Looking to start your new venture! Incorporation Guide: Topic 1

Registering a Corporation in Ontario has never been easier.

 We also advise on what items should be considered when starting a new business.

Focus on these items when considering a new venture.

·Looking to Incorporate a Named or Numbered Corporation (important decision)

·Search and secure your desired domain name and register.

·Setting up tax accounts for HST, Payroll and Import/Export,

Is not necessarily one of the first steps required when incorporating or starting a business.

·When incorporating, a Form 1 must be completed within 90 days and submitted to the Provincial authorities.

·A Minute Book is required by Canada Revenue Agency, a Seal is optional.

·Connect with our Incorporation Learning Centre to learn about the benefits and pitfalls of incorporating.

·Client exclusive free biz guide to support you as you start your business

Incorporating your business is the first step in creating your business’s legal identity, brand establishment and the start to achieving your goals.

Establishing a corporation can help boost your business, including branding, but incorporating is not necessarily the first step. An incorporation has protection within Canada and never has to be renewed or re-established, as long as it is a provincial corporation. Flexibility to make any change to the corporation, including the name, corporate directors, officers and shareholders, including the structure  any address changes and sale of the corporation are allowed.

 A corporation also provides you with the best available tax rate for a business in Canada, where an Ontario incorporation is taxed at 13.5% as of 2021.This is much lower than the personal tax rate available when you register a business, such as a Sole Proprietorship or a General Partnership. Corporation also benefit from having access to funding such as angel or capital funding not available for its counterpart as the Master Business Licence.

There are always risks associated with anything in life, and having a business brings new risk factors to the shareholders, directors and officers of the corporation. A corporation provides the most protection available to separate the people who own the business from the risk associated with the business. This is usually a significant reason for entrepreneurs to opt into incorporation versus registering a small business. A corporation offers the adjustability to expand from one business owner to a complex structure of an unlimited number of owners with access to wide-ranging share structures for the specific entity’s needs. The possibility to offer shares to employees as a profit-sharing incentive where the business provides an opportunity for minority ownership benefits.

For more details, look for incorporation guide topic 2 or talk to Asifa Baig , + 1 6476382755 GenNext CPA or push an email to asifa@gennextaccountants.com

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