Checklist Of Basic Legal Requirements
expanded version of this document available at http://www.smallbusinessbc.ca/checklist
The following are the general requirements affecting most businesses. Additional regulations from the provincial and/or federal government may apply to your particular business. To check on this, call Small Business BC at 1-800-667-2272 / 604–775-5525 . Visit our award winning website at http://www.smallbusinessbc.ca
BUSINESS FORMATION & NAME REGISTRATION : Businesses operating in BC may be either incorporated or unincorporated and may be structured according to one of several forms.
Unincorporated businesses (sole proprietorships, general and limited partnerships) must register with the Provincial Registrar of Companies. Obtain registration forms and information from the Small Business BC, any Government Agent or most Chambers of Commerce in BC.
Incorporated businesses – The Business Corporations Act will be in effect as of March 29, 2004 , replacing the previous Company Act. The Incorporation of a new BC Company must now be submitted electronically at http://www.corporateonline.gov.bc.ca/ For details please contact the registrar of companies at 604-775-1041 .
BUSINESS LICENCE / LAND USE/ZONING : If your business is located in an incorporated municipality, ie. city, town, village or district, contact the municipal business licence office to obtain a business licence and to ensure conformity with land use and zoning bylaws; if your business is located in an unincorporated area of the province, contact the nearest Regional District Office. (Greater Vancouver business licence offices are listed on the back of this handout)
PROVINCIAL SALES TAX : If you are buying goods for wholesale/retail sale, or providing taxable services, apply for a social service tax registration certificate issued by the Ministry of Provincial Revenue - Consumer Taxation Branch #800 – 360 West Georgia St. Vancouver (registrations desk closes at 4:00pm ). Call: 604-660-4524 in Van. or 1-877-388-4440 . http://www.rev.gov.bc.ca/ctb/ or visit a local Gov. Agent: www.governmentagents.gov.bc.ca/locations/map.htm
BUSINESS NUMBER (BN) – FEDERAL INCOME TAX : You must obtain a BN for the purpose of: corporate income tax, import/export, employee payroll deductions and the Goods and Services Tax ( GST ) – GST optional if your annual revenue is not expected to exceed $30,000.00.
If you conduct business as a proprietorship or a partnership, report your share of gross and net profits (or losses) for the business' fiscal period on your individual tax return (T1). For an incorporated company, file a corporation tax return (T2) within six months of the end of the corporation's fiscal period.
Call: Canada Revenue Agency ( CRA ) toll free at 1-800-959-5525 . Or visit the Vancouver office at 1166 W. Pender St. or the Surrey office at 9755 King George Hwy. http://www.cra-arc.gc.ca/tax/business/topics/bn/menu-e.html
WORKERS' COMPENSATION BOARD : If you are hiring employees or if your business is incorporated, register with the WCB before starting your business. In Vancouver call 604-244-6181 or call 1-888-922-2768 .
LABOUR REQUIREMENTS : If you are hiring employees, obtain a Business Number (above) and be aware of the current Employment Standards Act for BC. Contact 1-800-663-3316 or visit http://www.labour.gov.bc.ca/esb for any questions. Apprenticeships for certain industries can be enquired at the Industry Training Branch http://www.aved.gov.bc.ca/industrytraining/ 1-866-660-6011
BUSINESS RECORDS : As required under various Acts, if you are operating a business or have self-employment income, set up an orderly record and accounting system. It is recommended that you contact a qualified accountant to assist you with your business records and accounting system. All records to be kept for six years. For Questions relating to Federal Income Tax call 1-800-959-5525
BRITISH COLUMBIA ACTS AND RELEVANT REGULATIONS : Regulatory bodies can be searched for at http://www.smallbusinessbc.ca/search . Acts can be found at http://www.qp.gov.bc.ca/statreg or purchased through Crown Publications Inc. at 521 Fort Street , Victoria , call 1-800-663-6105 .
