Company Registration in British Columbia: Steps, Costs & Benefits

If you’re planning to start a business in Canada, British Columbia (BC) offers a fertile ground for entrepreneurs. With its vibrant economy, diverse population, and welcoming business climate, British Columbia has become a hub for innovation and opportunity. 

This guide will cover the procedure for company registration in British Columbia. Along with that, it will cover the types of business structures, expected costs and benefits of registering a business in BC. 

Why Choose British Columbia for Your Business?

British Columbia is home to more than simply breathtaking scenery and energetic cities; it’s a province brimming with economic potential.

Here are some compelling reasons why BC is an ideal location for your business:

• Diverse Economy: From technology and film production to natural resources and tourism, BC’s economy is as diverse as its geography.
• Strategic Location: Positioned on Canada’s west coast, BC provides easy access to Pacific Rim markets, making it a gateway to international trade.
• Supportive Ecosystem: The province offers numerous grants, funding opportunities, and resources for small businesses and startups.
• Quality of Life: A high standard of living attracts top talent, giving your business a competitive edge in recruitment.

Types of Business Structures in British Columbia

Prior to beginning the registration procedure, it’s essential to choose the right business structure for your firm. Every structure has unique financial and legal ramifications.

1. Sole Proprietorship: This is the simplest type of company in Canada and it does not distinguish between personal and business liabilities.
2. Partnership: Ideal for companies with two or more owners. Partnerships can be general or limited, with varying degrees of liability.
3. Corporation: A corporation in Canada is a separate legal structure providing limited liability, simpler access to finance, and possible tax advantages.
4. Co-operative: Perfect for companies which are owned and operated by a group of people for mutual benefit.
5. Limited Liability Partnership (LLP): Frequently utilized by professionals like lawyers and accountants, LLPs provide liability protection for individual partners.

Steps to Register a Company in British Columbia

Registering your company in BC covers numerous steps, all of which are essential to guaranteeing that your company conforms with provincial laws.

Here’s a step-by-step guide:

Step 1: Choose and Reserve a Business Name

Use the BC Name Request System to check the availability of your desired business name. The name can be reserved for a maximum of 56 days in order to secure it during the registration process.

Step 2: Choose Your Company Structure

Select the business structure that works best for your company: corporation, partnership, sole proprietorship, co-operative, or limited partnership.

You can speak with our Canadian incorporation specialist to choose the structure that works best for your company.

Step 3: Register Your Business

If you’re registering a sole proprietorship or partnership, file your business name with BC Registries and Online Services. 

For a corporation, prepare and file the required incorporation documents, including the Notice of Articles and Incorporation Agreement, through BC’s Corporate Registry.

Step 4: Acquire a Business Number (BN)

Enroll for a Business Number through the Canada Revenue Agency (CRA) to facilitate tax accounts such as GST/HST and payroll.

Step 5: Register for Provincial Taxes

If your business collects sales taxes, register for the Provincial Sales Tax (PST) with the BC government.

Step 6: Create a Bank Account for Your Firm

Create a bank account for your firm to distinguish your personal and business finances and ensure financial organization.