How to Start A Business In Canada
There is not a better time than now to start a business in Canada. Well, the timing is always perfect when it comes to businesses in Canada which is showcased in its flourishing economy. There are many reasons why an entrepreneur should not look elsewhere but build a business right at home in Canada.
First on the list is the low cost of living in Canada which makes it radically cost-effective to start a business venture. The government is also very supportive of entrepreneurs in Canada, that is regardless of whether you are a giant tycoon or a startup. Businesses have access to tax credits and government grants or financing especially for new businesses out there.
There are also tons of top-notch talents that are ripe for the picking especially if you are looking for technical talents. The University of Toronto and University of Waterloo are dubbed to be two of the best engineering schools in the country. In fact, tech giants like Facebook and Google recruit from there.
Here are the steps on how to start a business in Canada:
- Weigh your business options. You have to determine whether you would want to start a business right from scratch or if you want to buy a franchise. This will really depend on your competency level as an entrepreneur. Most newbie entrepreneurs would find it more appealing and profitable to start out with a franchise and then scale their business by developing their own brand as the business progresses.
- Register your business. This is required for Canadian businesses. You should decide on the form of business ownership, find a business name that embodies your brand, and then register your business name.
- Get a business license. This is a must for businesses in Canada. You can check out BizPal to know the specific licenses and permits that is applicable to your business.
- Register for GST/HST. If for incase your new business has a total gross income more than $30,000 then you will need to register for a Goods and Services Tax or Harmonized Sales Tax. There is however a Small Supplier exemption for the taxes. If for instance you are operating as a small supplier but would meet or exceed the $30,000 mark, then you would need to comply with the taxes. It is also advisable to register for the GST/HST right away because you will gain Input Tax Credits which will be another source of revenue to get back what your business has paid for.
- Register for Provincial Sales Tax. Depending on where your business is located, then you would need to register for a provincial sales tax in that region. You can also sync this with your GST application for your convenience. If you will be starting a business in Quebec, then your need to register for a Quebec Sales Tax. If you operate in British Columbia, Manitoba, or Saskatchewan then you will need to register for the Provincial Sales Tax.
- Get insurance. For any type of business, whether you operate from home or an office building, you would need insurance to protect you, your property, and employees from liabilities.
Opportunities abound in Canada especially for serial entrepreneurs looking to start something innovative. The low cost of living is also superb because you get to save up on costs because it is relatively cheaper to build and grow your company right in Canada than elsewhere in the world. Yes, all eyes are on Canada now as the best location for setting up your business venture.