So you have your business name and your plan and now you’re ready to run. Only a couple of things left on your “list of things to do” and you’re on your way so let’s get this done so you can share your vision with the world!
One of the next first steps is to get your business registered on the federal and local levels. This is not automatically completed when you pay the registrations office to register your name, that is only part of the process. At the Federal and municipal level, there are different processes that must be completed whether you are incorporating your business or whether you have a Sole Proprietorship/Partnership.
To Register a Sole Proprietorship/Partnership:
Your business is most likely going to need a federal business number. If you do not live in BC, Manitoba, Nova Scotia, Ontario or Saskatchewan, you will not receive this automatically with your provincial registration papers. In this case you will need to register for one.
A Federal Business Number is a 9-digit number that is used across municipal, provincial and federal levels of government.
This number is used to open:
- GST/HST Accounts
- Payroll deduction accounts
- Corporate income tax accounts
- Import/Export accounts
*There are additional requirements for Quebec.
Keep in mind that when you’re running a sole proprietorship, you may not need all of the above accounts. Taxes are paid on your income personally when you run a sole proprietorship and GST accounts are not always mandatory but do become so when you hit certain revenue thresholds. Make sure you’re in compliance by visiting the CRA websites or check with a business professional.
For municipal regulators, there are things that must be done as well including acquiring your local business license. Check with your local municipality for details on this including rates.
To Register a Corporation:
To register a corporation, the above must be completed, but there is still a little more to do. Once your NUANS name search is completed, and you have your name registered, you must also:
Complete Articles of Incorporation
Your articles of incorporation detail how your business corporation is structured. It also lays out where you will conduct business, any share structures, directors information, restrictions and any other provisions required. Once these articles are completed, you can submit them online
Your business is almost ready to go, so get things done right the first time, check with professionals or agencies and start your business with a STRONG FOUNDATION!
Below are links you may find helpful
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