What is Manitoba Incorporation?
A Manitoba corporation is an artificial legal person distinct from its owners or shareholders. It is capable of carrying out business transactions, assuming obligations, and owning property.
Types of Profit Corporations in Manitoba:
The most common forms of Manitoba corporations are as follows:
Standard Profit Corporation: It is the most common type of corporation. Any person can incorporate a Manitoba corporation under the Manitoba Corporation Act.
Manitoba Non-profit Corporation: This type of corporation basically forms for charitable organizations, social clubs, or other not-for-profit purposes.
Manitoba Professional Corporation: This type of corporation is only for professionals like doctors, lawyers, or accountants.
What Are the Benefits of Incorporating a Manitoba Corporation?
Incorporating a Manitoba Corporation has several advantages:
- Limited Liability: In a corporation shareholders or owners are only liable for the money they invest. Their Personal assets will not be affected by business debts.
- Tax Benefits: Manitoba Corporations are taxed on lower corporate tax rates, not personal tax rates. It also offers tax deferral and income-splitting opportunities.
- Continuity: A Manitoba corporation has a continuous existence. That means due to a change of director or owner of the corporation, its lifetime will not change.
- Credibility: When customers see a legal suffix (Ltd, or Inc, etc.) with a business name it will enhance your reputation. Customers have more trust in a corporation than in an unincorporated business.
- Raising Capital: A Manitoba corporation can issue shares. When it needs a corporation can raise capital more easily in this way. That is not possible for an unincorporated business.
Requirements to Incorporate a Manitoba Corporation
To incorporate a Manitoba Corporation there, have some specific requirements:
- Business Name Reservation: In most jurisdictions a nuans name reservation is mandatory to incorporate a corporation. But, in Manitoba, you must reserve your business name through the province’s own “Manitoba Business Name Reservation” system before incorporating a Manitoba corporation. Your business name must be unique and not misleading.
- Registered Office Address: Every Business in Manitoba must have a physical registered office address in Manitoba. P.O box or Virtual Business address is not allowed to use as a registered office address.
- Incorporators: An incorporator is a person who apply for Incorporating a corporation in Manitoba. The person is responsible for filing the articles of incorporation. At least one incorporator must be involved in the incorporation process.
- Directors: Manitoba corporation must have at least one director. Keep in mind that at least 25% (For example: 1 out of 4) of director must be resident of Canada. Directors typically oversee the business’s daily operations and make high-level decisions.
- Shareholders: Shareholders are the main owners of a Manitoba corporation. They invest money in exchange for shares and have voting or non-voting rights in company matters.
Steps to Incorporate a Manitoba Corporation
There are two steps to incorporate a Manitoba corporation.
A. Manitoba Business Name Reservation
B. Filing Manitoba Articles of Incorporation. Details process of incorporating a Manitoba Corporation as follows:
- Manitoba Business Name Reservation: To incorporate a corporation in Manitoba you must search and reserve your Manitoba Business Name. This Business reservation report ensures your proposed business name is available and complies with Manitoba provincial naming regulations. RegiCorp’s every corporation package has unlimited Business name searches before reserving a business name.
- Prepare Articles of Incorporation: Articles of incorporation are the core of the heart of a Manitoba Corporation. Every Manitoba incorporation must choose and file an article of incorporation that best suits its purpose. Changing Manitoba’s Articles of Incorporation is costly and time-consuming later. The articles of incorporation typically outline incorporation’s basic structure and purpose. This document includes details about your corporation’s name, registered office, directors, share structure, and incorporators. See the below photo of a Manitoba Articles of Incorporation.
- Submit Incorporation Application: Once your Manitoba Business Name is reserved your first step has done. Now, file the articles of incorporation with Government Office or official service provider (like RegiCorp) in Manitoba. You can submit it online with RegiCorp.
- Obtain Certificate of Incorporation: Once approved Manitoba incorporation, Government Office will issue a Manitoba Certificate of Incorporation. That means your Manitoba Corporation is officially recognizing your business as a Manitoba incorporation. See the below photo of a Manitoba certificate of Incorporation.
- Obtain Business Permits and Licenses: Depending on your industry and activity, you may need additional permits or licenses to operate your business legally in Manitoba.
