Starting a business in BC can indeed be very exciting and rewarding. One of the most crucial steps here is to register your company name while incorporating in BC. A unique name will help your business establish its brand identity and win the trust of your target audience. This guide will walk you through how to register a company name and answer common questions about BC incorporation.
Why Register a Company Name When Incorporating in BC?
A registered company name helps you:
- Make sure your business identity is unique and distinguishable.
- Follow the necessary legal requirement for incorporation in BC.
- Protect your business name from people using it.
- If you don’t register a name for your company, you’ll end up with a numbered company, such as 1234567 B.C. Ltd., which doesn’t have the same personal touch as a distinct name.
Should I Incorporate Federally, or Only in British Columbia?
Consider the following in your decision for federal incorporation versus incorporating in BC, when taking into account your business operations:
Federal Incorporation
- Benefits: Allows your company to continue business within the same name throughout Canada. Great for businesses seeking expansion throughout Canada.
- Disadvantages: Higher requirements on compliance, probably higher costs.
BC Incorporation
- Advantages: Easier and cheaper for companies doing most of their business in British Columbia. Being provincially incorporated does not stop you from doing business outside BC; you would simply register in other provinces, as needed.
- Disadvantages: Those are limited to BC, concerning the primary legal protection of a business name. Unless national operations are planned, for most BC-based small businesses or startups, it will be a pragmatic choice to file an incorporation in BC.
More information about the difference between the Federal and Provincial corporation you can find here:
How to Register Your Biz Name When Incorporating in BC
1. Understand Naming Requirements
When incorporating in BC, your company name must meet the naming requirements set out under BC law:
Unique: It should not be identical or substantially similar to any existent name.
Descriptive Element: It should be representative of the activities involved in your business.
Legal Termination: Must have the ending “Ltd.”, “Inc.”, or “Corp.”
2. Name Search
Use Incorp Pro’s Name Pre-Search system to search for existing company names. This step helps confirm whether your desired name is available while incorporating in BC.
You can access the Nuans Canada Online system online and get the name pre-approval
Think of using variations of your name which may be more likely to be accepted.
3. Reserve Your Business Name
Once you’ve identified an available name, submit a Name Request application.
- Choose any three names in order of preference.
- A name reservation fee is incurred.
- Approvals usually take 1-2 business days but may take longer at times of high volume.
4. Incorporate Your Business
After getting your name approval, proceed with the incorporation process using the approved name by filing the incorporation documents through the BC incorporation online portal.
How to Incorporate in British Columbia?
1. Decide on the Business Structure
- Incorporation: There is a choice of incorporating in BC as a BC Corporation or as a federal corporation – under the Canada Business Corporations Act. Most people incorporate under BC for operations within the province.
- Otherwise, you may operate as a sole proprietorship or partnership if it does not need to be incorporated.
2. Selecting a Company Name
You can either register a name of your choice or operate with a numbered company: e.g., 1234567 B.C. Ltd.
To choose a unique name:
- Name Search Conduct a name search to ensure that the name is not currently in use using the Incorp Pro Name Pre-Search system:
- Reserve the Name: File your name choice using the Incorp Pro Name Pre-Approval service. You will receive a name reservation for 56 days.
3. Prepare Incorporation Documents
- Incorporation Agreement: This is a document that all the incorporators must append their signatures to while incorporating in BC.
- Articles of Incorporation: These provide the stipulation for the governance of the company.
- Share Structure: Specify the amount and kind of shares the corporation may issue.
- Registered Office Address: A physical BC address, not a P.O. box, to which legal correspondence is sent.
- Directors and Officers: This involves information about the directors, such as name and address.
Incorp Pro is happy to prepare all the following documents for you to make incorporating in BC process easy, all you need to do is to submit a simple form online:
4. Filed Application for Incorporation
- File your incorporation online via the Incorp Pro portal.
- Fill out your incorporation form completely online.
- Pay the filing fee: roughly CAD 499 for most incorporations.
- Incorp Pro provides a 2 business hours incorporation service for numbered companies, and 1 day service for the named.
5. Get the Certificate of Incorporation
You will receive upon approval:
- Certificate of Incorporation: This is a legal proof that your company exists.
- Business Number (BN): This number is assigned by the Canada Revenue Agency for taxation purposes.
6. Registration for Taxes
When incorporating in BC, If applicable, register with the CRA account for required tax accounts such as GST/HST and payroll deductions. Incorp Pro can save your time and register the CRA accounts on your behalf. If you’re carrying on certain activities, make sure you meet BC’s Provincial Sales Tax (PST) obligations.
7. Acquire more licenses and permits
Depending on your type of business and where you are located, you may be required to obtain municipal, provincial, or even federal licenses or permits after incorporating in BC.
Apply the BizPal online tool to confirm necessary permits and licenses.
8. Corporate Records-Keeping
Keep updated corporate records, including:
- Shareholders’ register.
- Meeting minutes.
- Annual filings with BC Registries.
- Ongoing Obligations
- Annual Report: It includes filing the annual report with BC Registries so that the company remains active every year.
- Taxes: File the income tax return for the corporation with the CRA.
- Compliance: Ensuring the company is in compliance with industry-specific regulations.
With these steps, your company will be legally incorporated, ready to take on the world-or at least British Columbia. If there’s anything you don’t understand about these points, let us know!
Frequently Asked Questions
1. Do I need a lawyer to incorporate in British Columbia?
No, you don’t have to use a lawyer to incorporate in BC. However, you may consult a corporate registry professionals like Incorp Pro:
- To ensure your incorporation documents are both accurate and compliant.
- To provide tailored Articles of Incorporation for your business.
- For advice on share structures and corporate governance.
- If your incorporation is basic, you can do this online yourself. If your company’s needs are very complicated, seek professional help.
2. What is an Incorporation Number?
An incorporation number is a unique number assigned to your company when it is registered through BC Registry Services. It will be used for record-keeping and official correspondence with the government. A typical BC Corporation Number is a 9-digit number, for example: BC123456789
3. How long does it take to incorporate in BC?
Timeline of Incorporation in BC depends on how you file :
Online Filing: This usually takes 1-3 working days. The Incorp Pro can expedite the incorporating in bc process and file the numbered corporation in just 2 business hours, and the named one in 1 day.
Filing by Mail or In-Person: It may take several weeks because of the processing times required manually.
It is considerably faster to use online incorporation.
4. What Happens If My Name Request is Denied?
If your Name Request is refused, this is not something to be alarmed about-you can always resubmit the request. Use the refusal reasons from BC Registry Services and revise your name to suit their requirements.
5. Can I change my company name after incorporation?
Yes, you can change your company name post-incorporation by submitting an application for a name change and paying a small fee.
6. Can I use my company name across Canada once I have incorporated in BC?
Yes, but you may need to register your company name in all other provinces where you operate, first to avoid conflicts, secondly to fulfill the requirement of the local regulation.
Conclusion
This process of registering your company’s name is a very significant part of learning how to register your business in BC. Bear in mind that reserving a unique and compliant name is an important step, as it puts your business in the best position for success. Take advantage of BC’s Name Request system and the online services of BC incorporation in order to simplify your processes. Whether it be incorporating in BC a small startup or expanding nationally, this knowledge will greatly help while going through the incorporation process and by understanding what requirements and costs come with the incorporation of a company. Otherwise, advice may be sought from a professional. Start your journey toward successful BC incorporation today!