Cost associated with Corporation

Business Planning. Small Business Finanace. Self-Employment.

Setting up a corporation in British Columbia (BC) involves several steps and costs. Here is an overview of the process and associated expenses:

Name Reservation: Choose a unique name for your corporation and reserve it with the BC government. The cost for a name reservation starts from CAD 30 plus taxes.
Articles of Incorporation: Prepare and file the Articles of Incorporation with the BC government. The filing fee for incorporating a BC corporation is CAD 350 plus taxes.
Legal and Professional Fees: It is recommended to seek legal and professional advice when incorporating a corporation. The cost for legal and professional services can vary depending on the complexity of your business structure and the assistance you require.
Minute Book and Share Certificates: Purchase a minute book and share certificates to maintain proper corporate records. The cost of a minute book and share certificates can vary depending on the supplier.
Business Number (BN): If you plan to hire employees or register for certain government programs, you will need a Business Number (BN) from the Canada Revenue Agency (CRA). There is no fee to obtain a BN.
GST/HST Registration: If your corporation is expected to generate more than CAD 30,000 in annual revenue, you must register for the Goods and Services Tax (GST) or the Harmonized Sales Tax (HST). There is no fee to register for GST/HST.
Accounting and Bookkeeping: It is important to maintain accurate financial records for your corporation.
Business Insurance: Consider obtaining business insurance to protect your corporation's assets and mitigate risks. The cost of business insurance varies based on factors such as the nature of your business, coverage needs, and revenue.
Ongoing Costs: As a corporation, you will have ongoing expenses such as annual report filing fees, professional fees, taxes, and any required licenses or permits specific to your industry.

Please note that the costs mentioned above are general estimates, and actual costs may vary based on factors such as the complexity of your business structure, legal requirements, industry-specific considerations, and any professional assistance you seek.

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