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Starting a business isn’t as easy as it sounds. Several steps demand expertise and related information. From idea generation to legal entity, starting a business in Canada can be a challenging task.
Registering your business is one of those demanding steps. Considering the legal process, people consider business registration a complex step.
However, with the help of professional accounting consultants, you can register your business in Canada without any difficulty.
Moreover, with professional help, you can register your business in Canada in just 24 hours.
In this article, we’ll highlight the steps involved in the business registry in Canada.
Before you register your business in Canada, you need to decide the legal structure of your business. You can decide on sole proprietorship, partnership, corporation, or cooperative. These are the most common types of businesses. And when it comes to business registration, each type has its own legal and tax implications.
Once you have selected your business structure, the second step would be to choose a name. It should be an appropriate and unique business name. Also, it should comply with the specific rules and regulations of the territory where you’re registering.
Once you name your business, it will become easier to apply for MBL. A Master Business Licence is a type of business license in Canada. It is an official document that allows corporations and businesses to operate in a specific region. Whether it’s a sole proprietorship, partnership, or corporation, you can use MBL to register your business.
MBL works as a testimonial for your business. The public can access this document and learn about the legitimacy of your business. This license has an expiry date of five years. It means businesses must renew their MBLs after every five years.
You won’t wish to miss this step for sure. Registering your trademarks is one of the essential steps of business registration. It will ensure the protection of your business name, logo, or other intellectual property.
The registered trademarks enable you to take action against individuals or companies in case they copy your trademarks. Registering your trademark helps you get legal help if someone copies your company’s name or logo. To register a business in Canada, consider registering it with the Canadian Intellectual Property Office.
Getting a CRA business number(BN) for your small business is one of the essential steps. It’s a unique identification number that the Canada Revenue Agency assigns to you or a business entity. The BN helps the CRA to identify all business activities of businesses. Businesses need to acquire a CRA business number. In Canada, all the CRA accounts, including HST, payroll, and import/export, are registered under the CRA business number. Having a CRA business number can make the process of loan application easier. So, to register a business in Canada, you have to get a federal business number.
Getting a federal business number will enable you to register your business for taxes. You can sign up your business for GST or HST with the Canada Revenue Agency.
Registering your business for taxes is another essential step. If you do not register your business with CRA for taxes, it can face legal consequences. If your business crosses 30k, you must get BN and HST registered.
Thus, to register a business in Canada, registering for taxes is a compulsory step.
You also need to register with your provincial authorities if you’re starting a business in Canada. The process can vary from province to province.
For instance, British Columbia and Alberta can have a different business registration process. However, some of the steps are common among the territories. Before starting a business, register it with the province where you plan to operate.
Do you know every business needs a permit and license, depending on its type and location? For instance, if you’re planning to open a restaurant, you would need a license to run it. You won’t have to get a permit for your business. To start a construction business in your town, you need a permit from the authorities, not a license.
So, to register your business in Canada, you will have to apply for mandatory permits and licenses. For the specific permit and license requirements, you can research at the municipal, provincial, and federal levels.
Opening a business bank account is a common and necessary step in business registration. Whether you’re in Canada, Germany, or any other state, this step remains constant in business registration.
A bank account will benefit your business in several ways. It helps in keeping your personal and business finances separate.
As a business owner, you can also apply for a business loan. So open an account to register your business in Canada.
To make your business official and separate, file Articles of Incorporation with Corporations Canada. The federal incorporation will enable you to operate your business anywhere in Canada. Moreover, your business will get legal protections that can help your business grow.
Registration is one of the essential and complicated steps in starting a business. The process involves several stages. Every step in starting a business is crucial. This includes deciding on your business type, obtaining a BN number, registering for taxes, and getting a license.
Follow these steps to register your business in Canada without facing many difficulties.
Generally, the process can vary based on your specific circumstances and the territory you’re operating in. And if you still find the process complex, then there is no harm in getting help from professional accounting firms.
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