4 Steps to Incorporate Your Business Correctly in Quebec
Ready to open a business or take your proprietorship to the next level? Incorporating your business is an exciting milestone. Unfortunately, incorporation mistakes are quite common in Quebec, where many aspiring business owners are not properly informed about the process.
To ensure everything goes smoothly when incorporating your business in Quebec, follow these 4 steps:
1. Visit a Notary to Plan For Your Company’s Opening
Extensive planning is critical as you prepare to incorporate your company. Don’t do it alone; work with a notary every step of the way. Your notary can offer valuable insight into the incorporation process and ensure that you take the correct steps along the way.
Some preparation will be necessary before you meet with your notary. Arrive equipped with your completed business plan to make the most of your first consultation. During this initial meeting, your notary will outline the steps to registration and help you understand your obligations that lie ahead.
In addition to providing an overview of the incorporation process, your notary will help you order your minute book. This essential tool keeps track of all those involved with your company. Additionally, your record book can outline company rules, such as who can make or approve decisions. Other minute book essentials include authorizations, corporate credit lines, and yearly resolutions. Your minute book may ultimately be used during audits.
2. Register Your Business With the Registraire des Enterprises
Quebec’s enterprise register contains public information about local business entities. Before you visit, determine both your company’s French business name and your equivalent English business name.
Your notary will help you register with the Registraire des Enterprises as you incorporate your business. Keep in mind that it may take several days for your company’s registration to be approved.
3. Register Your GST And QST Numbers With Revenue Quebec
Once your business name has been approved by the Registraire des Enterprises, your notary will help you register for your GST and QST numbers with Revenue Quebec. Your GST (goods and services tax) and QST (Quebec sales tax) numbers are critical for correctly taxing your business. Both taxes are collected upon the sale of goods or services.
Skip the hassle of waiting in line at the Revenue Quebec office and work with a notary instead. In addition to saving time, your notary will make sure that your rights and obligations are fully explained.
4. Open a Bank Account
Upon successful GST and QST registration, you can open a bank account for your business. To do so, you’ll need to supply the following:
- Proof of business registration
- The approved name for your business
- Proof of GST and QST number registration
The incorporation Quebec process may seem complicated, but it merely requires a little advance planning. Your notary can help you gather the information you need and go about necessary registration steps in the correct order.