Canada – Residency requirement falls for managing directors in parts of North America
The provinces of Alberta and Ontario will also accept managing directors in the future without the need for residency.
The controversial residency obligation for managing directors is to fall shortly in these two important provinces.
When establishing a “limited” in Canada, as compared to GmbH, it was previously the case in Ontario and Alberta that at least one locally based managing director had to be appointed. This gave Canadian law firms an important point, for which they were rewarded accordingly. In the past, this regulation made it difficult for many medium-sized companies to invest in these important provinces. The effort and risk of not getting the right external manager was high.
A common way was to use local lawyers as (co-) managing directors.
The provinces of British Columbia, Nova Scotia, and New Brunswick do not require the manager’s national residence for long. We shall Alberta And Ontario Announced to go the same route. In Ontario – the Economic heart of canada – Related changes have already been made in the law. It is expected to be implemented in a few months.
with this New regulation It will be in the future Very easy, his To do business near your customers or suppliers in North America. We are currently preparing the first start-up and succession plan to resettle our customers in Canada after the current ban expires.
Have you always wanted to start a new business in Canada? Now is the moment. Contact a German Canadian law firm – Rasta is free.
Jacob Associates owner Sylvia Jacob is one of the most experienced and renowned experts in German-Canadian law. She has been admitted to bars in Germany, Canada, England and Wales on three occasions. The lawyer works in Germany and Canada, whether in matters of business law between Canada and Germany, as well as in private areas of law, such as Canadian immigration law or Canadian real estate law.