OKANAGAN UKRAINIAN ENTREPRENEUR RESOURCE
WHO WE ARE & WHAT WE DO
  • The Bravery Foundation is a Canadian CRA registered charity located in Kelowna, BC
  • We provide humanitarian aid to Ukraine and support displaced Ukrainians, refugees and volunteers serving in Ukraine
  • We issue tax receipts for donations $10 and over 
Sponsored by  Acorn Law, CanHost & Zero Xeno
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​Okanagan Ukrainian Hub
We are a purpose driven, action orientated inclusive community. Our goal is to create bonds that last a lifetime and span the globe.
We invite you to join us as we laugh, work and commune together!
We are here to help you learn the basic steps on how to register a business in BC. Check out our info below!
​The information contained on this website is intended to provide general information on how to register a business in British Columbia and is not exhaustive or complete. For business or legal advice please see a small business consultant or a lawyer. (The Bravery Foundation does not accept any liability or responsibility to any person, business or association as a consequence of any reliance upon the information contained in an email, on our website or other means of communication. See full disclaimer in footer.)

​THE BASICS 

A business may be formed in British Columbia in one of two basic ways: it may be either unincorporated or incorporated. The method chosen initially depends upon the personal needs of the individuals involved (often called the “principals”) and the proposed goals of the organization. Each method offers its own particular advantages. You should make your decision according to the best professional advice available to you.​
Proprietorship or Sole Proprietorship - Unincorporated
A proprietorship or sole proprietorship is the simplest form of a business, in which an individual and his/her company are considered a single entity. One person performs all the functions required for the successful operation of the business and assumes all the liabilities. The proprietorship has no legally separate existence from its owner, the proprietor. The proprietor is said to be self-employed and does not have to be a registered business.
General Partnership
When two or more people or corporations arrange to carry on business together they can decide to form a partnership. In a ‘General Partnership’ the partners are responsible for all aspects of the business, including the debts of the partnership.

The Partnership Act describes two main types of partnerships - general partnership and limited partnership. 
For CRA income tax purposes, a General Partnership (not a Limited Partnership) is treated like a Sole Proprietorship which means all expenses and profits are processed through your personal taxes. Example: If the General Partnership is owned 50/50 then each proprietor gets to write off 50% of the expenses and claim 50% of the profits.
BC Corporation - Incorporated
Opening a BC corporation is a more extensive and expensive process. The main difference being that with a Sole Proprietorship and a General Partnership you are personally responsible for all debts and liabilities of the business. In essence, you and the business are one and the same, which includes your income taxes.

With a corporation, it is its own entity, which means it is separate from your personal taxes, assets and liabilities. With a corporation you have shareholders and directors which separate out legal responsibilities of the business.  
Limited Partnerships, Limited Liability Partnerships & Extra Provincial Registered Company
There are also 'Limited Partnerships' (LP), 'Limited Liability Partnerships' (LLP) and 'Extraprovincial Registered Companies' you can explore, but these options are currently beyond the scope of this webpage.
  • Any foreign entity, including federal corporations and foreign corporations, conducting business in BC must register as an extra provincial company with B.C. Registry Services. These entities must file an annual report within two months of the anniversary date of registration. The annual report filing tells B.C. Registry Services that the extraprovincial company is continuing to carry on business in BC.   Extraprovincial companies are designated "Extra-pro" once they register, prior to registration they are called "foreign entities". An extraprovincial company must have a person appointed as an attorney with a location in BC to receive the delivery of notices and records from B.C. Registry Services.

SOLE PROPRIETORSHIP & GENERAL PARTNERSHIP REQUIREMENTS 

All required registrations for a Sole Proprietorship or General Partnership are found at the BC Registries and Online Services website.
To help navigate the BC Registries and Online Services website, we've listed below the main items you'll need accomplish to open a Sole Proprietorship or General Partnership. We have listed them in the order they should be completed as some are contingent on the prior step being completed. 

1. Reserve Business Name & Open a BC Registries Account  ​ 2. Choose Your Fiscal Year
  • Recommended: Choose fiscal year to start the month; mid month fiscal year ends don't often work with bookkeeping software
 3. Create a Business Number (BN) with CRA  4. Open GST Account with CRA  5. Open a Payroll Account with CRA  6. Open a Small Business (Sole Proprietorship or General Partnership) Bank Account 
  • There are many banks and credit unions in BC with different small business programs
    •  A Google search will help you decide what's right for you
  • A company credit card is important but not required
    • Sole Proprietorship or General Partnership credit cards are under your personal credit rating
    • Your bank will explain further details
 7. Open a MyServiceCanada Account
  • A Payroll account must be first opened with CRA
  • Allows you to provide your employee with an ROE (Record of Employment) when they leave the company
 8. Purchase Liability Insurance
  • Best to not cheap out on the liability insurance as any claim can ruin you financially for your lifetime
  • Your insurance agent can explain further details
  • A Google search will help you decide on what insurance agent is right for you
 9. Open a WorkSafeBC Account 10.   City of Kelowna Business License
RECOMMENDED

