Who Is Eligible To Incorporate a Company?
Anyone aged 18 or older who is not an undischarged bankrupt and is of sound mind can form a corporation under the CBCA (Canada Business Corporations Act) or the OBCA (Ontario Business Corporations Act). Likewise, one or more bodies corporate or corporations may incorporate a company.
These corporations and individuals – known in the language of the law as ‘persons’ – are referred to as Incorporators. An Incorporator (corporation or individual) can apply to form a corporation whose officers, directors and shareholders are other ‘persons’ (corporate officers & directors must be individuals rather than corporations). If the Incorporator is a Resident Canadian and an individual, he or she can be the sole officer, shareholder and/or director of the corporation. The Incorporator is responsible for start-up actions like naming the first directors and filing the Articles of Incorporation.
Corporations may be formed under the laws of one jurisdiction, but the Incorporator needs to choose whether to incorporate under the Canada Business Corporations Act, federal legislation, or under the laws of a specific Province or Territory, such as the Ontario Business Corporations Act. Specific requirements depend on where you intend to incorporate, so you should contact a lawyer, such as Eric P. Cohen, Barrister & Solicitor, to find out exact details.
Remember, the decision to incorporate or not depends on your particular needs and your particular situation. For sound advice, speak to a lawyer, such as Eric P. Cohen, Barrister & Solicitor, an Ontario lawyer who specializes in incorporations across Canada.
At New Business Now.com in Ontario, we have more than 15 years of experience in providing cost-effective, professional business and incorporation services throughout Canada. Our skilled team is standing by to help you!
Articles on this blog are general in nature and are provided for informational purposes only. Use of this blog does not provide or replace individualized legal advice and does not create a solicitor-client relationship with our firm. Users who require legal advice on a particular matter should consult directly with Mr. Eric Cohen, Barrister & Solicitor, an Ontario lawyer, or a competent lawyer in their Province or State.