British Columbia Incorporation
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Building a business in British Columbia? You should be aware of the legal and financial benefits that provincial incorporation in B.C. brings. Depending on the type of business you have, incorporating provincially might even be a requirement.
The Benefits of British Columbia Incorporation
Incorporating can give your business easier access to capital and funding, the ability to save money with unique tax planning strategies, and strengthened name recognition. Additionally, the business owners (i.e. the shareholders) will benefit from limited personal liability. Unlike federal incorporation, there are no residency requirements to incorporate your business in British Columbia.
FAQs
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Without provincial incorporation, entrepreneurs may find that they’re unable to raise capital from investors because their company doesn’t appear professional or credible. Unincorporated business owners can face excessive personal tax and expose themselves to unnecessary liability.
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The first step is identifying who will serve as directors of the company and what share classes are required. Consulting with other business advisors such as tax advisors or accountants is also advised. The final steps before incorporating in British Columbia are registering a corporate name and drafting the articles of incorporation that will govern the company.
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Once all the required information is gathered, provincial incorporations can be processed as quickly as 3 to 5 business days. Numbered companies can be incorporated within 48 business hours.
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Before starting the provincial incorporation process in British Columbia, you’ll need to gather contact information for all directors and shareholders including legal name, date of birth, occupation, citizenship status, tax residency, mailing address, email address, phone number, and copies of government-issued photo ID.
Need Advice About British Columbia Incorporation?
When it’s time to incorporate your business in B.C., Parr Business Law can help you navigate the incorporation process with confidence and clarity. Our lawyers have the specialized knowledge to provide you with reliable and candid legal advice so you can take your business to the next level. Schedule a consultation call with us today to discuss the future of your business.