Company registration bc Canada. The advantages of incorporating a small business in BC Canada include:
No. 1: Personal asset protection.
Corporations allow owners to separate and protect their personal assets. In a properly structured and managed corporation, owners should have limited liability for business debts and obligations. Corporations generally have more corporate formalities than sole proprietorships and partnerships that must be observed to obtain personal asset protection.
No. 2: Additional credibility and name protection.
Adding “Inc.” after your business name can add instant legitimacy and authority. Consumers, vendors, and partners frequently prefer to do business with an incorporated company.
No. 3: Perpetual existence.
Corporations and LLCs can continue to exist even if ownership or management changes. Sole proprietorships and partnerships just end if an owner dies or leaves the business.
Corporations are incorporated in British Columbia in Canada in 5 steps:
Step 1: Request Name Approval and Reservation
To ensure the public is not confused or misled by similar corporate names, new corporate names must be approved by BC Registries and Online Services. If you choose to use the incorporation number as the company’s name (for example 0123456 B.C. Ltd), you do not need a name approval and reservation. The incorporation number is assigned by us at the time the incorporation application is filed.
Step 2: Establish Your Company’s Articles
The articles are the rules for the company, shareholders, directors, and officers and they become part of the company’s formal records.
Step 3: Prepare an Incorporation Agreement
An incorporation agreement must be signed by each person (incorporator) forming the company. Usually, the incorporators will become the shareholders and directors once the company is incorporated.
The agreement becomes part of the company’s records and must contain:
The agreement of each incorporator to take one or more shares of the company The signature of each incorporator opposite their full name and the date each incorporator signed the agreement The number of shares of each class being taken by each incorporator.
Step 4: File an Incorporation Application
Submit your incorporation application to the BC Registries office. To ensure you have all the information you need before you start the online application, we recommend you fill out a paper copy of the application first.
Step 5: Keep Documents as Part of Your Company’s Records
Once your application is processed and payment received, the British Columbia registries office will send you the following documents by email or mail (depending on the notification method you selected):
- The original Certificate of Incorporation
- A certified copy of the Incorporation Application
- A certified copy of the Notice of Articles
- A cover sheet that includes the company’s incorporation number and business number
Keep these documents as part of the company’s records. You will need the incorporation number when you file other documents with us. You will need your Business Number when applying for a GST number or other accounts at Canada Revenue Agency or the Ministry of Finance.