Want to start a company and be your own boss? How much does it cost to register a company in Canada? How do you file taxes after starting a company?
Mr. Liu was originally an employee of a small company in Ontario, and had been living a nine-to-five life. He wanted to live a peaceful life, but unfortunately, reality did not allow him to do so. The pandemic came, and everything changed. Mr. Liu's company's business has been reduced by more than half, and although he has not been laid off yet, it is estimated that he will be laid off soon. In the dead of night, Mr. Liu remembered the idea of starting a business that flashed through his mind in the past. Well, instead of being fired without knowing it one day, it is better to fire the boss first and start a company to be his own boss!
Maybe this epidemic is a chance destined by God for me, Liu, to turn things around and rise step by step! Although starting a business is risky, what if it is a surprise?
It sounds good to go from being an employee to being a boss, but how to do it in practice? This time, let’s talk about the things about starting a company in Canada.
Is it difficult to register a company in Canada?
It is not troublesome. The application process for opening a company in Canada, whether it is a federal company or a provincial company, is relatively simple and friendly even to novices.
Taking the registration of an Ontario company as an example, it is mainly divided into the following 4 steps:
How much does it cost to register a company?
Is it expensive to start a business? Will the cost be so high that people will quit?
The answer depends on whether you plan to register a federal or provincial corporation; it also depends on whether you plan to register the company yourself (DIY) or register with the help of a professional.
Although it is more cost-effective to register a company by yourself, it is too troublesome.
First of all, the company name must be approved. If it has the same name as another company, I’m sorry, but please go home and come up with a new one.
After that, you have to run errands yourself and go to the government to apply for registration, going back and forth between different departments, and talking on the phone for several hours. After that, you have to go to the tax bureau to open a tax account.
Moreover, it is easy to forget things when registering a company by yourself. For example, you may forget to register a sales tax number and end up not being able to refund the HST, or forget to apply for a business license and end up being fined. There are also cases like Mr. Wu where a small mistake directly led to the closure of the company.
Here's what happened. Mr. Wu DIY set up a federal company in 2017. After Mr. Wu's unremitting efforts, a large project worth tens of millions was about to be negotiated. As a result, a notice from the government came down saying that Mr. Wu forgot to do an annual inspection for the federal company and the grace period had passed. Now the company had to be forcibly deregistered by the government!
Mr. Wu's lesson tells us that Although DIY Registering a company may seem easy, but there are many tricks involved. If you are not sure about the subsequent process, it is best not to choose DIY. Instead, find a professional to help you complete the registration, which saves you time and effort and helps you avoid pitfalls.
Golden Key Business Development Center is a government-authorized registration agent. If you register a federal company through us, We can provide you with the following All-inclusive service :
(1) 15-minute company registration consultation
(2) NUANS name search service
(3) Help you organize your registration documents
(4) Help you submit the Initial Notice
(5) Help you register your company’s business account and tax number
Which company form is more suitable for me? What information do I need to register a company? How do I open an account? Give us 15 minutes and we will explain it to you clearly.
If you are planning to start a small company where you have the final say, you can just go with the package above.
If you plan to start a company with other people, or if the investment amount is relatively large, you may need some other registration documents later, such as articles of association, equity agreement, minute book, etc.
In this case, our website also provides you with a self-service service, so that you can selectively register your company. You can complete the registration of your company by yourself through a simple 3-step process.
How to file taxes after company registration?
After the company is registered, you need to go to the bank to open a bank account for the company and prepare for subsequent accounting and tax filing work.
Our partners Wang Ke CPA , is one of the earliest and most influential Chinese accounting firms in Canada. If you need it, we can tailor a bookkeeping and tax filing service system for you. If you have difficult accounting or tax issues, you can also consult us.
