Setting up a Company in Vancouver can be overwhelming at first. There is just so much to do in so little time. This comprehensive guide can be used as a simple to-do list and help you turn your dream of becoming an entrepreneur a reality. International Student Summer Vacation Program Canada.
1) Come Up With A Good Business Idea – This is the base of all. In other words, this is when your business is born in your mind.
📷
2) Write A Business Plan – The idea you have come up with now needs to be groomed. Give it shape by writing a business plan. Writing a business plan can help you answer many questions. It will help you live the challenges before they actually happened and would give you a window to look for the solutions beforehand.
3) Choose A Name For Your Business – There are two things that need to be kept in mind while choosing a name for your business. One the business name’s marketing potential and the legal elements. Summer Schools In USA & Canada.
4) Pick A Form Of Business Ownership – For starting a business in Canada, you can have basic forms of business ownership – the sole proprietorship, the corporation, the partnership, and the cooperative.
📷
5) Register Your Business Name – Now, you have an idea, business plan and a name for the business, it is time to set up your company and the get name of your business registered.
6) Find Small Business Financing – Every small business is bootstrapped in the beginning but some ideas do need an infusion of funds from other sources to take off from the ground.
7) Register For The Goods And Services Tax/ Harmonized Sales Tax (GST/HST) – If the gross income of your business exceeds $30,000, you also have to register for GST/HST. You might want want to register for GST/HST even though you’re not making much money to start with because of the Input Tax Credits. This would help you get back the GST/HST, your business has paid out on purchases.
📷
8) Go For Accounting Support Service In Vancouver – GST/HST is just one thing of many legal things you have to deal with. Outsourcing the work will help speed up the process and therefore will help you focus on things like arranging finances for the company.
9) Hire Employees – It is amazing how quickly a business can pick up and in no time, you will be in need of hiring employees to keep going. With this, comes payroll and other formalities that an accounting service provider can help you with.
10) Buy Business Insurance – Protect your new business by taking up all the relevant insurance policies.
11) Get Your Business Records Off To A Good Start – Keeping good records from the first day, would make things like accounting and paying taxes so much easier.
12) Marketing Your Business – This is important for the survival of your business. An effective marketing strategy is a key to success in business.