Alberta has removed the Canadian residency requirements of corporate directors for Alberta corporations governed by the Alberta Business Corporations Act (ABCA), effective March 29, 2021. The removal of the Alberta director residency requirement affects private and publicly held Ontario corporations and immigrant entrepreneurs who want to incorporate in Calgary, Edmonton and the Province of Alberta, and make it easier for foreigners to open a business in Canada. In addition, ABCA corporations are now required to appoint an agent who is an individual resident of Alberta and has an office that is accessible to the public during normal business hours.
Previously, Alberta businesses were required to have
- at least 25% of their board of directors be Canadian residents and
- at least 25% of the members of the committee or the managing director had to be resident Canadian
Intra-Company Job Transfers
The removal of the need to have a Canadian Permanent Resident or Canadian Citizen as a director for an Alberta incorporation is very relevant for those foreign business owners that are wanting to establish Alberta operations when doing an intra-company transfer application.
What Does the Removal of the Alberta Corporate Director Residency Requirement Mean For Business Investors?
The elimination of the Alberta director residency requirement will make it faster, easier and less expensive for foreign entrepreneurs and investors to open a business in Alberta. The 2021 Immigration Trends Report by Envoy Global shows that 57% of U.S. employers are interested in expanding into Canada. This change makes it easier for international businesses to expand into Canada, and create jobs for Canadians.
Ontario passed is a similar change to the director residency requirements that went into effect July 2021.
Canada Wants Immigrant Entrepreneurs
Canada's Minister of Immigration, Refugees and Citizenship Marco Mendicino recently announced that Canada wants immigrant entrepreneurs:
"Coming out of the pandemic, the clear message we are sending with the startup visa program is that Canada is open for business. Undoubtedly, 🇨🇦 will bolster its economic growth and employment by bringing in international students, at least some of whom will become tech founders, as well as business owners."
REQUIREMENTS FOR CANADA ENTREPRENEUR START-UP VISA
Are You A Foreign Entrepreneur or Investor Who Wants to Move To Calgary Alberta??
There are many opportunities for founders to move to Canada. An experienced immigration lawyer has the knowledge and expertise to assess your qualifications and match them to opportunities, to understand complex Canadian immigration rules and regulations, to solve problems and to remove obstacles for someone who wants to immigrate to Canada.
We help you smooth the way to new opportunities in Canada.
At Ackah Business Immigration Law, our goal is to make Crossing Borders Seamlessly a reality and to smooth your way to new opportunities in Canada. Ackah Law is headquartered in Calgary with offices in Vancouver and Toronto.
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