Nova Scotia’s entrepreneurs will soon benefit from the lowest incorporation fees in the country.
Service Nova Scotia Minister Geoff MacLellan introduced today, Sept. 7, amendments to the Corporations Registration Act and announced a regulation change to the Companies Act to help new Nova Scotia businesses in the start-up phase. The amendments will eliminate the annual registration fee in the first year of incorporation and reduce the incorporation fee.
“We are going from having one of the highest incorporation fees in Canada to the lowest in the country,” said Mr. MacLellan. “It is all part of our work to build a stronger and more inclusive economy, one that creates more jobs for younger Nova Scotians and allows them to focus on what’s most important – growing their business.”
There are two fees a limited company must pay at start up – an incorporation fee and a registration fee. With today’s announcement, the incorporation fee for a limited company will go from $336.40 to $200.
The annual $118.35 registration fee will stay the same but will be waived in the first year of incorporation.
Mr. MacLellan also announced new service standards for starting a business. Entrepreneurs and business owners will be able to start their new businesses sooner. A new three-day service standard will replace the current five to 10-day wait to complete their incorporation.
“Making it faster and less costly to set up a new business in Nova Scotia is welcome news for the province’s entrepreneurs,” said Jordi Morgan, vice president Atlantic, Canadian Federation of Independent Business. “Setting up a new business is challenging and this will lighten the load. We’re pleased to see the government reducing red tape for small businesses in Nova Scotia.”
The new fee schedule will come into effect January 2019.
Changes to the service standard will come into effect immediately.
There were more than three thousand new Nova Scotia companies incorporated in 2017-18.