How To Incorporate Your Business

The Basic Steps

1. Select Corporate Jurisdiction: Generally this will be your home province.
2. Create a name for your company.
3. See if your company name is available using NUANS. NUANS keeps a database of all registered company names. You order a search to see if your proposed name is taken. If not, you may register the name for your company.
4. Prepare the Articles of Incorporation
5. Submit & Register Articles of Incorporation
6. Obtain permits & licenses e.g. Sales taxes and vendors permits: Note that if your sales will be under $30,000  you do not need to register for, collect or pay GST or HST on your sales.
7. Optional: Purchase Corporate Seal & Minute Book: For a small business these items look pretty on your bookshelf, but really do nothing.
8. Set Up Bank Account
9. You are done. Start Your Business!

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There Are Basically Two Types

Of Business Setup In Canada

1. Registration

2.Incorporation

 

You Must Either "Register" or "Incorporate" Your Business. It is the law.

You must choose either to register or incorporate your business:

• For tax reasons,
• To open any kind of business bank account
• Get business credit and
• Get the required various government licences, including sales tax numbers.

Register or Incorporate? Which is better?

You must choose that which seems best for you.

You can always change later (for a price) if you want to go to the trouble.

How To Register Your Business

The Basic Steps

Registration of a Sole Proprietorship or Partnership

1. Select Your Business Structure.
2. Create a Business Name.
3. Determine Availability of Your Business Name Through the NUANS Service.
4. Register Your Business Name.
5. Register for Permits, Licences and Taxes.
6. Complete a Partnership Agreement (optional)
7. Open a Bank Account.
8. Start Your Business.

Advantages of incorporating include Personal asset protection, Deductible expenses, Credibility and Name protection, Perpetual existence, Tax flexibility