Starting Your Own Business: Laws and Regulations

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Presentation transcript:

Starting Your Own Business: Laws and Regulations

Register your Business Name you may register your business name online to make sure that your name does not conflict with any existing business The online fee is $31.58.

Register Sole Proprietorship or Partnership You’ll need: the Name Approval Request number found on your approved Name Request results. business and partner(s) address information. the existing Business Number, if applicable. the start date of business in British Columbia. pay $40.00 fee

Corporation Will need to go through another set of procedures Can be found http://www.corporateonline.gov.bc.ca

Obtain A BN Number You’ll need to obtain a business number from Canada Revenue Agency (CRA) This number will be used to identify your business (particularly when you are doing your taxes)

Apply for GST/PST/HST number You’ll need one if you are selling or leasing taxable goods or services

Register for Payroll Deductions with the CRA if you are an employer and pay salary, wages, bonuses, vacation pay or tips to your employees

Register with WorkSafeBC (1) If you are employing staff, you’ll need to register with WorkSafeBC – Workers’ Compensation Board of B.C., so that you cannot be sued for the costs of a work-related injury or disease.

Register with WorkSafeBC (2) If a worker is injured while on the job during the course of employment, WorkSafeBC pays for the worker's entire medical and wage-loss costs. Visit www.worksafebc.com

One Stop Registry You can register at BC Registry Services to obtain a business license or You may register in person at the License Office located in the City Hall

Business License How to Register: the business name, address and phone number the start date of business the type of business (commercial, industrial, home based, other) the total floor area of business (for farms, this does not include total acreage) the municipalities (city) in which the business will operate

Protect Product Idea or Intellectual Property http://www.cipo.ic.gc.ca/

Obtain necessary permits http://www.bcbizpal.ca/