Registering a Limited Partnership in Canada with an account opening in a Lithuanian payment system – from 6,249 EUR
We invite you to incorporate a company in Canada and open an account with a payment system in Lithuania without leaving the comfort of your home. The whole procedure takes just a few weeks and it does not require your paying personal visits to either of the countries. The payment system allows opening USD, EUR, or GBP accounts, and clients can receive an International Bank Account Number (IBAN) just like in a normal European bank.
A Canadian company for safe business operations – at an acceptable price
Would you like to become the owner of a business company registered in a respectable jurisdiction? Would you like to experience no skeptical attitudes on the part of your partners and regulating authorities? Would you like to pay no taxes at the same time on an absolutely legal basis? Finally, would you like to pay a smaller sum of money for company establishment than the mandatory registered capital in some other jurisdictions?
This is not a joke and neither is it a marketing trick serving to entice the customer. This is a real thing: we suggest that you should incorporate a Limited Partnership (LP) in Canada exactly on the conditions described above.
A Canadian Limited Partnership has the following benefits that foreign investors can enjoy:
- A remote company registration without a personal visit to Canada;
- The reputation of a country that has never been involved in any offshore scandals, that meets all the international requirements, and that has one of the strongest economies in the world;
- No minimum registered capital requirement for the company;
- No corporate tax as a foreign LP is not considered a Canadian tax resident company: the Partners pay their income taxes in the countries where they reside for taxation purposes;
- A legal address in Canada for the LP, which makes it a Canadian company de jure;
- The possibility to open bank accounts for the company anywhere on the planet where there are banks.
Minimum two Partners are necessary to form a Partnership in Canada. Both private individuals and legal entities can act as constitutive partners. We recommend opening an LP only in the names of physical persons (not companies) as this will accelerate the registration procedure, simplify the processing of documents, and lower the risk of service denial from the bank.
Every Partnership in Canada has to keep the books, but no annual tax returns neither annual audit are required.
Your company can have a corporate account in a regular bank or in a payment system.
Having an LP registered with the Canadian authorities usually takes fourteen days.
Documents required for company registration in Canada
You have to supply the following documents to establish a company in Canada:
- A notarized copy of each partner’s foreign passport;
- A proof of residency (a utility bill not more than three months old will usually suffice);
Besides, you have to suggest several variants of the legal name for your prospective company. The General Partner’s name or the General Partner Company’s name cannot be used as the name of the Canadian LP.
Thus, you have to obtain a NUANS report that would confirm the uniqueness of your company name.
The costs of incorporating and maintaining a company in Canada
The price you have to pay for establishing a company in Canada is 3,250 EUR. The amount of the registered capital is at your discretion.
This price includes the company registration with the state authorities, rent of legal and postal addresses for a year, payment of state duties, issuing the corporate documents, and their postage.
Annual renewal of company registration will cost you 3,000 EUR.
If you need a nominee Partner or Director, you can make use of the nominee service that we also provide. In this case, the total price will be 5,250 EUR.
List of our additional services
| Amendments to the corporate documents or Partnership dissolution | Per one amendment (not including the state duties) | 500 EUR |
| Annual renewal of the LP office | Office maintenance, processing the correspondence from the state authorities, and payment of state duties | 3,000 EUR |
| Virtual office services (for one year) | A postal address in Ontario province Redirecting the letters to the electronic mail
Acceptance of fax messages and postage of the incoming information to the previously indicated e-mail address |
1,750 EUR |
| Notarization of powers of attorney and other documents | Per one document or one bound set of documents | 750 EUR |
| Nominee partner, director, agent, manager | Per year, annual extension | 1,750 EUR |
| Concierge services (min. 3 hours) | Per hour | 125 EUR |
| Courier services | Worldwide | 250 EUR |
| Accounting support for one year | Minimum sum | 2,250 EUR |
| Yearly tax return | Minimum sum | 1,250 EUR |
Opening a corporate account with a Lithuanian payment system for your Canadian company
In 2016 some FinTech industry veterans started a project that allows multiple companies and individuals from all over the world to open accounts. The Payment System (PS) will work with all types of businesses.
An account in the Lithuanian PS can be opened in US dollars, euros, or British pounds. On special request, other currencies can also be used.
Some clients will have a special opportunity to obtain an IBAN. Appearing in bills and contracts, the IBAN will make an impression that your company has an account in a regular European bank.
To keep the account active, you must have at least five hundred in the currency you have chosen for your account.
The account can be set up remotely. In order to do that you have to submit the full package of documents (see below) and have a personal meeting with the PS managers via a video conferencing application.
The following documents are required to open an account with the Payment System
- An application for the PS services signed by the company representative;
- List of expected transmitters and recipients of funds;
- A questionnaire (for some types of businesses).
A package of corporate documents (scanned copies of apostilled documents with apostils not older than six months):
- Certificate of Incorporation / Certificate of Registration;
- Memorandum & Articles of Association / Bylaws / Company Constitution;
- Registry of Directors;
- Certificate of Incumbency.
- The PS management can ask for some additional documents as well.
Also required:
- Notarized copies of directors’, shareholders’, and other beneficiaries’ passports;
- Proofs of residency for the directors, shareholders, and other beneficiaries (such as copies of utility bills, for example);
- Proof of ownership of the project domain (a screenshot of the profile where the owner information and registration expiry date are visible);
- Audited financial reports or their equivalents. In case the company has been inactive during the last eighteen months, a bank statement will suffice;
- Licenses where necessary;
- Company organizational structure and ownership scheme: the associated companies, the real proprietors, and so on;
- A description of the company policies against money laundering (for some types of businesses).
Costs of opening and sustaining the account
The cost of the account opening service is 2,999 EUR.
First deposit to the PS 1,800 EUR (this money can be used in the future).
The commission fees depend on the size of the transaction and the type of business:
Incoming transmission fee – 1-1.5%, minimum 12 EUR.
SEPA transaction fee – 22-38 EUR.
Non-SEPA transaction fee – 0,35%, minimum 60-70 EUR.
Monthly account maintenance – 49-149 EUR.
Minimal balance – 500 in the chosen currency.
The procedure of having a company registered in Canada and opening an account with the Payment System in Lithuania
- Please write to us to [email protected] and tell us that you wish to open a company in Canada with a corporate account in Lithuania.
- Provide the initial information that will let us make certain that we can offer this service to you.
- If we can, cover the service cost which starts at 6,249 EUR.
Make the payment by the method of your choice: a bank transfer or a credit card, and also Bitcoin, MoneyGram, Webmoney, Western Union, etc.
- Submit the full package of documents.
- On receipt of the payment and the documents, we will begin registering the company with the Canadian authorities and opening a corporate account for it in Lithuania.
Canada is a hidden pearl of the offshore world whose discovery is only in its initial stage. Your competitors are already fishing for the best pearls that come at an affordable price at this moment. You should probably do the same.
Please contact us at [email protected] and we will help you incorporate a company in a reliable jurisdiction at a reasonable price.