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To start a business is thrilling, and one of the first stages is finding a good name. The process of registering a business name in British Columbia (BC) is easy though it needs attention to detail. Before delving into the application process, different kinds of businesses can be undertaken in Canada including sole proprietorship, partnership, corporation, or co-operative structure.
Each business structure also has its implications on liability, taxes, and operational flexibility. Moreover, obtaining a business license from the local municipality where the business will operate is often necessary. This guide explains how to register a business name in BC Canada.
Crucial for identification and taxation purposes by the Canada Revenue Agency (CRA), each entity must have a business number (BN). As long as the business remains active this number does not change. The next step after reserving your name with BC Registries and Online Services is to apply for registration by submitting a name request for approval before registration can be done.
1. Applying for Business Name
1.1. Contacting BC Registries and Online Services
The starting point for registering your business name is contacting BC Registries and Online Services. Their platform contains a comprehensive package of instructions as well as forms required during registration processes. It’s here where you can submit your request for name availability; pay a $30 fee to register online as well as receive guidance on how to complete registration.
2. Submitting Name Request Application
2.1. Submission Through Internet
The most convenient way to submit your name request is online. Provide up to three potential names in order of preference then guide yourself through paying a $30 fee plus providing legal name choices for consideration via the online system which takes no time at all if you are pressed against time consider expedited service at an extra cost of $100.
2.2. Through In-Person Submission
You may opt to submit your request personally if you prefer it this way too. Visit any Service BC location near you and fill out the necessary forms as well as pay fees due. If there are any questions or concerns regarding this form, you may ask the staff.
2.3. Through Mail Submission
If you are not in a hurry to process your request number do it now or if you want to use the traditional way of doing things then you can mail your name request application. The details must be correct and don’t forget to include payment for the name reservation fee. Postal submissions may take longer, so plan accordingly.
3. Approval Process for Business Name
3.1. Checking Name Availability
Your company or proposed business name has to be unique and distinguishable from existing entities before your application is approved. You may use BC Registries and Online Services’ database to ensure that your name is available.
3.2. Validity Determination
In addition to other requirements, your preferred business name might also have to meet some standards specified by local authorities. For example, if your next business address will serve alcohol then it must obtain approval from the Liquor Control and Licensing Branch without which it cannot go on with its activities. Find out from your municipal hall whether they have specific requirements or endorsements for different kinds of businesses.
4. Cost of Registering a Business Name
4.1. Breakdown of Registration Costs
Hence, the name reservation fee is the initial cost for registering your small business name which is $30. This amount caters to your name submission process and keeps it for you upon approval for 56 days. Should more hours be needed, another $30 will facilitate a fresh request of the same name within an additional 56 days.
4.2. Legal Structure Registration Fee
The charge to register your business depends on what legal structure you choose. For instance, business registration and costs associated with a corporation may differ from those applicable to a sole proprietorship. These charges are separate from those of obtaining a name reservation and are thus important when you want to formalize your business in BC.
5. Special Considerations for Specific Business Types
5.1. Liquor Control and Licensing Branch: Serving Alcohol Approval
If selling or serving alcohol is part of your business then there are additional approvals required. The Liquor Control and Licensing Branch must approve your operation, which involves a separate application process and adherence as legal business to specific regulations. This procedure aims to ensure that every business complies with provincial rules concerning liquor sales as well as service.
6. Expansion Considerations
6.1. Checking Databases Across Provinces
To expand exclusive use of your enterprise beyond BC may need to check other provinces’ databases so that you can ascertain that no other person has already used it. It prevents one from falling into some legal issues or confusion in different markets which makes it wise to think about this during your planning stage early enough thus preventing any setbacks later.
7. Final Steps in Business Name Registration
After approval of the name and having done all requirements by law regarding the particular type of business you want to be registered, there are just a few remaining activities that will confirm your existence among BC business community members.
This involves making applications for licenses and permits if any are required likewise putting up tax account details plus completing any other regulatory things demanded of the sole proprietor by authorities in such jurisdictional areas where he/she has established such an entity. When all these are completed, you can confidently start your business journey in BC.
Last Updated on by Milan Maity
