Are you eager to be your own boss and take charge of every detail that goes into building and growing a company? If so, you’re likely considering the idea of setting up your own business. There are several steps you’ll need to tackle first. From formulating a business plan to establishing a customer base and forming partnerships with suppliers, every element counts. One of the key steps is ensuring you register your business with the appropriate local or federal government authorities to begin operations.

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Registering your business is a crucial step that makes sure you have the necessary licenses or permits, file your taxes correctly, and gain access to the funding and support that government agencies offer. This guide will walk you through everything you need to know about registering your business in Canada, including:

• The preparation involved before getting registered

• Obtaining a Canadian visa if you’re relocating

• How to open a non-resident business in Canada as a Canadian citizen or an expat

• Expanding your existing business into Canada to tap into new markets

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What is required to register your business in Canada?

Preparation before registration

Before you can officially start your business, there are several decisions to make regarding the kind of company you want to build. The legal entity you select and the business name you decide on will be fundamental, so it’s worth spending time on these aspects. Getting professional advice can also be valuable.

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Selecting the right business type

When it’s time to register your business, you’ll need to decide on the legal structure your business will follow. Common options include sole proprietorship, partnership, corporation, and co-operative. Every business structure has its own pros and cons, so make sure to do your research and find the one that best meets your needs.

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Your unique business number

After you register your business with the federal government, you will receive a Business Number (BN). This number is essential for various dealings with the government, such as handling taxes, managing payroll, and obtaining import licenses.

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Registering with provincial and territorial governments

Aside from registering with the federal government, you’ll also need to register with your provincial or territorial government, depending on where your company is based. The specific steps differ depending on your location. See what permits or licenses might apply to your business and industry by visiting the Government of Canada website.

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Starting a business in Canada as a non-Canadian

If you’re planning to establish a business in Canada but you’re not a Canadian citizen or permanent resident, there are extra steps you must take. Securing the proper visa is one important factor, and you’ll also need to figure out how to handle money across multiple currencies as you set up your business.

Using a free Vault multi-currency account can streamline the management of your finances. This multi-currency account lets you hold various currencies, manage international payments easily, and ensures you always get the interbank exchange rate with no hidden fees.

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Expanding your international business into Canada

If your goal is to extend your business into Canada, there’s a wealth of support, advice, and even funding available to help you succeed. Look to resources like the Canadian Trade Commissioner Service or Invest in Canada to gain insights into local incentives, support services, and market-specific intelligence that could benefit your expansion.