How to plan to start a business in Canada?

Yongxin immigration experts suggest that if new Canadian immigrants decide to settle in Canada and start a business, their starting work must be prepared in advance.

I. Opening a bank account

You can start a business in your own name, or you can use the name of the enterprise. Either way, you can open a bank account, and if you like, you can also register the company name as the company name. If you use your personal name as the business name, any bills and debts will be charged to your personal debt letter. ) general businessmen tend to share-holding companies, commonly known as joint-stock companies, which have the following advantages; First of all, a limited company is an independent legal person, which is regional and separate from individuals who invest in business. Therefore, in terms of credit, companies and individuals are also separated. Businessmen can invest in business without worrying about endangering private products because of commercial debts or problems. The second advantage, of course, is that it is better in taxation, and there are many benefits of tax saving. You can apply to the business organization of small enterprises to reduce the tax rate. As for further information in this regard, you can discuss it with the accountant in detail.

II. Business License and Business License

The performance of an individual or company's obligation to do business in Canada does not depend on whether he has obtained a business license. Business licenses are mainly issued by region. If a commercial or industrial site is leased, the operator must obtain a business license from the municipal government to ensure the business there. Therefore, if the business to be done will only use email, fax and telephone, or use part of the space in the owner-occupied house for business needs (so-called confirmation of residential business), the business license is actually unnecessary. Certain types of enterprises must obtain special permission from the government. Such as stockbrokers, real estate brokers, insurance brokers, travel agents and other professionals, such as dentists, doctors, lawyers, accountants and so on. , all need to hold a professional license other than the business license. It is best to know what kind of business license is needed before starting a business.

Three. Provincial tax and goods and services tax

No matter what kind of business, you need to pay the provincial tax (P.S.T) to the Finance Bureau and the provincial government, which is the so-called social service tax. At the same time, it is necessary to register with the government to pay and declare the Goods and Services Tax (GST), which belongs to the federal service tax regardless of industry.

4. Canadian Taxation Bureau and Labor Compensation Bureau.

If all industries of the Employment Insurance Department need to withhold personal income tax on employees' income, they need to obtain the tax number from the Canadian Taxation Bureau. So that the Canadian tax bureau can better handle tax deduction. The role of the Labor Compensation Bureau is that the concept of labor compensation insurance is a good guarantee for employees, so that employees may claim compensation for occupational injuries that may occur in the process of work operation, that is, employees may have any occupational accidents and injuries. You can apply for compensation insurance directly from the Labor Compensation Bureau. As for employment insurance (EI), it is used to protect employees from unemployment due to layoffs or some unforeseen circumstances.