Starting a business can be rewarding, but also challenging. While the freedom of self-employment is appealing, there can also be less financial security and fewer benefits – like medical and life insurance, vacation time, retirement plan, etc.
Unlike in some other countries, it is fairly easy to start a business in Canada. There are no restrictions, such as minimum education to start a certain type of business, or minimum capital. So anybody with an idea, talent and an entrepreneurial spirit can give it a try.
Depending on your ambition, capital and capability, your business can range from one-person freelancing operations to a larger company with many employees.
However, many new businesses fail within their first three years. The best way to succeed in business is to be well prepared. There are many resources to help you start a new business, buy an existing business or a franchise, or invest in a business in Canada. You can get assistance with:
- Business plan development
- Business start-up
- Loans and financial assistance
- Tax incentives
Which advice you need and how much effort you need to put in the planning will depend on the scope of the business.
To incorporate a business there is a $300.00 incorporation fee.
You may incorporate by filing online or by completing the following forms and returning them to the Registry of Companies.
- Articles of Incorporation
- Notice of Registered Office
- Notice of Directors
Registering a Business in NL
First you need to decide which type of business fits your needs. Depending on the scope of the undertaking, you may need to consult an accountant or a lawyer in the process. Your business can be a:
- Sole Proprietorship
- Limited Partnership
In Newfoundland and Labrador, there is no provincial government registration for sole proprietorships or partnerships.
Business Name Search
Unless operating under the owner’s name, all businesses in NL must have their names registered. Once you decide the name of your business, there is a $10.00 non-refundable registration fee. The name is reserved for a ninety day period to allow you time to prepare and submit the registration documents. A name reservation can be renewed twice.If the name is already taken or too similar to a registered name, you will need to come up with another name.
Registration and Publication of the Business Name
Local Chambers of Commerce or business associations will not help you start up a business, but you can make useful contacts by becoming a member.
Registering a Business in NL
NL Chamber of Commerce
- Canadian Careers: Small Business
- Canada Business: Services for Entrepreneurs
- Business Development Bank of Canada
- Community Business Development Corporation
- Invest in Canada
- Canadian Federation of Independent Business
- Futurepreneur Canada
- Employment Insurance (EI) Benefits for Self-Employed People
- AXIS Career Services
Related Topic in this Guide
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