The first step in the incorporation process is reserving a name for the business. You must apply for this by filling out the application. It will also require that you provide your first name, last name, and address. In addition, you must state whether you are a Canadian resident. This information will be public. The fastest way to submit your incorporation application is to use the Online Filing Centre.
Incorporating yourself is cheaper than doing it yourself
When you incorporate yourself, you create a separate legal entity, separate from your personal assets. This gives your business more credibility and helps you to raise capital easier. It also gives your business more anonymity and benefits from tax advantages. Additionally, it gives your business the ability to exist for as long as you wish. Incorporating a business also means that you can avoid personal liability for debts that the company owes.
There are several ways to incorporate your business. One way is to form a limited liability company. These companies don’t need to have a board of directors or issue stock. You can do it yourself for less than $500, but you must pay state filing fees, which vary from $40 to $500.
Filing documents yourself is cheaper than doing it yourself
When you incorporate in BC, you will need to file documents with the provincial government. There are different filing fees for incorporated companies in BC. If you file your documents yourself, you will save money. You will also need to have a physical address, although you can use a virtual address. Incorporating a business in British Columbia is ideal for businesses that are small and closely held. Additionally, filing your documents with the provincial government is less expensive than filing them with the federal government.
The costs for filing documents with the government in BC can run you $300 to $400. However, you will likely incur even higher costs within the first year if you miss some documents. Incorporating with Ownr will be slightly more expensive, but they will ensure that all documents are properly filed.
Another factor that can influence your incorporation decision is corporate governance. When incorporating in British Columbia, the majority of the directors must be Canadian residents. This is in line with federal regulations. However, if you are a foreign company, you may want to opt for another jurisdiction, like Yukon.
Before you can file your incorporation documents, you must get your business name approved by BC Registry Services. You can do this by completing the Name Request Form. This form allows you to rank up to three possible names for your business. The first option will be chosen unless there is an issue. You can complete the Name Request Form online. If you’re unsure of whether or not your chosen name is available, you can conduct a NUANS search to make sure your business name is unique and unclaimed.
Reserving a name is required
To incorporate in British Columbia, you must submit a Name Reservation Report. The process typically takes 10 to 15 business days, but if you need a name quicker, you can request an expedited service. This will cut the time frame down to one or two business days. After the name reservation report has been approved, you can incorporate the company. In BC, corporate income tax is only 27%, and all business expenses, including advertising costs, are tax deductible.
If you’re setting up your business as a sole proprietor, a company name must be reserved with BC Registry Services. There are exceptions to this rule, but it’s usually worth pursuing this step. The business name must be legal, descriptive, and distinctive.
If you are planning to incorporate in British Columbia, you should choose a name that is unique and not in use by another corporation. This will help your business stand out from the crowd and avoid confusing your customers. Also, a business name should reflect the nature of your business.
You should submit up to three business names, in order of preference. Your first choice may be approved if there are no similar names. If there is a problem with your choice, the Registrar may deny your request and require you to resubmit your request.
The Business Corporations Act does not require directors to be Canadian citizens. You can incorporate in British Columbia with non-Canadian residents if you wish. The business name must be a unique and descriptive name that reflects the nature of the business. It should also have a legal ending like Inc. or Meteor Fabrications Inc.
If you have decided to start a business in British Columbia, one of the first steps is filing documents to incorporate. This process is fairly straightforward, and most people are able to do it themselves. However, you should have a general understanding of the Business Corporations Act and how it works.
The minimum number of shareholders for a BC corporation is one, and there is no maximum number of shares. This means that you can issue any number of shares, whether or not you are selling them. The shareholders can be either a natural person or a legal entity. The director of the corporation is the person who appoints the officers. Each director is given specific duties, and an individual can hold more than one position.
The name of the corporation must be unique and not be similar to any other business. It must be descriptive, distinctive, and legal. If your company name is similar to another company, it is more likely to be rejected. Applicants can list up to three potential names for their business. If the first one is rejected, they can request an alternate name if necessary.
As a rule, Canadian corporations must have at least one Canadian as a director. However, British Columbia does not require citizenship. This means that many international entrepreneurs choose to incorporate in BC. This makes incorporation easier and less costly. Incorporating in BC is an important step in starting a business in the country.
Corporations can be registered within three to eight business days. However, delays may occur due to problems with the name. Once registered, corporations can engage in business, pay taxes, hire employees, own property, and engage in lawsuits. They can also issue dividends to shareholders. It is important to remember that a corporation is a separate legal entity from the owner.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.