- PPF Points
- 2,039
In Canada, offshore company laws are crafted in such a way that they are business-friendly, flexible and attractive to companies who are thinking of incorporating outside their base country. Canada might not be considered as a traditional tax haven, but it has several advantages for offshore companies, especially in such provinces as British Columbia and Ontario. In these areas, the company incorporation process is minimal, allowing firms to set up without losing precious time and money. One essential attraction which creates the interest of shareholders and directors is the possibility of maintaining their confidentiality which often means their identities are anonymous. In addition, Canada, as a country, has in place a strong legal system that assures businesses that their rights will be protected and which in effect has led to a conducive operating environment. Canada has signed many of the tax treaties which are there to prevent double taxation; hence, the country becomes a perfect venue for international business. On the other hand, businesspeople should be very cautious of the rules and regulations and need to have a clear understanding of both Canadian and international laws to be compliant. This comes with the necessity of the knowledge of the impact of the rules set by the Canada Revenue Agency on foreign revenue and the issue of the right and proper reporting. With the global business changing fast, Canada has undergone changes in her offshore company laws, a move that has seen the country balance the continued economic growth with the essence of corporate accountability and transparency. For those who are entertaining thoughts of offshore companies' incorporation, they will find that Canada is the most suitable place since it has a mix of both prospects and responsibilities, which is a very distinguishing aspect in the world market.
