Starting a business in BC: Everything you need to know
Starting a business in BC seems like an overwhelming task; however, if you do your research and use the correct steps, it can be rewarding. The following article will outline the steps to take to start your business in BC. – Due to the business legislation, you must register your business with the province’s registry. Once your registration is approved you must register with the Canada Revenue Agency (CRA). – You will need to register with the Canada Revenue Agency (CRA) because you will be required to charge GST to your customers. You will also need an Employer Number (EIN) to remit payroll taxes for your staff.
Starting Your Business in British Columbia
Some people like to starting a business in BC because it’s such a beautiful place to live. British Columbia has beautiful cities like Vancouver, Victoria and Kelowna. It’s a beautiful place to spend your life and start your business. You’ll never regret the decision if you are starting a business in BC. The quality of life is great and it’s a great atmosphere for starting a new business. There are different companies that specialize in starting a business in BC. For instance, Mountain Pro Business Plans Inc. is a company that specializes in helping you start your business. They have a large degree of specialization in helping people start a business. They have a lot of experience and a proven track record of helping people start a business. Mountain Pro Business Plans Inc. also has a great many resources to help people. They have a 24-hour resource line for people that have questions. They have a lot of resources to help people.
How to Choose?
Looking for a business to start in British Columbia? Here are some tips:
- Do research to find out what the latest trends in your industry are.
- Visit your local chamber of commerce to see what other businesses in your area are doing to stay afloat.
- Visit your local area business association to talk with other business owners in your area.
- Sign up for a starter session at university or college to learn what kind of business would be the best fit for you.
Obviously, when doing any kind of research, it’s important to be polite and to not seem too pushy. However, in this case it’s also important to make sure you speak in a professional tone.
Deciding on Structure, Business Type, and Incorporation
The first step is to decide on a structure, which is a way in which a company is organized. There are many options when it comes to this, but the two most common are sole proprietor and corporation. A sole proprietor is a person who is self-employed and they are in charge of all the day-to-day operations of the business. A corporation is a company that is owned by shareholders that can include a single person or a group of people. Deciding on a business structure primarily depends on whether the individual is going to run the company themselves, or if they will have a board of directors to help with management decisions.
Business Licenses, Permits & Applications
Starting a new business in Canada can be a long process. Whether it is with your local municipality or the federal governments, you will need to obtain a number of licenses and permits to ensure that your business is running legally. In BC, there are a number of different permits and licenses that you will need from the provincial government.
As a new business owner, you will need business licenses and permits from the Ministry of Small Business and Moving Forward. This includes a Business License, a WorkSafeBC Fee Approval, a WorkSafeBC Fee Apportionment Certificate, a WorkSafeBC Registration Certificate, a WorkSafeBC General Overseer Registration Certificate, a Sale of Goods Act Notification Certificate, and a Security Services Registration Certificate
Business Taxes in British Columbia
It’s amazing to think of all the ways taxes can affect your business, and it’s good to know the things to watch out for.
Here are a few points to highlight:
- GST and B.C. carbon tax: Contrary to popular belief, you cannot claim your B.C. carbon tax as a business expense and you may be subject to the GST.
- Input tax credits: If you’re a retailer, you can claim input tax credits on goods and services that you purchase for resale.
- GST/HST: The GST/HST is levied on most taxable goods and services. The Government of Canada collects the GST and sends it to the Government of B.C. – then it is your responsibility to collect GST from your customers and remit this to the Government of B.C.Watch out for these, and other hidden costs! Get more information on the Ministry of Finance B.C. Transforming Tax webpage!
- Credit cards: If you accept credit card payments, you may be subject to the credit card tax.
- Hidden costs: When dealing with the Government of British Columbia, keep in mind that: lobbying and paying government grants and subsidies do not qualify for tax credits and refunds.