Ontario is the most populous and economically important province of the ten Canadian provinces, in the east-central area of this huge northern country. Its capital is Toronto, the most densely populated city in Canada and its financial center. This province is also home to the state capital of Ottawa. Unlike the (French-speaking) Quebec province to the east, the centrally spoken language of Ontario is English, something that facilitates establishing a company there. The province shares its southern border with the US and the Great Lake area, so that New York City is only an hour-long plane ride away from Toronto.
The huge Ontario area combines modern cities and a developed financial-economic sector with wide-open spaces that are typical of the wild and remarkable Canadian landscapes.
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Four things you did not know about Ontario:
- The province was named for Lake Ontario, originating from one of the indigenous language of the original tribes that settled the area, signifying “beautiful water”. This name is certainly appropriate to such a water-rich region.
- Similarly to the Israeli market, the Canadian banking sector is also dominated by five major commercial banks that together control the majority of the market. All five banks are located in Toronto, the province capital, although some were initially from other Canadian provinces. This fact makes the financial significance of Ontario, and specifically the city of Toronto, clearly apparent. Its largest bank is the RBC – Royal Bank of Canada.
- Ontario is home to 13 million residents, a population that is ethnically diverse and provides a true sense of cultural pluralism. Demographically, the majority of its population derive from English and European stock, with large ethnic minorities that include French, immigrants from the Caribbean, immigrants from Latin America and Asia.
- Tourism in Ontario is varied and contributes hugely to local economy. In the summer months, visitors can enjoy a wealth of virginal natural destinations, lakes, and national parks. In the frozen winter months there are skiing and snow activities, and hunting. The province of Ontario is known for its magnificent autumnal colors, and of course – the famous Niagara Falls not far from Toronto.
The local economy is rich and extremely diversified, beginning with traditional industries, to hydroelectric power plants, mining of natural resources. Manufacturing contributes over half the entire national manufacturing revenues of Canada, and the province of Ontario generates over 40% of Canada’s GNP.
For those needing to establish a company or requiring financial services in Ontario, it’s good to know that the Canadian banking system, located locally, is considered one of the most secure and solid in the world. A good example of this is the impressive way in which Canadian banks have successfully survived the recent financial crisis. Also, the Canadian banking system operates in the world’s most developed markets in terms of electronic and technological banking services.
Mellius offers its clients a range of business contacts in Canada, providing the best solutions that are tailor-made to client needs and type of activity.
Additional information about establishing companies in Ontario Canada:
Canadian-Controlled Private Corporation (CCPC)
The Companies Acts 1931 to 1993, Limited Liability Companies Act 1996
Law requires companies to provide a local office address
Language of original incorporation documents
Federal tax: 15% General corporate tax: 11.5%
Obligation to appoint company secretary
Obligation to appoint local secretary
Type of entity that may function as company secretary
Obligation to appoint company director
Obligation to appoint local company director
Minimum number of directors
Type of entity that may serve as company director
Obligation to register shareholders
Obligation to register local shareholders
Minimum number of shareholders
Type of entity that may register as shareholder
Individual and/or company
Accessibility of Information
Information regarding office holders is accessible to the public
Annual Assembly and Reporting
Obligation to hold annual assembly
Obligation to prepare financial reports
Obligation to submit financial reports