Canada is on every entrepreneur’s mind when it comes to choosing a location to set up a business. The country embraces and encourages entrepreneurship like none other. Research proves that the cost of running a business in Canada is 9% lower than in other countries.
With world-class innovation and low corporate charges, the country is doing everything to ensure the growth of entrepreneurship.
Whether you are a foreigner or a resident, setting up a business in Canada can be challenging. However, the good news is that following specific steps and adhering to the rules and regulations, the entire process can be streamlined.
Here we have curated a checklist you can use while setting up your business in the country. Read on to know how:
Decide on the business ownership form
As a potential Canadian entrepreneur, you should know that there are three basic forms of business ownership for you to choose from. This involves sole ownership, partnership, and corporation.
Settling on the right form of business ownership is crucial as it determines the organizational structure of your venture.
For instance, suppose you are a small business owner. In that case, opting for a sole proprietorship would be your best choice. It is the easiest form of ownership and gives you complete control over your venture.
And if you are planning to start a multinational business in the country, opting for a partnership or corporation would be your best choice. It will allow your business to stay financially stable and well-managed.
Learn everything about the registration process
One of the other advantages of setting up a business in Canada is that the registration process is easier compared to other countries. Additionally, the government offers a set of allied schemes and incentives to the entrepreneurs contributing to the economy.
Businesses can get themselves registered at a federal level, typically around five business days. Many provinces allow entrepreneurs to register their business via mail or an online website. According to an Edmonton corporate lawyer, it would be great to have all the necessary documents handy before starting with the registration process.
Businesses can have their license once they meet requirements. For instance, if you are planning to set up a business in Edmonton, your venture should comply with fire, health, and building regulations.
Prioritize the hiring process
According to a recent survey, many Canadian entrepreneurs revealed that hiring employees was not on their priority list during the initial stage. And that ended up disrupting their overall business plan.
Experts exclaim that not hiring employees during the initial stage of the setting up process can add a lot of pressure. It might also force you to do all the necessary work by yourself. This, in turn, can shift your focus from the key responsibilities.
Prioritizing the hiring process can help you build a strong team right from the beginning. The sooner you hire the right people; the better are your chances of aligning them with your vision and mission.
In the end,
Setting up a business in Canada can be a daunting task. However, following a checklist may help you streamline your process and establish a sound business organization.