:
registration of legal entity

Cost of registration The cost of the second year Number of Directors Corporate tax rates Payment of Charter Capital Financial statements
1785.00 USD 1190.00 USD 1 4.50% 0.00 Yes

REGISTERING A COMPANY IN NEW BRUNSWICK

nb.jpgCanada borders the United States, and New Brunswick is in close proximity to Toronto, Montreal, Boston and New York. Offshore zones of New Brunswick are interesting for many beginners and experienced entrepreneurs.

Benefits of registering an offshore company in New Brunswick:

  1. Low cost of running a company. New Brunswick is considered the most suitable place with regard to the cost of business management in Canada and the United States, according to KPMG research in 2014.
  2. Motivated specialists. Average indicator of continuous work experience is 8.9 years. The turnover rate of personnel is one of the lowest in Canada.
  3. The infrastructure of world-class communications. New Brunswick has always been the first in the market to provide access to leading connectivity technologies, such as fibre-optic communication, high-speed data, broadband access in rural areas and 4G satellite data offered by several providers.
  4. Competitive taxation. You will save more capital by having an offshore company in New Brunswick since the corporate income tax rate is the lowest in Atlantic Canada. The percentage of taxes on production and processing is the second lowest in Canada (12%).
  5. The strategy of economic growth. Economic development and economic stability are a priority for the Government of New Brunswick. The government is working to develop the economy of this jurisdiction so that enterprises can increase profits and continue to grow.

ORGANIZATIONAL AND LEGAL FORM FOR REGISTERING A COMPANY IN NEW BRUNSWICK

In New Brunswick, there are four main types of business structuring:

  1. Sole Proprietorship.
  2. Partnership.
  3. Corporation.
  4. Co-operative.

First. Sole Proprietorship is the simplest organizational and legal form. All business functions are performed by one person, and this person assumes all risks and liabilities associated with offshore work in New Brunswick.

Second. A partnership is an association of several persons with the purpose of profit making. The laws governing the activities of a company of this type are the Partnership Act and the Limited Partnership Act.

Third. The corporation is a more complex type of business structure and often includes higher legal and accounting fees than in cases of Sole Proprietorship and Partnership.

Each province has own laws for registering offshore, and New Brunswick is no exception, but there is also Federal corporate law, namely the Canada Business Corporations Act.

Types of corporations:

  1. A company registered at the federal level.
  2. A company registered in the province.
  3. A company registered outside the province.

Fourth. Co-operative is an independent legal entity. Its activities are regulated by the Co-operative Associations Act.

COMPANY REGISTRATION IN NEW BRUNSWICK: LICENSING

To start working, companies that operate in certain industries should obtain a license or permit. List of industries:

  • real estate;
  • insurance;
  • collection of payments;
  • the fishing industry and sphere of industrial cutting;
  • working with securities;
  • etc.

More information can be obtained at the website of New Brunswick’s Service when intending to register a company in New Brunswick.

Taxation

Taxation system as of 2019:

  1. Income tax: federal - 15%, municipal - 14%.
  2. Value Added Tax. Federal Rate is 5%, New-Brunswick VAT rate is 10%.

Companies pay taxes according to a two-tier system, but small firms are allowed to file a report once a year.

Particular advantages of having your company in Canada:

  • ability to simplify the process of purchasing goods from the EU;
  • non-problematic export to Russia or Ukraine.
  • chance to obtain a residence permit.

Small enterprises pay small business tax: 9% - federal rate, 2,5% rate of New-Brunswick.

OFFSHORE IN NEW BRUNSWICK: INSURANCE

Insurance is an important part of any business. If personal responsibility can be born by individuals when dealing with business, it is important to have proper insurance coverage. Enterprises want to protect their assets in the event of a claim to avoid bankruptcy in the event of unforeseen situations. The insurance covers personal liability, as well as the responsibility of a manufacturer, fires, transport fleet, etc., and corporations can even ensure the lives of directors and other employees. It is necessary to develop comprehensive certificates of insurance in accordance with the specific needs of the business. In some industries, civil liability insurance is enshrined in the statute. More information can be found in the Insurance Act (New Brunswick) or by contacting competent Law&Trust International’s specialists who can assist in registering a company in New Brunswick.

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General information
Square72 908.00
Population751 755.00
CapitalFredericton
Unemployment15.30
Telephone code1 506
Place in the world in corruption10
locationNorth America
ClimateThe climate varies from temperate in south to subarctic and arctic in north
Literacy rate99.00%
Ethnic groups65% - English-speaking Canadians, 35% - French-speaking Canadians
National currencyCanadian dollar (CAD)
USD exchange rate0.99
GDP per capita22
Credit ratingAAA
The judiciarySupreme Court of Canada, Federal Court of Canada, the Federal Court of Appeal, Tax Court, provincial / territorial courts
Executive authorityHead of government: Prime Minister of Canada. Government: Federal Ministry, elected Prime Minister from among the members of his party in the parliament
Legislative authoritiesbicameral Parliament of Canada: Senate (105 seats), the House of Commons (308 seats)
Corporate information
Opportunity to purchase ready-made companiesNo
Legal systemCommon Law, based on English Common Law
The use of the Cyrillic alphabet in the nameNo
Local registered officeNo
Organizational and Legal Formscorporation, unlimited liabilility company, sole proprietorship, partnership, co-operative, trust and branch of a local or foreign company
Local registered agentNo
Shares and share capital
Bearer sharesNo
Possibility to issue shares without par valueNo
Taxation
VATNo
Basic corporate tax rate4.50%
Capital gains taxNo
Currency controlNo
Corporate tax rates details4.5% - 10%
Stamp dutyNo
Director and Secretary
Minimum number of directors1
The requirement for residency directorsYes
Director of legal entities are allowedNo
The data reveals to the local agentNo
Data field to the public registryNo
The requirement for the presence of the SecretaryYes
Requirement to the residense of the SecretaryNo
Requirements to qualification of the SecretaryNo
Legal entity as the SecretaryNo
Shareholder and beneficiary
Minimum number of shareholders1
Data is entered in the public registerNo
Shareholders residency requirementNo
Information about the beneficiary is disclosedNo
Information may be disclosed to the local agentNo
Shareholders-legal entities are acceptableYes
Reporting
The requirement for filing reportsNo
Open access to reportsNo
Statutory auditNo
The requirement for filing Annual ReturnNo
Open access to the Annual ReturnNo
The requirement for reportsNo
Treaty on avoidance of double taxation (States which signed)89
Membership in the OECDYes
Is it offshore according to Russian legislationNo
Trademark Registration
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