Newfoundland and Labrador has eliminated its 25 percent Canadian residency requirement for corporate boards since April 1, 2022, and allows residents of the province to set up corporations and sit on corporate boards with ease after amending its Corporations Act.
According to the legislation, as it currently stands, corporations in the province must have at least 25 percent of their directors be Canadian residents, which includes Canadian citizens, permanent residents, international entrepreneurs, and international graduate entrepreneurs.
Premier Andrew Furey said:
"We already know that many newcomers share an entrepreneurial spirit so amendments to our Corporations Act offer another tool for them to access the supports they need to start businesses, create jobs, be successful and put down roots to grow their families right here in our beautiful province".
Andrew Furey added that the newcomers in their communities drive their local economies and enrich their cultures. However, he applauds the government of Newfoundland and Labrador for their commitment to attract newcomers to do business in the province.