Incorporating your own business

[A-man]

First I want to congratulate everyone who has already started their own business here. It takes a lot of courage to open your own business and believe in it.

Myself and my friend are interested in starting our own business here. It is partly involved in the field of engineering. We have been reading material on incorporating the company. My question is, did anyone here hire a lawyer to do it, or did you do it yourself?
We also want to write a shareholder agreement. Any insight on that subject would be appreciated too.

Thanks

 

[Ivan.Galv]

There are plenty of materials how to incorporate by your own and how to create SA/USA between shareholders.
There is no correct answer what to do. It is totally up to you to involve lawyers or not.
Many people do not involve any lawyers in incorporation process and many people do involve.

 

[A-man]

Hey Ivan, thanks for the reply. The only credible and uptodate material on incorporation that I found was from Corporations Canada. There guides were quite helpful, but I did find them constantly recommending to get a lawyers to do the job.

I assume you already have an organization incorporated in Canada? Did you incorporate it yourself?

 

[Ivan.Galv]

I used lawyers for a very specific reason.
They provide me both incorporation and virtual office in British Columbia and I can control my company being a temporary resident in Canada. It is a workaround to avoid residency requirements for company directors.
If you already have PR, this reason to use lawyers is not for you.

Sure, lawyers do a great job to create perfect documentation for you company, but for small starting businesses a perfect documentation is not so important as getting financially successful business. Lawyer services cost pretty significant amount of money that you may not want to spend.

 

[Kovurs]

Dear Forumites,

I will be landing in Canada on a FSW1 visa (NOC 0911).

Does the Canadian law allow me to start a business on
this visa or do I need to convert my visa category?

If I can start, what would be the minimum amount I should
have to start a small business for example laundry or restaurant?

any inputs highly appreciated.

Cheers,

 

[Ivan.Galv]

Open work permit holders and Permanent Residents can control and own Canadian corporations.
In some provinces and for federal companies - at least 25% of directors must be permanent residents.

Closed work permit holders/Study permit holders and no permit holders will face many challenges to incorporate.

 

[Kovurs]

Open work permit holders and Permanent Residents can control and own Canadian corporations.
In some provinces and for federal companies - at least 25% of directors must be permanent residents.

Closed work permit holders/Study permit holders and no permit holders will face many challenges to incorporate.

Hi Ivan Galv,

Thanks a lot for the info.

Cheers,

 

[A-man]

I used lawyers for a very specific reason.
They provide me both incorporation and virtual office in British Columbia and I can control my company being a temporary resident in Canada. It is a workaround to avoid residency requirements for company directors.
If you already have PR, this reason to use lawyers is not for you.

Sure, lawyers do a great job to create perfect documentation for you company, but for small starting businesses a perfect documentation is not so important as getting financially successful business. Lawyer services cost pretty significant amount of money that you may not want to spend.

Agree, lawyers fees cost a lot of money. Ideally I am trying to avoid it or do everything that I need to do upfront and have the lawyers review it.

 

[Nimanamkt]

I used lawyers for a very specific reason.
They provide me both incorporation and virtual office in British Columbia and I can control my company being a temporary resident in Canada. It is a workaround to avoid residency requirements for company directors.
If you already have PR, this reason to use lawyers is not for you.

Sure, lawyers do a great job to create perfect documentation for you company, but for small starting businesses a perfect documentation is not so important as getting financially successful business. Lawyer services cost pretty significant amount of money that you may not want to spend.

Can you tell what way around did your lawyers suggest. I am trying to own a franchise business and am not work permit still. Not sure, if I can do so alone with sole proprietorship or do I need a partner with Canadian PR?

Any suggestions?

 

[abbysoni]

Hello guys I am planning to incorporate my business with one of my Canadian Friend . We are planing to share business equally but I am in study permit right now and he is resident.
So can it be possible for me to incorporate under study permit status
Thanks