Registering a business in Canada is a relatively simple process. However, there are many things to consider when you are considering registering your business in Canada. The following article will explain how to register a business in Canada step by step, including what steps need to be taken and what steps should be avoided during this process.
How to Register a Business in Canada?
If you run a business and want to register it in Canada, there are several steps that must be followed. If your company is small enough, it can often be done on paper and submitted via fax or email. However, for larger companies with international operations or multiple locations across the country, registering with Revenue Canada may be required before starting up in Canada.
Revenue Canada is an agency under federal jurisdiction that collects taxes from businesses operating in their jurisdiction (i.e., provinces). This includes corporations as well as sole proprietorships and partnerships.
Suppose a business operates in Canada and is not registered with Revenue Canada. In that case, it will be unable to collect any money from its customers or clients and could face penalties for doing so. The process is fairly straightforward and can be done online, but if you are unfamiliar with the system, it may seem unclear at first.
Get a Business Number
Business numbers are used to identify your business and are critical to doing business in Canada. The first step to getting a business number is to fill out an Application for Registration of Business Number (BRN). You’ll also need this if you plan on opening a bank account. You can’t open one without it!
The next step is submitting your application online so that we can review it and issue your full registration number. This should take between 2-6 weeks, depending on how busy our system is at the time (it takes longer if there are other applications being processed).
After all this information has been reviewed and processed by CNTIC staff, we will send out an email confirming whether or not you received approval for your BRN application; if so, congratulations! You now have access to start using all kinds of things like:
- Making payments online with Interac Online or Visa Checkout (Visa only)
- Opening banking accounts with most major banks nationwide
Set Up Your Company Profile
Setting up your company profile on the Service Canada website is simple. To do so, you will need to provide information about your company and its legal name. You can also choose whether or not to have an ABN number assigned by registering for one with the Canada Revenue Agency (CRA).
Here are some tips for filling out this form:
Provide as much information about yourself as possible. Include any personal details that may help identify you and make it easier for people who work at Service Canada or other government agencies to contact them if necessary.
They may need this information if they need more details about someone’s background before issuing them a business license or deciding whether or not they qualify for certain tax credits/rebates
Provide your contact information. This includes your address and phone number so that people can reach you if they have any questions about what you’ve submitted. – include your business name, legal name, and ABN number if applicable
- Include your website URL
- Enter the address of your business and its postal code
Complete All Forms to Service Canada
All forms must be completed and submitted to Service Canada. You can submit the application by mail, fax or email.
The following information is required for each form:
- Your full name (individuals may use their first name and family names)
- Business name, including any abbreviation or acronym used in the business name
- Telephone number, address, fax number, and email address where you prefer to receive communications from Service Canada. If multiple addresses are available, please indicate which one you would prefer as your point of contact when contacting us during business hours; this will ensure that we send out all correspondence promptly after receiving it back at our offices.
Open a Bank Account
You can open a bank account in Canada by completing the paperwork, which includes the following:
- A completed Business Registration Application
- A copy of your passport or driver’s license
You should also include proof that you have sufficient funds to cover any taxes you may owe when registering your business in Canada. This can be done by providing an original letter from a financial institution stating that they will accept your company as a client, giving them all of its details, and sending them copies of any documents related to this application (such as receipts).
You will then need to pay any applicable fees, which will vary from province to province. You can apply for a Business Number online through the Government of Canada’s Business Registration Online service.
Apply for a Business License (or License Exemption)
You will need a business license to sell your products or services in Canada. In some provinces, however, you can apply for an exemption from a business license requirement. If you are exempt and want to sell your products or services:
- You will not be able to do so without first applying for an exemption from the requirement of having a business license.
- You must also register as an individual (not as part of any other entity) with Revenue Canada if this is not already done by another person who has agreed to make up their own group name.
This is not the case for all provinces. For example, you will need a business license if you operate out of Ontario and want to sell your products or services in Canada. In some provinces, however, you can apply for an exemption from a business license requirement. If you are exempt and want to sell your products or services: You will not be able to do so without first applying for an exemption from the requirement of having a business license.
File an Annual Return
An annual return is a document that you file with your provincial or territorial tax office to report your business’ income and expenses for the previous year. It can be any kind of document, such as a T2 return (for individuals), GST/HST return (for businesses), T5007 return (used by charities), T2125 return (used by corporations), or even an entirely electronic form like CCTB-100 or CCTB-200.
A few things to note about these forms:
- If you’re using a computer program to fill out these forms online, make sure it asks for all necessary information on each page before asking you to submit the whole thing–you don’t want any mistakes getting through! In this case, double-check everything before sending it off.
- You’ll need some basic skills with computers; otherwise, they might not work properly because their creators didn’t properly formatted them.
Apply For a T2 Visa
If you plan to immigrate to Canada, then a T2 visa is the right choice. A T2 visa allows foreign nationals who are already in Canada temporarily to apply for permanent residence after three years of successfully working in Canada on that temporary basis.
To apply for a T2 visa, fill out an application form and submit it along with supporting documents such as:
- Your passport or travel document
- Proof of legal status in your home country (if applicable)
- Your criminal record check from law enforcement agencies abroad
Steps to Get Your Business Off the Ground
Once you’ve decided to start a business, there are several things that need to be done. These include:
- Registering with the Canadian government and getting a business number (BN) or tax identification number (TIN). You can complete this online at Service Canada’s Business Registration Online Tool (BRO).
- Filing an annual return if your company has been in operation for less than one year or quarterly if it has been operating for more than one year. This form is available on the CRA website and requires submission by mail or faxed copies of receipts from your bank accounts. If you want to submit your file electronically, however, please consult with us first before filling out these forms through any other means because this may not work as easily as submitting a hard copy would have done!
- Completing all necessary paperwork required by each province/territory where you intend on operating your business: licences, sales tax returns, etcetera – which includes applying for T2 visas if applicable!
Completing all necessary paperwork required by each province or territory where you intend to operate your business licenses and sales tax returns, including applying for T2 visas if applicable! If you are a sole proprietor, you should also register as an individual with the CRA by completing form T1159.
Conclusion
If you feel like your business is ready for the next step, formally registering is essential to protect your business. The best way to prepare for this process is by consulting with a legal professional who can help guide you through the steps involved and answer any questions you may have about what’s involved in buying or selling shares in your company.
