[vc_row][vc_column][vc_column_text]Follow this step-by-step guide with useful tips and planning advice to guide you through the process of starting a business in Canada. We are here to assist you and to provide you with information on how to start a new journey, beginning from a business plan, through securing financing and choosing your business name and location, up to licenses and registration processes.

What is a business plan?

A business plan is a written document that describes your business objectives and strategies, your financial forecasts and the market you are targeting. It will help you set realistic and timely goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts. Preparing your plan will help you focus on how to operate your new business and give it the best chance for success.

Securing financial assistance to start your new business is directly related to the strength of your business plan. To be considered for funding from financial institutions or investors, you must demonstrate that you understand every aspect of your business, and its ability to generate profit.

A business plan is more than just a document that you present to lenders and investors; it also helps you plan for the growth and progress of your business. Proper planning can help your business succeed.

For copies of sample business plans, call us at:
1-888-576-4444
Business Planning Success
Business Plans – Templates and Samples

Securing financing

Canada Business can help you find government financing options for your business. There are programs that apply to businesses across Canada, and others that apply only to businesses in Ontario. Use the Canada Business financing search tool or browse by type of financing.

Search online:
Canada Business: Government grants and financing

Choosing a business structure

When starting your business, choose the business structure that best suits your needs. The three most common business structures are:

• Sole proprietorship

• General partnership

• Incorporation

To learn more about different forms of business organization, read the following documents:
Corporation, partnership, or sole proprietorship?
Business structures: Which one is right for you?

Choosing a business name

Before registering your business, you should decide what you want your business name to be. The right name can be an effective advertising tool that can help your customers understand what your business does and which market you are targeting.

Some points to consider when naming your business:

• Short names are easier to remember

• Descriptive names can help people understand what your company sells

• Professional names can fit the image you want to project

• Unique names ensure that the name is not already in use

Your business name is an important part of your business identity. Choose a name that will fit your needs and suit your business image.

Choosing a location

For most businesses, choosing an appropriate location is critical, and the address is often needed for registrations, licences and permits. Your ideal location will depend on your business needs, zoning restrictions, and where your customers and competitors are. Taxes, noise and the local business environment are also important factors to consider when reviewing your options.

If you are considering setting up your business in your home, make sure you know what regulations and restrictions will apply to your home-based business before you start.

Read online:
Choosing and setting up a location
Home-based business

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Getting started: The essentials

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How to register your business name

Business name registration applies to entrepreneurs who want to register a sole proprietorship, a partnership or an operating name (trade name) for a corporation. The name of a new business must be registered if it’s different than the business-owner’s legal name. For information on how to set up a corporation, see the Incorporating your business section below.

You can complete an optional name search and register your business in the following ways:

• Through ServiceOntario’s website

• In person at a ServiceOntario centre

• By mailing an application to the address indicated on the form

The cost to register your business ranges from $60 to $80. Your registration is valid for five years at which time it must be renewed.

Use Online:
Business name search, registration, and renewal

Incorporating your business

A corporation is a legal entity that separates the business from its owner/operator. You can choose to incorporate federally or provincially. Each option comes with its own advantages and disadvantages.

Provincial incorporation

Incorporating your business provincially allows you to do business under a corporate name in Ontario. Corporate name protection applies in Ontario, and you can open offices/stores within the province.

Contact the Companies and Personal Property Security Branch:
1-800-361-3223
Ontario business incorporation

If you incorporate your business federally, you can open locations within Ontario and/or in other provinces and territories across Canada. If you open offices/stores in different provinces, you will be required to register your business in those locations. Federal incorporation also provides corporate name protection across the country.

Contact Corporations Canada:
1-866-333-5556
Steps to incorporating

Professional corporations

If you are a regulated professional (e.g. healthcare professionals, social workers, accountants) you may be able to provincially incorporate your practice as a professional corporation.

Some key features of professional corporations are:

• Limited liability protection

• Access to external investment funding

• Advantages of corporate tax rules

• Corporate status

Contact the Ontario Ministry of Government and Consumer Services:
1-800-361-3223
Professional corporations

Regulations, licences and permits

Your business may need licences and permits from the federal, provincial and municipal levels of government.

In addition to the information you will find in this guide, you can use the Canada Business Permits and Licenses Search, powered by BizPaL, to find licences and regulations that may affect your business. You can also contact us to speak to someone about starting your business.

Contact us:
1-888-576-4444
Permits and licences search

Legal questions

If you have legal questions, contact a lawyer who deals with business regulations. The Law Society of Upper Canada’s Law Society Referral Service may be able to assist you in finding a lawyer or paralegal, based on your needs.

Use online:
Law Society Referral Service

Business number registration

Your Business Number is your single account number for dealing with the federal government regarding taxes, payroll, import/export and other activities. If you plan to hire employees, or if you will be importing and/or exporting products or services, you will need to get a business number.

If you sell goods and services in Ontario, you may need a business number to charge and remit the Harmonized Sales Tax (HST). Speak with the Canada Revenue Agency (CRA) for more information.

Contact CRA:
1-800-959-5525
Canada Revenue Agency – Business
Business Number (BN) Registration

Taxation

Depending on your location and the type of products or services being offered, federal, provincial and/or municipal business taxes may also apply.

Read online:
Taxation guide
E-Business and selling to customers outside of Ontario
What’s taxable under the HST and what’s not?

Hiring employees

It is important that you know your obligations and opportunities when it comes to hiring employees, and familiarize yourself with current labour market conditions.

Some of the things you will want to consider when hiring staff are:

• Recruitment practices

• Payroll

• Tax returns

• Employment standards

Read online:
Hiring employees
Employment regulations guide: Hiring

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Other resources

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Managing

From day-to-day operations to long-term planning, learn how to manage your business efficiently.

Associations

If you are interested in finding an association, use our secondary market research service request and have us search for one based on your needs.

Business organizations

Small Business Enterprise Centres

Visit a Small Business Enterprise Centre to speak with knowledgeable general business consultants, attend seminars, and access business publications.

Search online:
Small Business Enterprise Centres

Community Futures Ontario

Access information and financing for businesses in Northern Ontario and rural areas of Southern and Eastern Ontario.

Contact a CFDC:
1-866-668-2332
Community Futures Ontario

Ministry of Economic Development, Employment and Infrastructure

Find information about Ontario’s small business community, and connect to the people and resources you need to improve competitiveness and profitability.

Contact the Ministry of Economic Development, Employment and Infrastructure:
1-866-668-4249
Ministry of Economic Development, Employment and Infrastructure

Business Development Bank of Canada (BDC)

Access a wide range of business counselling and training programs, including workshops, seminars and business management courses. Program costs will vary.

Contact BDC:
1-877-232-2269
Business Development Bank of Canada

The Canadian Trade Commissioner Service (TCS)

Learn how global value chains can improve competitiveness, profitability and long-term sustainability for your business.

Contact TCS:
1-888-306-9991
Global Value Chains

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