Since April 1, 2022, Newfoundland and Labrador has dropped 25 percent Canadian residency requirement for corporate boards and allowed temporary residents of the province to set up corporations and sit on corporate boards with ease due to a change the province is making to 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.
