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Registering a Small Business
If you've decided running a small business is your best avenue to a profitable second income, make sure you've considered the following:
Doing a Name search
First, choose a name that reflects what your company does, either in the name itself, or in the tag line below: for example, if you want to call yourself by your
name, Joe Smith, that is fine, but ensure that you qualify your business by stating what you do. Joe Smith, Investment Consultants could be your company name,
and "specializing in real estate portfolio management" could be your tag line. This would clarify what kind of investments you consult about.
Also, when asked, you should pay the extra few dollars for a national name search - you should plan for growth, and ensuring your business name can be 'yours'
when you are ready is important! You don't want to find out later that someone else has a business name too similar to yours, which could disrupt any work you've
done on your brand, website, materials, etc.
How much does it cost to register a Business?
Each province has a different cost structure, so if you go to the following link and click on the flag of the province you are interested in, it will give
you a contact number to call to inquire.
http://www.canadabusiness.ca/gol/cbec/site.nsf/en/contact_us.html
Business Number - do I need one?
If you open one or more of the following Canada Revenue Agency's found major business accounts, you will need a business number (BN); these accounts are:
- Corporate income tax
- Import/export
- Payroll deductions
- Goods and Services Tax (GST)
Business Number Registration Kits can be obtained at one of the many Canada Revenue Agency offices.
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