help on setting up business
Sep 29th 2010 | 9:21 am
#1
Thread Starter
Just Joined
Joined: Sep 2010
Posts: 1
help on setting up business
Hi,
i am moving imminently to victoria, BC, and could do with a bit of advice if anyone can help! I have my landed immigrant status already, and currently work for a UK company. I will still be doing the same job, but am under the impression it is best if i resign from the company and set up as either self employed or start a company up myself in canada. I can invoice my company for the work i do, and they dont have a problem with that, and i will also be looking to gain more customers in canada as well.
Basically, is it best to become self employed, and how do i go about doing that? I am guessing that finding an accountant would be the way to start the process, would they be able to sort everything out for me?
thanks for your help
Richard
i am moving imminently to victoria, BC, and could do with a bit of advice if anyone can help! I have my landed immigrant status already, and currently work for a UK company. I will still be doing the same job, but am under the impression it is best if i resign from the company and set up as either self employed or start a company up myself in canada. I can invoice my company for the work i do, and they dont have a problem with that, and i will also be looking to gain more customers in canada as well.
Basically, is it best to become self employed, and how do i go about doing that? I am guessing that finding an accountant would be the way to start the process, would they be able to sort everything out for me?
thanks for your help
Richard
Sep 29th 2010 | 9:39 am
#2
Binned by Muderators
Joined: Jul 2007
Posts: 11,708
From: White Rock BC
Re: help on setting up business
If you want to set up as self-employed and trade under your own name it is very easy. You should get a business license from the city (cost around $150) though some people don't bother for home based businesses.
First get your social insurance number.
Assuming your sales will exceed $30,000 a year you need to apply for an HST account. The rate of HST you charge depends where your customer is. In BC - 12%, in prairie provinces - 5%, in ON -13 % and in the Maritimes - 15%. If your customer is in the UK you charge 0%. You can claim back the HST you pay on your business expenses.
Then, in February or March, gather up all your paperwork and go and see an accountant.
If you want to incorporate then read this http://www.fin.gov.bc.ca/registries/...rcompanies.htm. A lawyer is going to charge you $1,500 - $2,000. You can do it yourself for $400.https://www.corporateonline.gov.bc.c...tml/index.html
In either case it is probably worth test driving a couple of accountants before you get started. Initial meeting should be free and you can get some basic start-up advice and see which one you think you can develop a relationship with.
First get your social insurance number.
Assuming your sales will exceed $30,000 a year you need to apply for an HST account. The rate of HST you charge depends where your customer is. In BC - 12%, in prairie provinces - 5%, in ON -13 % and in the Maritimes - 15%. If your customer is in the UK you charge 0%. You can claim back the HST you pay on your business expenses.
Then, in February or March, gather up all your paperwork and go and see an accountant.
If you want to incorporate then read this http://www.fin.gov.bc.ca/registries/...rcompanies.htm. A lawyer is going to charge you $1,500 - $2,000. You can do it yourself for $400.https://www.corporateonline.gov.bc.c...tml/index.html
In either case it is probably worth test driving a couple of accountants before you get started. Initial meeting should be free and you can get some basic start-up advice and see which one you think you can develop a relationship with.
