often cheaper and faster. Nevertheless, as a British Columbia based company looking to do business nationwide, federal incorporation may be a better approach. We urge you to contact our experts at IncorpDirect and let them show you how easy the process can be.
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