Step 5: Register your business
Once your chosen name is approved, you need to register your business within 56 days, or your name approval will lapse and you'll have to start the process all over again.
BC Sole Proprietorship & Partnership Registration
In BC, to register a sole proprietorship or partnership, you must fill out a Declaration for Proprietorship or Partnership Registration Form and submit your declaration and fee (currently $40). Note, however, that this fee applies only to a general partnership; the basic fee for registering a limited partnership is currently $165 (plus the $30 name approval fee).
You may file the completed form at your local government agent’s office, mail it to the Ministry of Finance, (the address is on the Registration Form) or use the OneStop Business Registration, a computerized service that you can use to complete your BC business registration online.
For BC sole proprietorship or partnership registration, you will need:
- your name approval request number
- your business name, exactly as approved by the Corporate Registry
- the start date of your business
- a “real” address in BC (not just a general delivery, rural route or post office box.
BC Incorporation
BC incorporation is a longer and costlier process.
You’ve already completed the first step on BC incorporation by reserving a name for your new company. (You may, of course, use the incorporation number of your new company as a name if you like. If that’s the case, you can skip going through the name reservation process and the Corporate Registry will assign your BC corporation a number.)
For BC Incorporation, you will need to:
- complete an Incorporation Agreement
- set out the company’s Articles of Incorporation
- file an Incorporation Application
The Incorporation Agreement basically outlines the ownership of the corporation. It specifies who the incorporators (shareholders) are and the number of shares of each class that each shareholder will hold.
The company’s Articles of Incorporation set out the rules for the conduct of the company.
You can think of the Incorporation Application as the actual corporation registration form.
The incorporation registration process can be completed online or by mail. To incorporate online, go to Corporate Online. If you prefer to file by mail, Dye & Durham (1-800-665-6211) can file for you. You will need to send them a complete, signed copy of the Incorporation Application (and a cheque).
Whether you are filing online or not, the Corporate Registry recommends that you work through the paper version of the BC Incorporation Application.
Filing the Incorporation Application using Corporate Online or Dye & Durham costs $388.68 currently.
Note that although these are all the documents you need for incorporation registration, you will have to file other documents related to corporation now that your corporation is up and running. See What to Do Once You Get Your Certificate of Incorporation for more details.
Cooperative Registration
The cooperative is another choice when you’re choosing a form of business. Cooperatives operate differently from other businesses in that they are run democratically on the principle of "one member equals one vote". Members share ownership and decision making.
Under the Cooperative Association Act, cooperatives must be registered or incorporated, and the procedure is very similar to that outlined for non-cooperative businesses.
If you want to set up a cooperative, you’ll definitely want to download Incorporating a Cooperative Association in British Columbia. The document includes pre-printed forms that you will need to file as part of the incorporation process. The current fee for incorporating a cooperative is $250.
No matter which form of business you choose, it’s wise to seek the advice of professionals who have more experience setting up businesses. Besides consulting a lawyer or notary public, you may also wish to discuss your situation with an accountant, who will be able to advise you about the best form of business ownership for you.
