The Ontario Business Corporations Act (OBCA) has eliminated the current Canadian residency requirements for directors, effective July 1, 2021. This affects private and publicly held Ontario corporations and immigrant entrepreneurs who want to incorporate in Toronto and the Province of Ontario, and make it easier for foreigners to open a business in Canada.
Currently, Ontario businesses are required to have
- at least 25% of their board of directors be Canadian residents and
- at least 50% of the board of directors be Canadian residents
The elimination of the Ontario director residency requirement will make it faster, easier and less expensive for foreign entrepreneurs and investors to open a business in Ontario. For example, the 2021 Immigration Trends Report by Envoy Global shows that 57% of U.S. employers are interested in expanding into Canada. This change will make it easier for American businesses to expand into Canada, and create jobs for Canadians.
Alberta is considering a similar change to the director residency requirement, but it has not yet passed.
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 Toronto?
There are many opportunities for founders to move to Canada. An experienced Toronto 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. Contact Ackah Law today at (403) 452‑9515 or email us directly at contact@ackahlaw.com.
