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Canadian Limited Partnership (Canada Limited Partnership, L.P)
Canada has a standard tax system which, moreover, is considered to be quite strict. Companies in this country have to pay taxes on income from any country in the world. Therefore, a company registered in Canada has a very high prestige.
Ordinary companies cannot be used as offshore companies. But Canadian law allows you to create a company that is not subject to tax. These are Limited Partnerships, Limited Partnerships, abbreviated as L.P.
What is Canadian L.P.?
Canadian L.P. is a company founded by at least two partners, one of which is a Lead Partner or the other is a Standard Partner or Limited Partners. If Canadian L.P. the founders are foreigners and the company carries out economic activities and earns income outside Canada, then such a company has a tax rate of 0%.
In accordance with Canadian law, a Canadian partnership is not considered to be an independent taxpayer. Each partner pays tax on their share of profits in their home countries in proportion to the number of shares they hold in the company.
Why Establish Canadian L.P.?
The company registered in Canada has a high prestige. Canada is not on the blacklist of any country, and Canada’s Q. there is no limit to cooperation with residents of other countries.
Canada is not a Member State of the European Union (EU), so Canadian L.P. is an appropriate solution for buying goods in EU countries and for exporting them to countries outside this union. Using Canadian L.P. For such transactions, there is no doubt that the goods are being exported, contrary to the situation where the goods are purchased on the Canadian market by an EU-based company established in another EU Member State.
What are the operating rules for Canadian L.P.
- Business Type: Limited Partnership
- Directors: At least 2 partners, natural or legal persons from any country. The list of partners must be submitted to the relevant Canadian Provincial Business Register.
- Shareholders: There is no statutory requirement.
- Secretary: There is no statutory requirement.
- Authorized Share Capital: The standard share capital is $ 1,000 Canadian. They may be paid in part or in full at the time of the partnership’s registration.
- Name: The title should end with the words Limited Partnership or abbreviation: L.P. If founders want to include Bank, Insurance, Trust, etc. in the title, they need a special license.
- Founders Data: Founders are known to the trustee, others are confidential.
- Year of the Year: Not required.
- Financial reports: The partnership must keep accounts and prepare an annual financial report.
- Taxes: Not applicable if the declared partners of the partner companies are located outside Canada, if it does not carry out economic activities and does not generate income in Canada, and the management of the company is in another country.
- Double Taxation Agreement: Does not apply to Canadian L.P. because this type of partnership is not considered as a taxpayer independent
How to establish Canadian L.P.?
In order to establish a Canadian L.P., it is necessary to prepare a registration package consisting of all the documents necessary for the full functioning of the company. These include the registration certificate, the statutes, the minutes of the founders’ meeting, the general authority and others. The development of these documents requires specific knowledge of the requirements of Canadian legislation L.P. therefore it is better to entrust it to professionals.
Preparation of the registration package usually takes 6-7 weeks, while the registration process itself takes 12 – 15 working days.