A shelf company is a corporation that is already registered and kept current by filing annual returns with the registries but has never being used to conduct business or holds any assets and liabilities. Essentially, the company is registered to sit on a ‘shelf’ for someone to purchase it.
Who can Buy a Shelf corporation:
- One or more individuals who are 18 or up.
- Currently there is no citizenship or residency requirement for people who can be the directors, officers, and shareholders.
What is required to buy a shelf company:
- A physical address or street address in the Province of British Columbia (or the place of business in Canada).
- A minimum of one Director, one Incorporator and one contact person is required. The same person can fill in all three roles.
- For operations purposes and to fully comply, a minimum of one officer and one shareholders are also required.
Shelf corporation can be transferred to a new owner in 1 business day.
What are the advantages of a Shelf Corporation?
- Shelf corporations help to get business credit or loans as it has the appearance of a corporate history.
- Faster and easier access to banking relationships and business lines of credit (varies by financial instructions).
- Certain work contracts require a company to be of a minimum age.
Am I liable for the past history of a Shelf corporation?
Our shelf corporations come with no debits and liabilities. Moreover, the new owners are not liable for anything before they attain the ownership.