If you are a new immigrant to Canada and are interested in starting a business, you might be wondering: how do I start a business in Canada? First, you must identify a good business idea. Then, you need to refine it. What are your priorities? What do you want to achieve? Once you have a good idea of what you want to do, you can then start to implement the ideas into your business.
After identifying a business idea, you must decide on a structure. Depending on your intended business, you may want to establish a sole proprietorship. A sole proprietorship is a company with one owner who does the work themselves. A sole proprietorship is tax-exempt and does not require any shareholders. The most common business structure is a corporation, but not all Canadian jurisdictions require that. You can start a business in Canada as a sole proprietor, if you wish.
You can start a business in Canada if you are a non-Canadian. To do so, you must obtain the appropriate work permit through Citizenship and Immigration Canada. Check the requirements for your particular province. You may also want to form a partnership with a Canadian or a landed immigrant to get a tax-deductible business income. In addition to registering your business in Canada, you should also understand the legalities of the business structure in Canada.
In addition to setting up a legal structure, you must show that you have the financial capacity to finance the project. For this, you will need to secure financing for the project. If your business idea is not eligible for financing from a bank, you can look for government financial institutions. A reasonable estimate of financing should be enough to cover your operational expenses for the first two years. If you don’t have the resources to obtain the financing required, you can always seek advice from the Canadian Trade Commission and the Government of Ontario.
After you’ve chosen a business name, you must register it with the provincial authority. For example, businesses in Nova Scotia need to register with the Nova Scotia Registry of Joint Stock Companies. In Ontario, business owners need to register their business with the Companies Branch of the Ministry of Consumer and Business Services. The process is simple and can take one day. If you are a sole proprietor, you may want to incorporate your name with an extra name.
In addition to registration, foreign companies can register with the province they intend to operate in. Foreign entrepreneurs should contact the provincial registry to determine the appropriate process to follow. The requirements for registering a foreign company in Canada are similar to those for a Canadian corporation. However, a non-Canadian must register as an extra provincial corporation in order to operate in Alberta. To operate in Alberta, a foreign company must hire an Agent For Service, which can be an individual or a corporation with a registered office in the province. In case of multiple provinces, they must follow the procedures for each one separately.