Limited Partnership in Canada with a Bank Account in Curacao

The choice of an appropriate country to set up your business requires weighing all the pros and cons.

18:34 08 January 2024

In this post, we would like to take a look at a perfect combination for your business: setting up a limited partnership in Canada and opening a corporate account for it in a Curacao bank. Canada is a respected onshore jurisdiction that offers excellent conditions for foreign businesses – in fact, they are similar to those you will find in the best offshores! We will help you get a fully functional partnership with a bank account remotely in about four weeks from the date you submit all the documents. Take advantage of low taxes and pro-business laws in Canada and the excellent banking services offered by the Curacao bank we recommend! You are sure to have a seamless experience with us.

If you need more details, please visit our portal to read the article on Limited Partnership in Canada with a corporate account. Our portal is focused on business in various jurisdictions across the world, banking in different countries, citizenship- and residence-by-investment programs, asset protection, tax optimization, and more. Get a good Plan B for your life with the help of our professionals! You can schedule a free one-on-one meeting with our expert to discuss your needs and find the most suitable solution. We will help you open a business and/or a bank account in virtually any country at a reasonable fee. Simply click on the link to contact us!

Choosing a Jurisdiction

The choice of an appropriate country to set up your business requires weighing all the pros and cons. Well, why Canada? If you don’t want to have any issues related to the offshore status of your company, a partnership in such a jurisdiction would be exactly what you need. A Canadian LP will be regarded as a more reliable entity than an offshore company.

Is the choice of a good banking jurisdiction easier? No way! Offshore destinations are under pressure from international regulators, which makes them choose customers very carefully. However, Curacao is a highly recommendable tax-free jurisdiction where the banking sector is primarily focused on offshore companies. If your Canadian business is legal and transparent, you will have no difficulty opening a bank account in Curacao to be your reliable instrument for many years ahead.

Ontario: The Best Canadian province for an LP

Ontario is one of the best-developed Canadian provinces where the country’s business life is concentrated, and it has the largest population (40% of the country’s residents live here!). It has a border with a few US states, including New York.

Ontario’s capital, Toronto, is the largest city in Canada (with a population of 5.5 million people). This is a large financial hub with the world’s ninth-largest stock exchange. Ontario is also a place where Canada’s capital, Ottawa, is located – and it is the country’s cultural, political, and economic center. All these characteristics make Ontario a great choice for your business!

Ontario Limited Partnership: Details

A limited partnership is a popular legal form in Canada that is perfectly suitable for non-residents. You will need at least two partners who can be individuals or legal entities. However, having at least one Canadian resident as a partner will greatly simplify all the paperwork (including opening an account).

Here are the main advantages of an LP in Ontario:

• You will enjoy complete tax exemption if you derive 100% of your profits abroad.
• No corporate taxation is applicable to the partnership as all the partners submit their personal tax returns in the country of residence and pay the income tax and other taxes according to the local rules.
• The Canadian limited partnership can be fully owned by a non-resident.
• The status of an Ontario LP is quite high in the business world.
• You can engage nominee partners/directors on a legal basis.
• There is no minimum authorized capital required.
• Your limited partnership is not obliged to file any reporting or conduct regular audits. However, books have to be kept.
• A Canadian limited partnership can be flexibly set for specific purposes.
• You can combine a general and limited partner in one person.

If you have any questions, do not hesitate to click on the above link and request details.

Documents Required to Establish a Partnership

The stage of preparing documents is very important as any minor error will delay the procedure or even result in failure.

Here are the documents to be submitted by each partner:

• Passport copy certified by a notary
• Proof of residence address (bank statement or utility bill)
• Business activity description. Provide the details of what your LP will engage in and suggest a name for your partnership.

A Bank Account in Curacao

Curacao is a Caribbean state that is a part of the Kingdom of the Netherlands. However, it is mostly independent and implements its own policy. The country’s banking sector is one of the leaders in the Caribbean region, and the services that local banks can provide are not inferior in quality to any good European or Asian bank.

The banks in Curacao cooperate with a wide network of correspondent banks, which ensures seamless international payments to counterparties from any country.

Here is a list of documents to be provided by each signatory, beneficial owner, director, and professional partner to open a bank account in Curacao:

• Passport copy certified by a notary.
• Corporate documents of the Canadian LP (these will be provided by a registered agent after the partnership has been established).
• Bank forms requesting the opening of a bank account for your Canadian LP (completed, printed, and signed).
• A reference letter from a professional (certified accountant, notary) or bank you have been cooperating with for at least two years. The document should be no older than three months.
• Proof of residential address (utility bill/bank statement).

How to Get a Fully Functional Business

Here are the steps you will need to take to get a limited partnership in Ontario and a corporate bank account in Curacao with our help:

• Get in touch with us and tell us what you want. We will discuss the details.
• Pay for our services (7,499 euros).
• Send the required package of documents to our back office.
• Wait for four weeks.
• Receive the original corporate documents to your address.

Sounds interesting? Please get in touch with us to discuss all the details using the above link!