Who Can Be a Director?
A director is responsible for the corporation’s management and oversight. To be eligible as a Manitoba Corporation director, an individual must:
- Be at least 18 years old
- Not be bankrupt
- Be of sound mind
- At least 25% of directors must be Canadian resident. (example: 1 out of 4 directors)
Manitoba Extra-Provincial Registration
If a Manitoba Incorporation plane is to operate outside Manitoba, you must need to register extra-provincial registration with that provincial Registry. If any Canadian Corporation wants to operate, they also need to register a Manitoba Extra-provincial. RegiCorp can help you register your corporation in other provinces through extra-provincial registration, ensuring your business is legally allowed to operate across Canada.
How RegiCorp Can Help You Incorporate a Manitoba Corporation
There is a lot of complexity to incorporate a corporation in Manitoba. RegiCorp offers comprehensive incorporation services that make businesses registered properly and in compliance with provincial laws.
Here’s how RegiCorp can assist you every step of the way:
Business Name Reservation: We help to Conduct a thorough Business name search to ensure your chosen business name is unique and complies with Manitoba regulations. Then we submit the name reservation request on your behalf to expedite the process.
Filing Manitoba Articles of Incorporation
: We offer 3 types of Manitoba Articles of Incorporation based on your business needs. Our Manitoba Corporate specialist and legal team prepare all Manitoba Articles of Incorporation
Providing a Registered Office and Registered Agent Service: A corporation must have a physical address in Manitoba as its registered office address. If you don’t have it, RegiCorp can provide a registered office and mail scanning service. We also offer a registered agent service in Manitoba.
Handling Required Documentation: RegiCorp handles all the paperwork for a Manitoba Incorporation. That includes Filing the necessary forms with the Manitoba Companies Office and Obtaining your Certificate of Incorporation.
Post-Incorporation Services: We not only register a business in Manitoba but also provide after-incorporation services. RegiCorp continues to support your business to grow and maintain annual compliance.
Why Choose RegiCorp?
- Experienced Professionals: With 10 years of experience in Manitoba incorporation, RegiCorp offers expert advice and assistance.
- Streamlined Process: RegiCorp handles everything from name reservation to post-incorporation compliance, ensuring a smooth process.
- Cost-Effective: Avoid costly mistakes by relying on professionals to ensure your business is incorporated correctly from the start.
Incorporating a Manitoba Corporation can open many doors for your business, and RegiCorp is here to make the process as simple and efficient as possible. Let RegiCorp help you establish your Manitoba Corporation today!
For more details, contact RegiCorp to get started.
Can I incorporate a Manitoba Corporation without being a resident of Canada?
Yes, you can be an incorporator or shareholder without being a resident of Canada. However, to meet provincial regulations, at least one director must be a Canadian resident.
How long does it take to incorporate a Manitoba Corporation?
The process typically takes between 2 to 10 business days. It also depends on how quickly your business name is reserved. We offer 1 day name reservation timeline. Online Filing is easier with RegiCorp, compared to paper applications.
What are the annual requirements after incorporating a Manitoba Corporation?
Once a Manitoba Incorporation incorporated, a Manitoba Corporation must file an annual return every year. The corporation must also maintain accurate financial records, file tax returns, and hold annual meetings with shareholders and directors.
What is the difference between an incorporator and a director?
An incorporator is responsible for creating the corporation and filing the articles of incorporation. Their role typically ends once the corporation is formed.
A director is responsible for managing and overseeing the corporation’s activities. Directors make important operational decisions and are responsible for ensuring that the corporation complies with legal obligations.
Can a Manitoba Corporation have a single shareholder?
Yes, a Manitoba Corporation can have a single shareholder. In fact, one individual can be the sole shareholder, director, and incorporator of the corporation.
Do I need a lawyer to incorporate a Manitoba Corporation?
It is not legally required to hire a lawyer to incorporate a Manitoba Corporation. A lawyer can help prepare documents, ensure compliance with laws, and advise on the best corporate structure for your business.
Can I change my corporation’s name after incorporation?
Yes, it is possible to change the name of your Manitoba Corporation after incorporation. You will need to file a Corporation Name Change application. RegiCorp can assist you to that with our online website.