Business registration in Canada - An overview of the process of registration
Business registration in Canada is a very crucial step in beginning a new business in Canada. Provinces in Canada require that you register with them respectively. Most of the provinces offer online registry services ensuring swifter, more accurate and authentic registry processes.
Business registration in Canada is based on the form of the business you chose to start. There are basically four different types of businesses under which you can register your business.
- Sole proprietorship
- Partnership
- Corporation
- Cooperative
The process of registering a sole proprietorship & partnership is very easy and swift. All the required information have to be shared with the registry agent and the necessary fees need to be paid. However there are some exceptions. A sole proprietorship firm that uses only the owner's legal name sans additions is exempted from registration. New Foundland allows sole proprietorships as well as partnerships to conduct their businesses without registering their business names.
Here are some of the documents or information that one should share with the registering agent for a business registration in Canada.
- The registered business name or the name recorded in the Canada Revenue Agency or the CRA.
- The 9 digit CRA Business Number will have to shared to get a unique User Identification name or User ID and a password to conduct the business registration in Canada online.
While registering a corporation, the articles of incorporation, an incorporation application and a cover letter will have to be prepared. As most of the formalities are today completed online, verification and processing is swifter and more accurate.
Therefore business registration in Canada is hassle free with minimum turn around time. It is vision of the Canadian government to offer the most conducive conditions for global investors as well as Canadian nationals to start new businesses.
Hence a key stage such as business registration in Canada to start a business in Canada, has been de regulated and de-centralized. Every province seeks the services of contractual service providers who are selected only after a very rigorous screening process, since the information they will handle while processing the registration is very confidential and sensitive.
The use of independent third party service providers for such processes speeds up the whole process and starting a new business venture in Canada becomes a single window operation. Since the provinces want to attract the best business opportunities, they are willing to co-operate and help with processes such as registration, business name selection, counseling against trademarks and sometimes even intellectual property rights infringements.
Therefore business registration in Canada is fast-track with the minimum of time required to get the clearance to conduct a business in Canada legally. The documentation and the processing of registrations are entirely dependent on two main factors. First the nature of the business you intend to do- partnership, sole proprietorship, corporate etc. Send the province in which you decide to establish your business. As the rules and form are province specific the gestation period is well worth the wait to begin your dream business in Canada.
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