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Company Formation Guide
Canada Company Formation
Form an LLP or LP in Canada with Mirr Asia — no minimum capital, no local name requirement, and up to 100% foreign ownership. Entity selection, incorporation documents, and step-by-step guidance for international founders.
Overview · 01
Guide to Establishing a Company in Canada
LLP (Limited Liability Partnership)
- All partners are liable for their own actions, negligence, or incompetence, and not for the actions of other partners.
- If a business is faced with a lawsuit or debt, the personal assets of each individual are protected.
- This structure is commonly seen in professional firms such as lawyers, accountants, and architects, where each partner can be held legally and ethically responsible only for his or her own professional conduct.
- Company information is not exposed to the outside world.
- It is classified as a transparent entity for tax purposes, and the income and losses of the LLP are recognized as the individual income of each partner for the year. The LLP itself does not pay income tax.
- However, it is important to note that, depending on the tax regulations of the partner's country of residence, the annual income of the LLP's share is recognized as comprehensive income in the country of residence.
Before establishing the company, it is recommended that you consult with the following:
- Whether to operate the business locally in Canada or not
- Industry (specific information on business activities)
- Expected annual income
- Country of residence for tax classification (country where you stay for more than 183 days a year and have dependents)
- Tax planning
Requirements · 02
LLP — Requirements for Establishment
- At least one individual or legal entity
- 100% foreign ownership allowed
- No need for a local name
- No minimum capital requirement
Documents & Procedure · 03
Requirements and Documents to be Prepared at the Time of Establishment
- A copy of the passport of the shareholder/director
- Original verification of the copy of the passport of the shareholder/director
- Korean passport: A copy of the English passport (issued by the district office or city hall) ( See sample )
- Passport of other countries: Certified True Copy or Notarial Certificate ( See sample )
- Recent (within 3 months) English address verification document of the shareholder/director
- Residence in Korea: English certified copy (resident center) + scan of the front and back of the license ( See sample )
- Residence in other countries: Utility Bill + Bank Statement (or equivalent official document) (View Sample)
- Fill out the Company Establishment Application Form
- Submit the application form to the competent authority.
Procedure:
- 1Submit the required documents of the shareholders/directors to be registered
- 2Pay the incorporation fee.
- 3Confirm the availability of the company name and finalize it.
- 4Sign the company incorporation documents prepared by CJ and send them via email.
- 5Receive the documents and proceed with the incorporation.
- 6Complete the incorporation.
Expected time required for company incorporation: 2 weeks.
* If you wish to open an account after incorporation, please contact us in advance.
Entity Types · 04
LP (Limited Partnership)
- It is composed of two types of partners: a general partner (representative concept) and a limited partner (shareholder concept). The general partner is liable for the company's debts and obligations without limit, while the limited partner is liable only up to the amount of its contribution to the partnership as a shareholder of a stock company.
- General partners have control and management authority over the LP and are responsible for day-to-day operations. On the other hand, limited partners generally have no role in the management of the business. Their participation is generally limited to providing capital.
- Company information is not exposed to the outside world.
- It is classified as a transparent entity for tax purposes, and the income and losses of the LP are recognized as the partner's personal income for the year. The LP itself does not pay income tax.
- However, it is important to note that, depending on the tax regulations of the partner's country of residence, the annual income of the LP shares is recognized as comprehensive income in the country of residence.
Before establishing the LP, it is recommended to consult on the following matters:
- Whether to conduct business locally in Canada or not
- Industry (specific information on business activities)
- Expected annual income
- Country of residence for tax classification (country where you stay for more than 183 days a year and have dependents)
- Tax planning
Requirements · 05
LP — Establishment Requirements
- At least one general partner and at least one limited partner (individual or corporation)
- 100% foreign ownership allowed
- No need for a local name
- No minimum capital requirement
Documents · 06
Requirements and Documents to be Prepared at the Time of Establishment (LP)
- A copy of the shareholder/director's passport
- Original verification of the shareholder/director's passport
- Korean passport: A copy of the English passport (issued by the district office or city hall) ( View sample )
- Passport of other countries: Certified True Copy or Notarial Certificate ( View sample )
- Recent (within 3 months) English address verification document of the shareholder/director
- Residence in Korea: English certified copy (resident center) + Scanned front and back of the license ( View sample )
- Residence in other countries: Utility Bill + Bank Statement (or equivalent official document) (View Sample)
- Fill out the Company Establishment Application Form
FAQ · 07