Incorporating your business in Canada involves a couple of steps, and if you’re unsure how to go about it, here are some things you must keep in mind.
The first thing you should do is decide if you need to incorporate your business or not. Not all companies need to be incorporated. A self proprietorship might be right for you if you’re just starting out. The next thing is to decide if you need to incorporate your business provincially or federally.
Once this is done, you need to get a name for your corporation. To ensure other corporations do not take your business name, you need to research. Search on Google, social media handles, and domain names to ensure your business name is unique. You reserve that name.
The next step after getting a name is to submit the documents of articles of incorporation and the record of the first board of directors and registered office address. You need to consult a lawyer or a chartered accountant to get this done for you.
Incorporating provincially is much easier, and your business name will also be approved quickly. Suppose you incorporate your business federally; in that case, you’ll have the advantage of running your business in any province or territory, but you should register in each province and also pay an extra-provincial fee.
If you plan to expand your business and set up an office in different provinces, you will have to register in each province and pay extra-provincial fees for it. After this, you will be getting a business number and an income tax account issued by Canadian Revenue Agency.
If your corporation has many verticals, you need to get different business names for each instead of operating under the same name for all. Once you get names for each vertical, you need to update them with the Canadian Revenue Agency.
Now that everything is set for your business, you shouldn’t forget to make corporate minutes. You can do it on your own, from your accountant or lawyer. The last thing is to update your corporation in case of any license requirements as you move forward with your business.
Professional business incorporation service providers can take care of all the documents required, check for any permits or licenses requirement, and set up an income tax account for your business. So, if you want someone to do the same for your business, contact us today.