Canada was enlisted in Forbes as the best location to start your business in 2012. The startup visa Program, introduced by the Canadian government plays a huge role in the massive growth of entrepreneurs in Canada. Moreover, stats portray that the crime rate of this country is extremely low, in comparison to other countries which makes it a safer option as well.
There are different business ideas that one can opt for, when planning to start a business in Canada. You can build a real estate enterprise or you can start your transport company too. The options are endless. Canada shares an unguarded border with the United States which makes shipping from Canada to the US easy and quick. Thus, the transportation and storage industry runs successfully in Canada.
Starting a business is an overwhelming process, no matter where you begin. In Canada, one has a lot of options and if you follow the laws, you will find immense ease in the procedure. But, following some basic steps is crucial as they help you start in a professional manner that sets you off for success.
Business Plan
Generating an idea is the first step to starting a successful business. What do you want to do? Why do you want to do it? How much are you willing to invest? Is the Canadian audience interested in whatever you are planning to start? Do your research before you start? Once you have measured all odds, then craft a business plan. Even if you are starting small, a game plan is important as it helps you remain on the right track.
Make sure that you think of a catchy name for your business too. In Canada, there are a lot of restrictions on different names, thus you have to research it thoroughly as well.
Business Ownership
In Canada, there are 3 types of business ownerships; the partnership, the sole proprietorship and the corporation. It is best to learn about these and the regulations that come along with each one too. The structure for your business will depend on different factors and you can only define those by understanding the forms of ownerships properly, before choosing one. Take your time for this as it can be confusing but is a very crucial part of your business startup journey.
Licensing and Registration
For small businesses, this might not be important but if you are launching a proper company and you are liable to pay the tax, then you have to get your business silence. Connect with the government agencies to understand about your state’s licensing process.
In Canada, you need to get your brand or business registered as well. If your gross income is below $30,000, then you don’t need registration but if it crosses this amount, it is mandatory for you. Registration with GST or HST is important and you must learn about it as the Canadian government is highly specific about their laws.
Insurance
Business insurance is crucial, especially employment insurance. If you are dealing with larger business, then addition protection might be a great idea as well. There are a bunch of policies involved in insurance and coverage. Thus, before you get your coverage, read through the policies and discuss all the possibilities with the insurance company too.
Canada is a great business location but you must have a strong business plan before you begin. Make sure that you are well-acknowledged about Canada’s rules and licensing processes as well. At the end, don’t forget to market your business properly to make it successful.