Fulfilling Legal Obligations
Once you’ve got a solid plan in place and you’re committed to launching your business, it’s time to make it official by going through all the steps needed to register or incorporate your business, apply for the necessary licences and permits, and comply with other regulations as required.
Naming Your Business
Before you can register a business in BC, you generally need to get approval from the government to operate under the name of your choosing. You can do this online through the BC Business Registry.
If you’ve decided to incorporate in BC but don’t want to name your company, you can opt to skip this step and operate under an assigned incorporation number (random number followed by B.C. Ltd.). This type of company is known as a “Benefit Company.” You can also skip this step if you will be operating a sole proprietorship or general partnership under your own legal name.
If you’ve decided to incorporate at the federal level, you will instead follow the naming directives provided by Corporations Canada.
Registering Your Business
The process for registering your business depends on which legal structure you’ve decided to employ.
For sole proprietorships and general partnerships, as well as for BC benefit (i.e., numbered) companies, you will first need to create a BC Registries Account. You can then log in to BC Registries and navigate to the My Business Registry page to complete the registration process online.
For named BC corporations, you will first need to create a BC OnLine Account. You can then access Corporate Online and navigate to the File an Incorporation Application page to complete the provincial incorporation process online.
To incorporate federally, follow the instructions provided by Corporations Canada.
Obtaining Licences & Permits
Depending on where in BC you plan to operate your business, different regulations will apply. At the very least, you will likely need to obtain a business license from your municipality. Launch BizPal to quickly and easily find out which licences and permits might be relevant to your business.
Depending on the type of business you plan to operate, there may also be industry-specific or even occupation-specific regulations that you’ll need to pay attention to.
Paying Taxes
Depending on the product/service your business will be providing and your overall taxable revenue, you may have to register to collect provincial (PST) and/or federal (GST/HST) sales tax. Find out if these obligations apply to your business, and if so, how you can register and start collecting sales tax.
There are a number of additional fiscal obligations and implications for small business owners in Canada. These will differ depending on your business structure as well as other factors such as whether you have employees and whether you are importing or exporting goods. At minimum, be prepared to start declaring your business revenue and expenses. Examine the Canada Revenue Agency | Checklist for Small Businesses below to find out which obligations will apply to you.
Insuring Your Business
Protect your business by making sure that you have appropriate liability and property insurance coverage. Learn more about the types of business insurance that are available and which ones you should consider purchasing.
Hiring Employees
If you will need employees in order to effectively operate your business, ensure you are in compliance with the relevant employment, workplace, and occupational health and safety regulations in BC.