Four Steps to Completing Business Registrations
If you have a great business idea, you may have started looking for ways to make sure your business is registered and set up for success. Business registration can seem daunting, but there are three basic steps you need to complete to ensure you are off to a great start:
- Register Your Business Name – Business names must be registered with the provincial government in every Province other than Newfoundland & Labrador (this Province has no legislation governing the registration of business names). In some cases, a name search or reservation will be required prior to registering the name.
- Get Your Permits & Licenses – Many businesses need permits and licenses that allow them to conduct business in their specific area of operation. You will need to research and apply for applicable permits and licensing at the federal, provincial/territorial, and municipal levels.
- Register Your Business for a federal Business Number with the Canada Revenue Agency – The Business Number is a numbering system used as the basis of various federal and provincial tax accounts, including Goods and Services Tax/Harmonized Sales Tax, Payroll Source Deductions, and Importer/Exporter accounts.
- Register Your Business for Provincial Tax Programs and Workers’ Compensation Coverage – Each Province has its own set of tax programs, including Retail Sales Tax (British Columbia, Saskatchewan, Manitoba & Quebec), Workers’ Compensation coverage, Employer Health Tax and others.
While these requirements might seem overwhelming, there are many resources for business registrations available to you. If you are looking for solutions for business registrations or need assistance completing the process, contact us at New Business Now.com. We can answer your questions and ensure your new business is ready to go with the proper documentation and accounts so you are set up for success.
Articles on this blog are general in nature and are provided for informational purposes only. Use of this blog does not provide or replace individualized legal advice and does not create a solicitor-client relationship with our firm. Users who require advice on a particular matter should consult directly with Mr. Eric Cohen, Barrister & Solicitor, and Ontario lawyer or a competent lawyer in their Province or State.