EVALUATE YOUR IDEA
Is your idea feasible? Can you make money from this venture?
MARKET RESEARCH
Test the viability of your idea by researching the market, industry, and competition.
DEVELOP A BUSINESS STRATEGY
This is an essential step and critical for the planning and success of your business.
FINANCING
How will you finance your business? Banks and other lenders or investors will often require a written business plan.
BUSINESS STRUCTURE
Consider and select the most appropriate business structure to operate your business: Sole Proprietorship, Partnership or Corporation
BUSINESS NAME
Submit your Business Name Request (NR) for approval.
REGISTER BUSINESS
Register the business with your chosen structure using your name approval.
BANK ACCOUNT
Open a business bank account.
WEBSITE
Consider reserving the domain name of your company to establish your website
PAYROLL, TRADE, AND TAXES
Open accounts under your Business Number (BN) as required (e.g. GST/PST, payroll, import/export). GST accounts are required if gross annual revenue is greater than $30,000. PST has no threshold for most businesses.
BUSINESS LICENCE
Contact your municipality for a business license
LAWS & REGULATIONS
Determine whether any industry-specific licenses and/or regulations that may apply to your business.
INSURANCE
Ensure your business is protected.
EMPLOYMENT STANDARDS ACT
Ensure you’re aware of your requirements as an employer under the Employment Standards Act
PAYROLL DEDUCTIONS
Open a Payroll Deductions account under your existing Business Number (BN) or obtain a BN if you don’t already have one.
WORKERS COMPENSATION
Register for workers compensation coverage for your employees and yourself.
British Columbia Incorporation Service
Company Formations Canada provides fast and easy British Columbia Incorporation Service to Canadian residents and non-Canadian residents wishing to start and operate a new business in British Columbia and Canada:
British Columbia Incorporation service for Canadians
British Columbia Incorporation Service for Non-Canadians residents
British Columbia Extra-Provincial Registration
British Columbia Registered Agent Services
Foreign Company Registration in British Columbia
