Over the past 10 years, Sheng Qian Professional Corp. has assisted hundreds of businesses in establishing their companies and provided tailored advice on business operations and management platforms based on clients' specific circumstances. Our services go beyond simply registering tax numbers; we focus on helping businesses build from the ground up.
Sole Proprietorship
- Applicable only to situations where a business is operated by a single individual.
- All business income and losses are directly reported and settled on the individual's personal tax return for the same year.
Partnership
- Suitable for situations where a business is operated by multiple individuals.
- All business income and losses are directly reported and settled on the partners' personal tax returns for the same year.
Corporation
- Applicable to situations where a business is operated by an individual or multiple individuals.
- Business income and losses are settled at the corporate level, and tax planning can be done based on the shareholders' other income for the year to determine the income to be settled on their personal tax returns.
As you can see, the operational model of a corporation is more flexible, providing more room for tax planning and strategies.
If you have decided to establish a corporation, you can choose to register a federal corporation or an Ontario corporation:
- Federal Corporation: The company name is protected across Canada, but there may be more restrictions on naming. Additionally, a federal corporation must file an annual return with Corporations Canada ($12 when filed online), including information on individuals with significant control. A federal corporation is more suitable if your business is trade-oriented.
- Ontario Corporation: The company name is protected within Ontario, with fewer naming restrictions. The annual return is filed through the Ontario Business Registry at no charge.
If you have no specific preference for a company name, we can help you register a digital corporation at the federal or provincial level, where the corporation number becomes the name (for example, “12345678 Canada Inc.”).
We also offer services for preparing shareholder documents (Shareholder Agreement) and meeting minutes (Minute Paper).
If you need assistance in setting up your corporation, please contact us.
Dissolution
If you need to dissolve your company due to changes in your business operations, we also offer company dissolution services.
Documents required for company dissolution:
Company registration documents (Articles of Incorporation)
The corporation key (for federal corporations) / company key (for Ontario corporations)
- Where to find the corporation key: Corporations Canada
- Where to find the company key: Ontario Business Registry
Internal decision documents: All active directors (or shareholders) must agree to dissolve the company.
It is important to note that after dissolving the company, the final tax filing must still be completed. If you need our assistance with dissolving your company, please contact us.