New Brunswick’s 2009-2010 provincial budget, tabled on March 17, 2009, features improved incentives to attract venture capital to the province, after other Canadian provinces had sought to match New Brunswick's advantages.
The budget proposes amendments to legislation that will increase the New Brunswick Retail Venture Capital Tax Credit from 15 per cent to 20 per cent and the maximum investment that will be eligible for the tax credit will increase from CAD5,000 to CAD10,000 on an annual basis. Furthermore, the budget proposes an increase to the maximum investment eligible for the 30% Small Business Investor Tax Credit from USD80,000 to USD250,000.
In addition to the lack of residency requirements on the board of directors, there are many advantages for foreign entities wishing to set up companies in New Brunswick, which include provisions that allow companies to amalgamate and move more easily between jurisdictions.
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