How to incorporate a small business in BC: You Planet
Incorporating isn’t rocket science, and it won’t take you light years to execute. Here are a few steps to take you from where you are now to more profitable space.
Step 1: Registering your business name
If you would like your incorporated company to have a specific name then you will need to have the name approved and confirm that it’s not already being used.
Only incorporated companies, cooperatives or societies can guarantee exclusive use of their name. There is no name protection for the name of a sole proprietorship or partnership, as this applies to incorporated companies, cooperatives and societies only.
Here’s the link to the BC website where you can make the application for your business name reservation: https://www.bcregistry.ca/namerequest
Step 2: Incorporate your business
Once you have approval for your name you can begin the incorporation process.
Option A: Do it Yourself
This option is the cheapest and quickest (~$350.00). This is ideal for a single shareholder (the business is owned by one person). If there are multiple owners or multiples businesses owned by the same individual, guidance from a lawyer and accountant is highly recommended.
You can complete the process directly with the BC Corporate registry here https://www.corporateonline.gov.bc.ca/
Alternatively, you can also do it on Ownr.co. This platform is much more user friendly and has easily accessible forms that you will need for your records. The cost for using Ownr is around $600. However, they have promotions and discounts which will bring amount much lower. Our partnership with Owner will offer you a 20% discount: www.owner.co **** additional link to be provided
Option B: Use the services of a lawyer
If you have multiple owners of the company, then you will need a more complex share structure to be tax efficient and minimize liabilities. Furthermore, if you have or will have multiple companies it is also best to consult with a lawyer. Usually, lawyers will work in tandem with your accountant to create an incorporation that is suited to your specific needs.
Fees for hiring a lawyer will be higher than doing it yourself. Lawyer, usually charge $1,000 plus for an incorporation. However, you can be certain that everything was done correctly.