how to incorporate in BC?

There must be something in the air here in Vancouver, BC.  The change of seasons, or what I do not know, has inspired three separate individuals to approach me in the last week because they are starting a new venture.  Yeah!  But the first question has been consistent:

Where should I start to make my company real? How do I get it ready?

Well, that’s easy … it’s all in a name.  I have advised all of them to really think hard about what to call their companies.  Bounce the name off of people.  See if it resonates and aligns with their idea.  Once they have done that (and this blog entry is for them) here are the steps, kids, to start incorporating a company in Vancouver, BC:

1. Download the name approval form from the BC Ministry of Finance website and follow the instructions especially the ones on name components;
2. Get your three names together (per the approval form) - actually, bring more just in case.  I typically like to google mine first to see if it is already in use so that I don’t waste too much time.
3. Go to your closest local Government Agents Office, Business Center or local small business kiosk.
4. Use the microfiche machines (yes, I said microfiche - got to love this wickedly ‘new’ technology!) to search and see if your name is already being used.
5. If the name is not being used fill in the form and submit for approval along with the fee ($44.08 at the time of this posting).  They usually get back to you in 3-5 business days.
6. Once your business name is approved it is ‘reserved’ for 56 calendar days and during this time you must submit your declaration for a sole proprietorship or partnership or file your Incorporation papers.
7. To incorporate a company you need to have a set of articles and an incorporation agreement, signed by all of the incorporators.  Now, no need for lawyers, let’s keep this simple.  Use the standard template that the BC government provides - it can always be amended at a later date if your company structure becomes more complex.
8. Once you have your articles and incorporation agreement filled out and signed, go online to register your company as a provincial incorporation ($350 fee at the time of this posting).

This will point you in the right direction and can be amended later if you want a more complex corporate structure (e.g. federal incorporation).  Now on to the business number, bank account …

Of course, keep your eye on this blog for good information and use Business Ready guides and templates to keep you on track [shameless plug, I know].

Good luck to all of you!