Are you looking for a perfect blog that can teach you the business registration process in Canada? Well, you have landed on the right page.
How do you measure success? It certainly varies from person to person and is based on their perception. Let us generalize. How about money? Do a person with their own business and lots of money – sound successful to you? -Well, undoubtedly YES.
Owning a business is a dream for most Canadians. And even for the immigrants who prefer to set up a fascinating start-up in Canada. It allows you to achieve financial freedom besides letting you build a perfect professional network.
If you have a unique business concept and are looking to start your own business, read the steps mentioned below to get your business registered in Canada.
Five Steps to Follow
Being compliant is the biggest challenge that most budding entrepreneurs face. The laws, rules, and regulations are a need, but sometimes they become complex, and unintentionally many fail to follow them.
So, become compliant and register your business by following these five steps:
1. The Preliminary Activities
You must be eager to start. But, firstly, you need to decide upon the following preliminary issues:
- Determine the best locations for your business for the main office and branches (if any).
- Do you wish to set up a business that operates in multiple provinces? If yes, strategically select the province where you intend to do business.
- Select the type of business that suits you the most. Some common business structures are:
- Sole proprietorship
- Co-operative, etc.
2. Name and Register Your Business
a) Choosing Business Name
What’s in the name? But when it comes to running a business and earning money a business name matters more. It separates you from the competition and makes your products genuine and authentic.
Selecting a good name is almost inevitable. Choose a business name that is unique, distinct, and represents your business products and services.
For example, if you are setting up a business related to financial services, your business name must relate to it. ABC Financial Services can work, provided it is unique. But, ABC Marketing Services will be wrong, as it is misleading.
Your business name should not confuse the customers. It should be a genuine representation of the products and services offered by you.
b) Registering Business Name
Once you have selected an appropriate business name, you will be required to register it with the government. However, if you are willing to operate as a sole proprietor, you are exempted from this process.
In all other cases, that is, corporation, partnership, and co-operative, you will be required to register your business’s legal name, trade name, and in some cases, even trademark.
For this, you should visit the registry office of the province/ territory under which you will be operating. The processes are different for different provinces. To simplify, we are giving you a list of different regions and an active website link that will guide you about the registration process:
* It must be noted that in two Canadian provinces – Newfoundland and Labrador, there is a need to get trade names registered. Only corporations and co-operatives are required to register here.
3. Obtaining Business License
After your name gets registered, you must register your business now – at the federal and provincial levels. It will fetch you a business license in usually:
- Five working days at the federal level, and
- Between one to thirty-five working days at the provincial level.
You can send an email or a letter or prefer to get registered on your province’s official website. The links mentioned above will come in handy for you.
4. Paying the Registration Cost
The registration cost depends on two factors, which are:
- The province in which you stay
- The business structure you are getting registered, like, proprietorship, corporation, partnership, etc.
- If you are in Ontario and want to register as a sole proprietor or in partnership, you will spend anywhere between $60 and $80 to register the business. Similarly, if you want to get your business registered in British Columbia, you will be paying $40
- If you start as a corporation, the fees increase, and you will pay $300 in Ontario and $350 in British Columbia.
5. Get the Business Bank Account, Business Number, Permits, and Licenses
As soon as your business name and the business itself get registered, you get an option to open a bank account under your business name. It is mandatory for corporates but not for sole proprietorships and partnerships.
Further, you must:
- Obtain a business number
- Necessary licenses and permits
- Register with the taxes applicable to your business, such as GST, HST, Corporate Tax, etc.
Now you are ready to get started. Just hire employees if you need to and give wings to your dreams. Financial freedom comes to those who try and begin their ventures. Expert by area wishes you all the luck and success.