 1. Business Plan
  • Will ensure you get where you're planning to go
    • ​If you apply for a bank loan, a Business Plan is required
  • Your Business Plan does not need to be exhaustive if you're not getting a bank loan
 2. Partnership Contract
  • Highly recommended if you open a General Partnership
    • There are many great templates online
  • A partnership contract helps to keep the lines of communication open so misunderstandings are less likely
  • Most failed partnerships are due to not having an upfront contract with each other
 3. Credit/Debit Card Payment Gateway
  • Many options, just requires a quick Google search
    • Look for smaller transaction fees
    • Look for good reporting options
  • Without a digital payment gateway, you'll be restricted to taking cash/cheques for payment from customers
 4. Website, URL's, Webhosting & Emails
  • Least expensive option is to choose a free format
    • Don’t invest too much time making your website on a free platform because in the future you may choose a more professional option as your business needs change
  • Local webhosting provides excellent one stop shop with integrated options and great phone support
    • CanHost provides both inexpensive email hosting, webhosting, very reasonably priced URL purchases and Weebly website templates
    • https://www.canhost.ca/
  • It's more professional to use an email address separate from your personal account
  • It is not recommended to use a Gmail account, as it often compromises your branding
  5. Social Media Platform
  • Open as many different social media accounts as you can; right after your company name search and URL's are secured
    • This allows for future growth on all social media platforms as your business grows
      • If you've got a great name and your business booms, you'll be happy you secured all of the social media accounts up front
    • Best to only be active on 1-2 platforms as you start your business, as too many can be difficult to maintain during your start-up stage
      • As your brand grows you can become active on more social media platforms
 6. Business cards
  • There are many great printing companies to explore locally, a quick Google search will help you decide
 7. Cell Phone
  • Change your voicemail message to your business message
  • Phone usage can be written off against income for tax purposes
  • Often times discounts are given for businesses by phone carriers

BOOKKEEPING & ACCOUNTING
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QuickBooks has many great options to help you with your bookkeeping. QuickBooks is compatible with Intuit tax software (TurboTax) and is easy to export the bookkeeping data to TurboTax accounting/income tax software.

​Be aware there are two main platforms with various different software options; QuickBooks Desktop and QuickBooks Online. Contact QuickBooks to find out which option is best suited to your company's needs.
Family, Friends & Neighbors
When we work and play together we're building a future for everyone! We are here to help you connect.

Join us and we will connect you to our great Okanagan Ukrainian community ​
​If you have an event or thought you'd like to share with us, please fill out our 'Contact Us Form' below!
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Vision: Freedom for ALL!
Mission: We Support Refugees & Displaced People
Mandate: People, Planet, Protect
Values: Serve, Educate, Respect
Motto: Unification Through Core Connection
Constitutional Charitable Purposes
  1. To relieve poverty by providing necessities of life, including food, clean water, clothing, medical supplies, medicine, protective gear and/or shelter to victims of war, conflict, disaster as well as veterans and their families in Ukraine, Canada and other countries around the world.
  2. To relieve poverty by providing necessities of life, including food, clean water, clothing, protective gear and/or shelter to needy immigrants, refugees, displaced persons, veterans and their families, from Ukraine, Canada and other countries, as well as offering financial assistance for their relocation and settling in Canada, Ukraine and other countries and referring them to the appropriate resources, if necessary. 
  3. To relieve poverty by providing financial assistance, to be used for necessities of life, to poor families of volunteers who quit their jobs to help victims of war, conflict, disaster in Ukraine, Canada and other countries around the world.
  4. To provide education, counseling and other support services to needy immigrants, refugees, displaced persons, veterans and their families including job search programs, translation services, accompaniment and referral service during administrative procedures and information programs on culture and life in Canada, Ukraine and other countries around the world. 

Charitable Status 
  1. Status: Registered
  2. Type of Qualified Donee: Charity
  3. Designation: Private Foundation
  4. Charity Type: Relief of Poverty
  5. Category: Organizations Relieving Poverty
  6. Charitable Tax Number: 742323207 RR0001
  7. BC Incorporation Number: S0076173​

Sponsored by  Acorn Law, CanHost & Zero Xeno

DISCLAIMER/LIMITATION OF LIABILITY/ВІД ВІДПОВІДАЛЬНОСТІ/ОБМЕЖЕННЯ ВІДПОВІДАЛЬНОСТІ
This email is confidential and is intended only for the person(s) named above. Its contents may also be protected by privilege, and all rights to privilege are expressly claimed and not waived. If you have received this email in error, please call us immediately (collect, if necessary), and delete the email. If this email is not intended for you, any reading, distribution, copying, or disclosure of this email is strictly prohibited. The user assumes all responsibility and risk for the use of our website and the internet generally. We accept no liability or responsibility to any person as a consequence of any reliance upon the information contained in this site. Under no circumstances, including negligence, shall anyone involved in creating or maintaining our website, email or other correspondence be liable for any direct, indirect, incidental, special or consequential damages, or loss profits that result from the use or inability to use our website, email or other correspondence and/or any other websites, emails or other correspondence which are linked to our website, email or other correspondence. Nor shall they be liable for any such damages including, but not limited to, reliance by a member or visitor on any information obtained via the website; or that results from mistakes, omissions, interruptions, deletion of files, viruses, errors, defects, or failure of performance, communications failure, theft, destruction or unauthorized access. States or Countries which do not allow some or all of the above limitations of liability, liability shall be limited to the greatest extent allowed by law. We do not accept any liability through association with other groups or organizations. The Bravery Foundation is not a social welfare agency or an employment agency and we will not manage, advise or act in such a manner. We are strictly connecting parties to independently explore commonalities with one another. The Bravery Foundation does not accept any liability or responsibility to any person, business or association as a consequence of any reliance upon the information contained in an email, on our website or other means of communication.
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