Firstly, congratulations on starting a incorporated business. Whether the operation of a business is new to you or you have transitioned your business from a Sole Proprietorship or General Partnership to an Incorporated business, we commend you for taking a leap of faith to start or grow your dream!
Many incorporators, directors, officers and corporate managers do not know what is required after you complete an incorporated business in Canada. Let’s go through the overall items that need to be completed and the others that are required whenever there is a change or compliance requirements.
Ontario Business Central can easily assist you to do most of the items you may wish or require to be completed for the corporation.
- What is required once you have completed an Incorporation
- Updates and yearly obligations for corporation
What is Required After Incorporation?
Once the incorporation has been completed, it is important to consider and in many circumstances to complete as tasks for the corporation.
Considerations For a Completing Incorporated Company
- Tax Accounts – does the corporation require any tax account set ups for the corporation including HST, payroll and the import/export licence.
- HST/GST If the corporation earns or will shortly earn more than $30,000.00 in revenues it is important to establish an HST/GST tax account with the Canada Revenue Agency.
- Payroll Deduction Accounts – If you have employees, you will need to set up a payroll account with the Canada Revenue Agency.
- Import/Export Licensing – If your business will either import or export goods, a license is required to be set up through Global Affairs Canada and the Canada Border Services Agency.
- Open Bank Account – Opening a separate bank account for the new corporation is crucial for maintaining financial transparency and separating your personal and business assets and liabilities. It is important to obtain credit for the corporation as soon as it is available to you whether that be from a line of credit or credit cards. Until the corporation has history, you may need to provide personal banking to obtaining the credit for the corporation but in doing so, the corporation will gain a credit report much faster.
- Corporate Minute Book – A minute book is required in many Canadian jurisdictions for new corporations. The minute book serves as the official record of your corporation’s activity, including shareholders and board of directors’ meetings, resolutions passed, and the issuance of shares. Maintain your minute book diligently and ensure it is easily accessible for future reference.
- Distribute Shares – The share certificates are part of the corporate supplies and are available for you to distribute to those shareholders of the corporation to the number of shares required.
Updates and Yearly Obligations
- Change to Corporate Information – If any detail originally provided in the Articles of Incorporation changes, the corporation is required to update the information with the corporate registry within the jurisdiction of the corporation. When the corporation has a change to its address, any address to a director or officer, position of an officer or director or addition or removal of a director or officer, the corporate record is to be updated as soon as this occurs. In Ontario, the document filing is called an Notice of Change.
- Annual Return – In most provinces across Canada, an Annual Return is required to be filed with the provincial corporate records office. Even when none of the corporate information has changed, each year the annual return is required to be updated to maintain compliance.
If you would like further information, please feel free to reach out to any of our staff who are always here to assist in searches.
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Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.