After you have decided to open your own business, you probably have discussed with your family members and friends and have done a lot of research online by now. You are still feeling overwhelmed and not confident about what to do and where to start from. No worries, we are here to help you. We provide One-Stop solution for all your business incorporation need. now, and one of our experienced associate will help you not only to set-up your business as per Corporation Canada and other Government bodies but also will guide you how to become Tax efficient.
An incorporated business (exact same thing as a corporation) is considered to be a legal entity that is separate from its owners and shareholders. Canadian businesses can be incorporated at the federal or the provincial level.
Though incorporation isn’t mandatory to own and operate a business in Canada, it can fetch a certain amount of legal protection for the business owner(s), potentially defer your tax liability, and offer other benefits that can help significantly to grow your business.
Here is how to incorporate your business in Canada
Step 1: Name your business
You might already have a name for your small business in any form. Or you are looking for one to make yourself distinct from other businesses and your competitors. It’s important to search to see if that name is available as soon as possible. If you don’t have a business yet, be careful in deciding on a business name – it’ll be with you for a long time (hopefully). Our one stop service would guide you with the naming convention and probable negative and positive impact of your chosen name.
Step 2: Get a Business Number (BN)
A business number is a 9 digit account number that will forever identify your company to federal and provincial governments. You may already have one for your sole-proprietor business. If not, worry no more; Our One-stop incorporation service would allow you to register with Canada Revenue Agency Business Number.
Step 3: Decide to incorporate federally or provincially
All businesses in Canada have the option to incorporate federally or provincially. Federal incorporation lets you do business under the same name in all provinces and territories, less expensive then provincial corporations but a little more work to setup and maintain.
You may either select Provincial incorporation or Federal Incorporation for most Online or offline business operating out of Canada.
Step 4: Register for GST/HST
If your business does $30,000 or more in total revenue per year, you need to register for a GST/HST account. Many merchants with less revenue volunteer to register because once you have a GST/HST account you can get the taxes you pay as a company refunded by the government.
Note: When making the decision to incorporate, it’s always wise to seek legal advice before coming to any conclusions. Mistakes can be very costly. Our experienced and professional team take care all your need from start to finish of incorporation your small business in Toronto, Ontario.
As you weigh up the pros and cons of business incorporation in Toronto, remember you do have other options when it comes to officially structuring your business. Which one you choose really depends on whether you want to go it alone or go into business with partners or associates. Contact our incorporation professionals about more in your half an hour free consultation
The Costs of Our One-Stop Incorporation Service
Remember, incorporating your business requires careful planning and the right advice. Not all businesses need to take this step and not all will incur the perceived tax benefits. So take the time to consider business incorporation as part of your long term business goals – not just because the next guy tells you need to do it. Ask our business advisors if incorporation would suite your type of business and potential tax savings.
Cost of our Incorporation Service: Fees for our One-Stop Incorporation Service starts from $150. Please call or email our office for a customized solution package.
