Nov 26th, 2018
Can I legally open and start my own business? Can I hire my family?
As a permanent resident, you are entitled to many of the same rights and opportunities as Canadian citizens, including the ability to start and operate your own business and hire employees. If you are hoping to hire individuals who do not have their permanent resident status, there are numerous regulations with IRCC, that will need to be followed. Our immigration consultant can help you navigate the complexities that surround obtaining work permits, if required.
What type of business should I start?
Sole proprietorship, partnership, corporation or cooperative; there are several different ways to structure your new business. We will work with you to determine which framework will be the most suitable for your business.
Do I need to register my business? How do I get a business number?
Once you determine which business structure to use, you will need to reserve your business name and register your business. You may also need to apply for a business license from your city or the municipality. Once you register your business, you will be given a business number. This unique 7 digit identifier will be what you use when dealing with the government on matters such as taxes, payroll as well as the import and export of goods.
Do I need a business plan?
Just as a builder would not begin constructing a house without a blueprint, a solid business plan is an essential component of the start up phase of any new business.
Your business plan will become the foundation from which your business will grow. It will provide validation to your idea and will help determine whether or your venture is feasible. It’s important to note that potential financial supporters usually require a business plan before beginning any sort of discussions regarding available funding.
Components of a good business plan will:
-identify target customers and market trends
-establish who your competitors are, identify risk factors and establish strategies to overcome anticipated obstacles
-provide financial planning and determine what resources will be necessary to begin, maintain and grow operations
-create a model for pricing and product distribution
-provide an organizational framework and strategic plan for the running of your business
Although you will be responsible for creating your own business plan, we will help provide guidance and resources throughout the process.
Is my business regulated, what sort of licensing and certification will I require?
“An ounce of prevention is worth a point of cure”
From food labelling and safety laws to environmental regulations and trade certifications, starting a business in Canada can be a complicated process. Failing to have the proper permits and licenses in place before you begin operations can quickly have a negative impact on your business and ultimately lead to a loss in revenue. A vital part of our program is helping you determine which licenses and certifications etc. you will need to have in place before your new business can open its doors.
What taxes will I need to pay?
GST, PST, RST; determining which taxes you will need to pay is vital to the success of a new business.
Are there financial resources available to help me start my business?
When looking for capital to start a new business, many people choose bank loans to help get their operations up and running. But, for a newcomer to Canada, with no credit history, this may not be the best or most viable option. We can help you look into alternative sources of funding- from private and venture capital investors to government financing programs and grants.