Are you looking for a good jurisdiction to set up a company? Canada is becoming more and more popular as it offers really advantageous conditions if you establish a limited partnership here. You will not be liable for any tax locally as each partner will pay the taxes in his or her home country. In short, you will enjoy the conditions that any good offshore destination will offer – even though Canada is not considered an offshore territory (and this will add to your partnership’s reputation!). We often offer good combos to our customers, and this time we propose to open a bank account in Belize for your Canada partnership. You will take advantage of excellent banking conditions and diversify the risks. Read on to discover the details!
If you need more information about different destinations that are good for business and banking, read here. This is our portal where you will find a lot of practical articles written by our experts on company setup in different jurisdictions, international banking, tax optimization, asset protection, citizenship by investment, and so on. You can also schedule a free meeting with our specialist to discuss the details and peculiarities of your situation and needs and choose the best customized option of those available on the market. We will help you with account opening and company setup at a reasonable fee, and provide any other services to you to ensure a seamless experience. Click on the link and talk to us – our specialists are online in the live chat during office hours!
Canadian Limited Partnership: Benefits
Why should you opt for Canada? Let’s look at the main advantages that a Canadian partnership may give:
- You will not be required to pay any corporate tax as the partnership is not a Canadian tax resident, which means that it is not liable for any local taxes.
- The LP can be established remotely, which may be a great advantage to some of you.
- All limited partners will bear limited liability.
- A Canadian LP has a high reputation, which means that you can open a bank account for it in virtually any country if you meet the requirements set by the bank.
- Get access to the country’s diversified economy and other solvent markets (for example, you may look at the US market located nearby).
- Individuals and legal entities that are appointed as partners can be residents of any country.
- There are no authorized capital requirements that you have to meet
Mind that you will need to submit additional documents and meet more stringent verification requirements if you decide to use a foreign legal entity as a partner, so we recommend doing so only if you need to. However, this possibility exists, and you are free to use it.
We can establish a limited partnership in Canada for you in a matter of 2 weeks from the date we receive all duly completed documents from you. An LP is required to have a registered office in Canada.
We would like to remind you that even a limited partnership must have one partner who bears an unlimited liability for the entity’s debts (called a general partner), while all the remaining partners can be limited (the liability is limited by the amount of their contribution).
Canadian LP Registration: Documents
Here is a list of documents that each partner will need to provide to establish a limited partnership in Canada:
- A passport copy (certified)
- Proof of the residential address (a utility bill or a bank statement issued no more than 2 months ago)
- A reference letter provided by a banking institution you have been cooperating with for at least 2 years
What is more, think of a suitable name for your partnership. It should meet certain requirements: for instance, it cannot include the general partner’s name or the name of a company that the latter owns.
You will need to have your documents certified and translated into English if the language of the originals differs.
Canadian Limited Partnership: Establishment and Maintenance Costs
The limited partnership registration package costs 3,500 euros, and it includes the following services:
- State duties
- Limited partnership registration procedure
- Checking whether the name you have suggested for your partnership is unique
- Legal address for one year
- Original corporate documents that will be sent to you by courier service to any country
- Services of a registered agent for 1 year
- Mailing address for the letters sent by local authorities for one year
The LP is subject to annual renewal which costs 3,000 euros.
A Business Account in Belize
Why do we recommend Belize for your corporate banking (in addition to diversification)? Well, this is one of the best offshore financial hubs where individuals and legal entities can obtain top-notch services at reasonable fees. However, there are restrictions by country: the local banks do not cooperate with customers from Russia, Crimea, and Belarus, as well as the territories blacklisted by FATF/OECD.
We will recommend a particular bank that offers world-class services. You will be able to enjoy great banking for your business, invest/multiply your capital, open demand/fixed-term accounts, and get prepaid VISA cards. Like any modern bank, the Belizean institution has an advanced system that will allow you to securely manage your account from afar using a mobile app or an online platform. The account can be opened without your personal presence (the turnkey service costs 3,999 euros).
Get in touch with our expert to find out what documents you will need to submit. You will get a fully functional account within two weeks of package submission.
LP and a Bank Account: Procedure
Interested in partnership registration in Canada? Here are the steps you will need to take:
- Click on the above link, contact our expert, and tell him or her what you want.
- Provide basic information about yourself and your business.
- Pay for the full package (the price starts from 7,499 euros) using any convenient method – Bitcoin, PayPal, bank transfer, and so on.
- Collect all the required documents and send them to us.
- Wait for about one month until we complete all the formalities and start your business operations.
If you have any doubts, we are ready to discuss them with you and offer a solution that will be best suited for your business!