Starting a business can be an exciting and rewarding venture, but it also comes with its fair share of challenges and responsibilities. One of the first things you’ll need to do is register your business with the appropriate government agencies. In this article, we’ll go over the steps you’ll need to take to register a business in British Columbia, Canada.
1. Decide On A Business Structure
First things first, you’ll need to decide on a business structure. There are several options to choose from, including sole proprietorship, partnership, and corporation. Each type has its own advantages and disadvantages, so it’s important to consider which one is right for your business: Proprietorship or General Partnership, Limited Partnership, Cooperative Association, B.C. Limited Company & B.C. Unlimited Liability Company.
2. Come Up With A Business Name
Once you’ve chosen a business structure, you’ll need to come up with a business name. This is something you’ll want to put some thought into, as it will be used to identify your business and will be seen by customers, clients, and the general public. You’ll want to make sure the name is unique and memorable, and that it accurately reflects your business.
3. Register With The BC Government
Once you’ve chosen a business name, you’ll need to register it with the British Columbia government. This can be done online through the BC Online Business Registry. You’ll need to provide your contact information, the name of your business, and a description of your business activities. You’ll also need to pay a fee to register your business name.
4. Obtain The Necessary Licenses & Permits
After your business name has been registered, you’ll need to obtain any necessary licenses and permits. This will depend on the type of business you’re running and where you’re located. For example, if you’re operating a food business, you’ll need to obtain a food safe certificate. You can find more information on licenses and permits on the Government of British Columbia’s website.
5. Register For Taxes
In addition to obtaining licenses and permits, you’ll also need to register for any applicable taxes. This will include things like the goods and services tax (GST) and the harmonized sales tax (HST). You can register for these taxes online through the Canada Revenue Agency’s website.
What Are The Costs To Registering A Business In BC?
Proprietorship or General Partnership: $70
Limited Partnership: $195
Cooperative Association: $280
B.C. Limited Company: $380
B.C. Unlimited Liability Company: $1,030
How To Register A Business In Other Provinces In Canada
Register A Business In Alberta
Register A Business In Ontario
Once you’ve taken care of all the necessary registrations and paperwork, you’ll be ready to start operating your business in British Columbia. Of course, this is just the beginning, and there will be many other challenges and responsibilities to deal with as you grow your business. But with the right planning and preparation, you can set yourself up for success in the beautiful province of British Columbia.
In conclusion, registering a business in British Columbia involves choosing a business structure, registering your business name, obtaining licenses and permits, and registering for taxes and opening a business savings account. While it may seem like a daunting task at first, with the right guidance and resources, you can get your business up and running in no time. Good luck on your entrepreneurial journey!
