If you are planning to start your own business in Canada then we suggest few steps which will simplify the whole process:
Develop a Business Plan:
Carry out a conclusive procedure to develop a business plan:
Idea: Select a business idea by identifying the demand of the local market by way of research.
Location: Narrow down a preferred location based on your analysis to ensure greater reach to your target customers.
Business Structure: Select the most appropriate business structure. There are various structures possible however a corporation is the most popular choice.
Shortlist Business Names:
It is important to shortlist at least three proposed names for your business. For a corporate name, it is recommended that you choose a name that both accurately describes your business and is distinct to the chances of the proposed name being approved.
Local Office Address:
A local registered office address is mandatory to setup a company in Canada. Based on your requirements, you can opt for a physical office space or even a virtual office address.
Documents required:
The following documents are usually required at the time of incorporating a company:
For Individual shareholders and Directors: Copy of Passport/PAN Card/Aadhaar Card/SSN/Any other ID and copy of utility bill
For Corporate shareholders: Details of Authorized person, Shareholding Pattern, Copy of Certificate of Incorporation, Articles of Incorporation, Memorandum of Association and PAN Card/any other ID
Company Formation:
Once all the above-mentioned steps have been completed, apply for name reservation, company formation and obtain a business number. You will be required to pay the required government fees.
Apply for relevant licenses/registrations:
After the company is formed, apply for other registrations such as Tax Registration, GST/HST, Import-Export Number, Payroll registration, etc. depending on your company’s requirements and pay the required government fees. There may be certain business activity-specific licenses/registrations that may also be required.
Bank Account opening:
The last step is to open a bank account. In some cases, a bank account may be opened remotely without the shareholders/directors traveling to Canada. However, most banks require the physical presence of the company’s directors in Canada as part of their due diligence process.