You’ve made it through the hard part—coming up with a winning business idea and making it a reality. Now that you’ve made the decision to dive headfirst into entrepreneurship, registering your business is a crucial next step to getting your venture off the ground.
How you register your business in Canada will be based on where your business operates and what type of business you’re running. Alberta, Ontario, and British Columbia all have similar processes for registering your business, and you will need to access the appropriate documentation based on the province where your business will be operating. The registration process is also slightly different depending on if you own a sole proprietorship, a partnership, or a corporation.
Let’s go through what’s required so you can register your business and get started.
Why register your business?
Anyone can own and operate a business—in the simplest terms, running a business is providing a good or service to consumers for a fee. However, registering your business helps to ensure you are running a legitimate operation in the eyes of the provincial and federal government, as they will have your business on record. As a registered business, you can file taxes as a business and reap business tax benefits.
Having a registered business will also give you access to applying for a business loan and opening a business-specific bank account to keep your finances in order. It will make hiring employees feasible to help your business grow, and provide access to business-specific discounts with suppliers in your industry. It will also boost your profile with your customers, as they are more likely to trust a registered business and view your venture as a reputable option in the marketplace.
Basically, registering your business is a great way to access benefits and support in many different ways, and help you grow as a small business owner.
What type of business will you be registering?
In Canada, there are four different business types: a