How do I Incorporate my Business?
If you have grown your business to the point where you would like to incorporate it or if you would like to create a new corporation for tax planning purposes, the actual mechanical process of incorporating a business is not daunting or complex.
Incorporation is a process for which a lawyer can take care of this for you, but if you would like to incorporate a company yourself, you can follow these basic steps:
- Select and reserve a name for your company with the BC Corporate Registry. This can be done online at BC Registry Services, or in person at a Service BC location. This step allows you to reserve a company name for 56 days while you complete the incorporation process.
- Compile documents before you incorporate your business Before you actually incorporate your company, you should have:
- Incorporation Agreement – simply an agreement that outlines your corporation and signed by all shareholders of the corporation.
- Company Articles – a document containing rules by which your corporation is governed by; for an example, see this Sample Incorporation Agreement
- File an Incorporation Application with BC Corporate Registry. You can file the incorporation application online, or fill it out and submit it to a law firm or registry to have them file it on your behalf.
- Receipt of incorporation confirmation from BC Registry. They will also provide you with a 9 digit business # that is your corporation’s identification # with the Canada Revenue Agency (CRA). Your CRA business # will allow you to register your corporation for a payroll and GST account with CRA.
That is a brief overview of the incorporation process. A lawyer can help you with the process if required, contact us for more information.