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There are a few steps to take prior to submitting the paperwork to incorporate.
To incorporate a company in Canada, first you must submit a request for a name. Locate this form on the Industries Canada, Government of Canada website. If incorporating a company with a name, locate the NUANS Real-time System through the online filing menu page.
Using this convenient name search method costs $20 by credit card, payable once you choose a company name. For more information, visit the "choosing a name" section of the website.
Cost to Incorporate
Do a name search to make sure that your company name has not already been taken, and then file an application to incorporate a company, within 90 days of the name search. The cost is $200 for online filing and $250 for filing by mail. Filing online is the obvious choice if money is an issue since it will reduce delivery costs and delays. You will receive immediate acknowledgement of filing the submission. In addition, processing time is usually the same day depending on the time the filing is received and the complexity of the application.
Maintaining the Corporation
Once you receive a certificate of incorporation, maintaining filings with the Government is necessary. There
are other fees associated with any disclosure such as the annual reports, which cost $20 if filed online or $40 if filed by mail.
If a Change in Directors notice or Change in Registered Office Address needs to be filed, it must be filed within 15 days, and there is no fee.
Changes to Articles of the Corporation
File Articles of Amendment immediately after the company adopts an amendment. The cost for a Certificate of Amendment is $200.
Articles lay out basic information about a corporation, which is public information obtainable through the government of Canada's website. If there are any changes to the information in the articles, corporations are required to amend the articles.
Some examples of amendments or changes to the company's articles include: changing the corporation's name; moving to another province or territory where the company's registered office is located; changing the number of directors allowed; changing limitations on the transfer of shares; and changing restrictions regarding the business the corporation may carry on.
With a little effort and research, registering a corporation is just a few days away, especially if filing online. There is plenty of free support available so that it is possible to incorporate without legal help and the extra fees that would incur.
Category: Personal Finance