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Expert Guide On How To Start A Business In BC

Expert Guide On How To Start A Business In BC

Expert Guide On How To Start A Business In BC

Launching a new business in Canada is more than just getting your capital, location and setting off. There are a few steps you need to put into consideration to make sure you don't get into the wrong side of the law.
No matter the businesses you are going into - online or offline, you need to make the necessary registration, develop a proper business plan and secure funding so you don't get stuck.

How To Start A Business in British Columbia

Starting a business in British Columbia (BC) involves several steps, including:

Determine the type of business you want to start: 

Will you be operating as a sole proprietorship, partnership, or corporation? Each type has its own advantages and disadvantages.

Choose a business name: 

You will need to choose a unique business name that is not already being used by another business in BC. You can search the BC Corporate Registry to ensure the name is available.

Register your business: 

You will need to register your business with the BC Corporate Registry and obtain any necessary licenses and permits.

Set up a business structure: 

You will need to set up a business structure, such as a sole proprietorship or corporation, that best suits your needs.

Obtain financing: 

You may need to obtain financing to start your business, such as a business loan or investment from friends and family.

Develop a business plan: 

A business plan will help you define your business goals, target market, and marketing and financial strategies.

Launch your business: 

Once you have completed the above steps, you can launch your business and begin operating.

It is advisable to seek the advice of a lawyer or accountant to ensure that you are following the necessary legal and financial steps to start a business in BC.

How To Get A Business License In BC

To obtain a business license in British Columbia, you will need to follow these steps:

• Determine the type of business you will be operating. Different types of businesses require different types of licenses, such as a retail sales license for a retail store or a food services license for a restaurant.

• Research the requirements for your specific business type. You can find this information on the British Columbia government website or by contacting your local government office.

• Determine if you need to register your business name. If you are operating under a business name other than your personal name, you will need to register your business name with the British Columbia Corporate Registry.

• Obtain any necessary permits or approvals from your local government office. This may include building permits, fire permits, or zoning approvals.

• Register your business with the British Columbia Ministry of Finance. This will allow you to obtain a business number, which you will need to apply for a business license.

• Contact your local government office to apply for a business license. You will need to provide your business number and any other required documentation.

• Pay the required fee to obtain your business license. Fees vary depending on the type of business and location.

It is important to note that you may also need to obtain additional licenses or permits depending on the specific nature of your business, such as a liquor license or a food handling permit.

Grants Available For Start-ups in British Columbia

There are several grants available for starting a business in British Columbia, including:

BC Small Business Venture Capital Tax Credit: 

This grant provides a tax credit of up to 30% of eligible investments made in small businesses in BC.

BC Small Business BC Growth Accelerator Program: 

This program provides grants of up to $50,000 to small businesses in BC to help them scale and grow.

BC Small Business Export Expansion Program:

This program provides grants of up to $10,000 to small businesses in BC to help them enter new markets and expand their exports.

BC First-Time Entrepreneur Program:

This program provides grants of up to $5,000 to first-time entrepreneurs in BC to help them start and grow their businesses.

BC Innovation Council: 

This organization provides funding and support to innovative businesses in BC through various programs and initiatives.

It is important to do your research and carefully review the eligibility requirements and application process for each grant before applying. You may also want to consider seeking advice from a business advisor or consulting a lawyer to ensure you are eligible for the grants you are interested in.

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