Before you are incorporated
Unless you are sure your clientele stays within a province permanently (a good example is a restaurant), we would suggest you apply for a Canadian federal corporation. Because:
- When your corporation name is federal, no other business owner can get the same or similar name in any other provinces; but when your corporation name is provincial, other people can register the same name in any other provinces.
- It only takes 2-3 business days to register a federal corporation when we are well prepared; it takes at least a week to register a provincial corporation.
Please also be advised that:
- If you don’t mind to keep a low profile to your business, we can register a numbered company for you, such as
- 51885888 Canada Inc. or 51885888 Ontario Inc.
- it is a random number allocated by the government so no one has the control
- the only beauty of a numbered company is to save you a headache to come up with a wonderful and unique company name
- there is an annual filing fee of $20 for all federal companies while provincial companies don’t have this fee
If you wish to let us register a federal or provincial company for you, please kindly call our Admin Team at 416-890-1596 and ask for the incorporation information form.
After you are incorporated
- Approximately one week after the registration is completed, you will receive a letter from CRA notifying you your business number. The number always has 9-digits, e.g. 58588 5888 RC0001. The letter C means it’s a corporation and this is not your HST number yet.
- Unless your business is HST exempted (such as some healthcare professions), you will need to call CRA to get your HST number.
- We will activate the HST number for you unless the service you provide is HST exempt (for example when you provide some medical services). The first 9 digits of your HST number would be the same as your business number, it’ll look like something as 58588 5888 RT0001. The letter T here means it’s an HST number.
- With the incorporation document we send to you, you can go to any one of the five major banks to open your business accounts. Each business has its own transaction pattern, some of them have lots of cheque deposit while some others may conduct thousands of e-transfers or wire-transfer in a month. So you will need to shop around and make the decision based on your type of business. Having said that, each newly started business will need:
- one business chequing card (mandatory)
- one or multiple business credit cards (optional but suggested)
- have e-transfer enabled
- Now your business is up and running and you will need to consider how you want to do your bookkeeping and accounting. We recommend QuickBooks Online. For more details please see our service page.