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Company Registration

  1. Incorporate Your Business

    • Decide between federal or provincial/territorial incorporation to obtain your articles of incorporation.

  2. Get a Federal Business Number

    • Register with the Canada Revenue Agency to obtain your business number and corporate income tax account.

  3. Register in Other Jurisdictions

    • If operating in multiple provinces or territories, register as an extra-provincial or extra-territorial corporation in those locations.

  4. Apply for Required Permits and Licences

    • Check and apply for any permits or licences your business needs to operate.

Tip: In some cases, you can complete multiple registrations (business number, tax accounts, and provincial registrations) during the incorporation process, depending on the province or territory.

8 Steps to open a Corporation

Why do i need to choose a corporation?

1. Limited personal risk.
 
The greatest advantage of incorporation is the limited liability that it confers on shareholders with respect to debts, obligations and liabilities of the corporation.
2. Number of Owners.
 

Incorporated companies can potentially have an unlimited number of different owners. If the business has or is planning on having a number of owners, incorporation is preferable. First, it is easier to transfer ownership in the business, as all the owners have to do is acquire or sell their shares in the company. In addition, owners/shareholders are only liable to the extent of their shareholdings. They are not liable for any other owner’s personal debt or to their creditors as may be the case in a partnership.

3. Government Grants.
 

Some government grants and programs are only offered to incorporated businesses.

4. Ability to raise capital
 

The ability to issue various classes of shares with preferences as to dividends, redemption or convertibility and to utilize bonds or debentures greatly enhances a corporations ability to obtain funds for expansion or development.

5. Employees. 
 

Corporations can offer shares to their employees as a form of profit sharing incentive thereby sharing in the profits and performance of that corporation without affecting control. The performance of the company therefore affects all and is an incentive for employees to improve performance and thus improve the value of their shares and the profits the company produces.

6 . Possible tax advantages
 

Small Canadian controlled private corporations are taxed at approximately half the regular rate on the first $500.000 of active business income in each year. A corporation also has additional tax planning and income splitting arrangements available.

7 . Continuous existence & ownership is transferable.
 

The death or withdrawal of a shareholder does not affect the existence of the corporation, which enjoys perpetual succession.

8. Ability to hold title to real estate and enter into contracts.
 

A corporation can own real estate and sign contracts under a corporate name.

The right corporate name is very important.

Numbered Corporation
The first step is to decide if you will have a name for the corporation or use a “numbered company”. There is no requirement for the corporation to have a name. You can incorporate a company using a number; for example, “987654321 Ontario Inc.”. Upon successful registration, the Registrar will assign the next sequential number to the corporation as part of its name. A corporation incorporated in this way is a “numbered company”.
 
Named Corporation
Most people prefer to have a name for their corporation to give it a unique identity, to avoid confusion with other corporations, and to give a general idea of the nature of the business to be carried on by the corporation.

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