Chances are high that you plan to kick off a new business in Canada or why else would you be here? The idea of starting a business in Canada sounds interesting. To be able to give a tangible shape to your idea, it is important that you undergo a neat study of the Canadian market in general and Canadian mercantile law in particular. A budding entrepreneur must pick up an excellent grasp over Canadian business structure, Canadian taxation system and the Canadian custom and review agency (CCRA). This detailed research guarantees business success to a great extent.
There are two jurisdictions under which a business in Canada can be incorporated. First is under the Provincial law and second is under the Federal law. If you plan to limit your business operations to a particular Canadian province, you will have to adhere to the Canadian provincial law. Likewise if you plan to spread your business all across the country, you must hold on to the Canadian Federal law.
Once you are through with the initial stages of inception of a business idea, formulating a business plan and selecting a business name, you need to register the decided company name. It is mandatory to register the business name for almost all types of businesses in Canada. Following this, you will have to arrange for the finances. If you finance the business from your pocket altogether, what better? If however, you need some external source of financing, you may have to consult leading Canadian lending banks to obtain the same. Thereafter you will be required to obtain the necessary legal business license depending on the type of business that you plan to establish. Barring some exceptions, GST/HST registration is mandatory in Canada if sales exceed $30,000 within a calendar year. Last but not the least; you will have to arrange for business insurances in order to protect your business from risks and uncertainties.
The initial stages of setting up a business do seem overwhelming; however with the support of the cooperative Canadian Government, it soon becomes relatively easy.