:
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
1875.00 USD 1500.00 USD 1 4.00% 0.00 No

Company registration in Newfoundland and Labrador 

newfound_1.jpgCanada is officially included in the list of countries with preferential form of taxation, but a company registered in any of the provinces will have advantages similar to business in offshore jurisdictions.

Some of the advantages of establishing a corporation are the following:

  1. Flexibility of financing.
  2. Limitation of Liability.
  3. Possibility of issuing shares to employees without their participation in management.
  4. Tax benefits.

Where to register a company in Newfoundland and Labrador

Companies are registered in the province by the Registry of Companies.

It ranks second in the Department of Commercial Registrations. Currently, approximately 50,000 corporations are registered in the Registry, about 26,000 of which are active and operating ones. The Corporations Act requires that all limited liability companies undergo business registration in Newfoundland and Labrador before commencing activities in the province. The Act involves statutory requirements for corporations for filing documents to notify the Registry of changes in the company that passed the registration procedure.

The Registry of companies is also responsible for keeping a register of limited liability companies, condominiums and cooperatives for companies in the province.

This province is a place with a favorable climate for business activity.

You can register a company in Newfoundland and Labrador:

  1. At the federal level.
  2. On the territory of the province.
  3. EPC (company registered outside the province).

EPC will have similar features with an offshore one, because it does not pay tax on profits earned outside the country. There is an opportunity to open a bank account in the financial and credit institution of Canada and manage the activities of companies in other states from the Canadian office.

Requirements for a name 

The Registry of companies checks the availability of a name only in the province of Newfoundland and Labrador. If you are not interested in the offshore zones of Newfoundland and Labrador, and you intend to register a business in another province, you should contact appropriate department in this jurisdiction and request a name search.

Elements of corporate name to be included therein for offshore in Newfoundland and Labrador:

  1. Distinctive (in case of the same or similar type of business, it helps to distinguish one name from another).
  2. Descriptive (it describes the type of activity, and it can be generalizing).
  3. Legal (organizational and legal form). Company name with such ending as Ltd., Corp., Inc., etc. should be indicated in the constituent documents (full form of the term is also allowed).

A Company in Newfoundland and Labrador: taxation as of 2019

Income tax rates for corporations are among the lowest in the country.

The general corporate income tax rate is 15%. Percentage of CIT for small businesses is 3%. CIT is designated by the Federal Government on behalf of the province.

Registration of a company paying CIT in the province of Newfoundland and Labrador entitles to obtain the following tax credits (Tax Credit is an amount deducted from total amount of taxes):

  • for contributions for political purposes;
  • for scientific research and testing;
  • for making of film projects (local ones).

Companies with total capital equal to 10 million dollars are exempted from paying taxes for the first 5 million.

Incorporation of a company in Newfoundland and Labrador involves payment of VAT at the federal rate of 5% and province rate of 10%.

Important information: corporations that fall under the EDGE (Economic Diversification and Growth Enterprises) programme receive "tax holidays" for ten years in terms of contribution of CIT.

The Department of Finance is responsible for the establishment and administration of most provincial taxes.

Registration of a company in Newfoundland and Labrador will be successful with the assistance of competent lawyers of Law&Trust International.

Incorporation of a company in Newfoundland and Labrador involves payment of VAT and capital gains tax.

Important information: corporations that fall under the EDGE (Economic Diversification and Growth Enterprises) programme receive "tax holidays" for ten years in terms of contribution of CIT.

The Department of Finance is responsible for the establishment and administration of most provincial taxes.

Registration of an offshore company in Newfoundland and Labrador will be successful with the assistance of competent lawyers of Law&Trust International.

Set of documents
   
  • Ask our manager
Nominee director and shareholder
 USD  
  • Ask our manager

General information
Square405 212.00
Population514 536.00
CapitalSt. John's
Unemployment15.30
State polityconstitutional monarchy that is also a parliamentary democracy and a federation
Telephone code1 709
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 groups92% - the British, 3% - the French, 3% - of mixed ethnicity, 2% - other
National currencyCanadian dollar
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 companiesНет
The use of the Cyrillic alphabet in the nameНет
Local registered officeНет
Organizational and Legal Formscorporation, unlimited liabilility company, sole proprietorship, partnership, co-operative, trust and branch of a local or foreign company
Indication of BPA in the namelimited, limitee, incorporated, incorporee, corporation or reductions
Local registered agentНет
Shares and share capital
Bearer sharesНет
Possibility to issue shares without par valueНет
Taxation
VATНет
Basic corporate tax rate4.00%
Capital gains taxНет
Currency controlНет
Corporate tax rates details4% - 14%
Stamp dutyНет
Director and Secretary
Minimum number of directors1
The requirement for residency directorsДа
Director of legal entities are allowedНет
The data reveals to the local agentНет
Data field to the public registryНет
The requirement for the presence of the SecretaryДа
Requirement to the residense of the SecretaryНет
Requirements to qualification of the SecretaryНет
Legal entity as the SecretaryНет
Shareholder and beneficiary
Minimum number of shareholders1
Data is entered in the public registerНет
Shareholders residency requirementНет
Information about the beneficiary is disclosedНет
Information may be disclosed to the local agentНет
Shareholders-legal entities are acceptableДа
Reporting
The requirement for filing reportsНет
Open access to reportsНет
Statutory auditНет
The requirement for filing Annual ReturnНет
Open access to the Annual ReturnНет
The requirement for reportsНет
Treaty on avoidance of double taxation (States which signed)89
Membership in the OECDДа
Is it offshore according to Russian legislationНет
Trademark Registration
uptocall_male.jpg