Steps to Incorporation, Part 3

Here is the last part of our blog series.  Enjoy!

At this point it is time to physically complete the registration of a new corporation.  If you haven’t yet completed a NUANS, you would do so at this point.  If your corporation is a numbered company, then no NUANS is needed.  Registration should not typically be done directly through a registry as you don’t get a completed minute book from most registries.  Even if you are able to receive a completed minute book, you should still be working with a professional to ensure the minute book has everything you need in accordance with the structure you’ve decided on.  Having a minute book is very important as we’ll discuss in a later blog of this series. 

You also need to determine if your corporation needs a Corporate Seal, which is really an impression stamp that is used as a type of signature for your corporation.  This may be used for signing documents for loans, lines of credits, mortgages and other debt instruments.  It can also be used for signing documents when you are purchasing assets such as Real Estate.

Now that you have your Corporation registered, there are only a few more steps to get it fully operational.  These are quite simple steps.  You will need to ensure you have the correct components of your Business Number registered with CRA (Canada Revenue Agency).  The main 4 components that you may need are Corporate Tax (required with a Corporation), GST (Goods & Service Tax), Payroll, and Import/Export.  These are explained in our business start up guide and in Kustom Design’s blogs on our website.

You will also need to set up bank accounts for the corporation.  It is always good to set up a chequing and a savings account as you should put money aside for taxes when you earn income (Corporate tax and GST).  There are of course other considerations in starting your business such as licensing and insurance.  To see all the things you should look at doing when you start your business Kustom Design has a Business Start up Checklist, so please do inquire!