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At Richmond Business Centre, we are committed to making recommendations to assist our members in all size to succeed. We understand that not everyone knows exactly what to do to when starting a business in BC so we have put together the following checklist for you; you can save time doing administrative research so you can concentrate on doing business.
Assuming you have a business plan in place, the first thing you should do is conduct a business name request, and the approximate cost is $31.5 CAD.
Also, consider your domain name and trademark name before you make a decision for the business name. (e.g. www.youbsuinessname.com). The company name you have in mind may not be available as a domain name or trademark name.
Once you have determined a business name, you can register the business as sole proprietorship/general partnership registration, the approximate cost is $40. For incorporation, you can hire a professional, buy a template package or do it yourself. Most lawyers would charge $2000 for incorporation and they would charge you $200 - $300 annually to keep the minute book. A professional template is approximately $200 plus $400 for the cost of incorporation charge by the government.
Once you have decided the structure for the business, you are ready to open a business bank account. The bank is required to see you company registration documents. They need to determine how many people needs to sign in order to issue cheques which is usually stated in your incorporation article.
Once you have opened you back account, you should sign up for a credit card to build credit for your business. It comes in handy when you need to make bill payments or payments to your vendors. At Richmond Business Centre, we are a customer of Scotiabank. Scotiabank offers a wide range of VISA and American Express credit cards to suit a variety of customer needs, including flexible rewards programs and attractive special offers for new credit card customers. Scotiabank is currently the only Canadian bank to issue American Express credit cards.
The next step is to register for a business license.
Do you know whether you need a license to operate your business? You need to check with laws and regulation at the BC government to make sure you are complying to the law.