OKANAGAN UKRAINIAN ENTREPRENEUR RESOURCE

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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 

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Our Mission

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Sponsored by  Acorn Law, Argus Hospitality Group, 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!

• Facebook: https://www.facebook.com/OkanaganUkrainianHub/ 

​​If you have something you would like to share with us, please fill out our 'Contact Us Form' below!
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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.

We are here to help you learn the basic steps on how to register a business. Check out our info below!
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BUSINESS REGISTRATION IN BRITISH COLUMBIA
The information contained on this website is intended to provide general information on how to register a business in British Columbia. *For business or legal advice you must go to 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.
• https://www2.gov.bc.ca/assets/gov/employment-business-and-economic-development/business-management/permits-licences-and-registration/registries-packages/reg21_registration_of_proprietorship.pdf​

Sole Proprietorship
"A sole proprietor is self-employed, performs all business operations and assumes all liabilities."

• ​https://www2.gov.bc.ca/gov/content/employment-business/business/managing-a-business/permits-licences/businesses-incorporated-companies/proprietorships-partnerships​ 
• https://www2.gov.bc.ca/assets/gov/employment-business-and-economic-development/business-management/permits-licences-and-registration/registries-other-assets/quick_guide_-_registering_a_sole_proprietorship.pdf 

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.’

• https://www.bceid.ca/aboutbceid/business_type_info.aspx

For CRA income tax purposes, a General 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.

• https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/setting-your-business/partnership.html​

BC Corporation
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.

• https://smallbusinessbc.ca/wp-content/uploads/resource_files/How_to_Choose_the_Right_Business_Structure.pdf

 
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.

• A limited partnership (LP) can have general and limited partners. Generally speaking, there's a limit on the liability of a limited partner, while the general partner's liabilities are not limited.
• A limited liability partnership (LLP) is has no general partners and all partners have limited liability.
  • https://www.bclaws.gov.bc.ca/civix/document/id/complete/statreg/00_96348_01#section1

• 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.
  • ​https://www.corporateonline.gov.bc.ca/WebHelp/overview_xp.htm

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.

• https://www.account.bcregistry.gov.bc.ca/decide-business

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 

• https://www.account.bcregistry.gov.bc.ca/decide-business     
• ​​​Choose 3 Different Names
  • In case one name is already taken, you still have 2 other options
• How to Choose a Name
  • Request Approval: https://www2.gov.bc.ca/gov/content/employment-business/business/managing-a-business/permits-licences/businesses-incorporated-companies/approval-business-name
  • Name Search: https://www.names.bcregistry.gov.bc.ca/ ​

​ 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

• Canada Revenue Agency (CRA): https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/registering-your-business/you-need-a-business-number-a-program-account.html

 4. Open GST Account with CRA

• You must open a GST account if your company’s revenue is more than $30,000 (gross) per calendar year
  • https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/when-register-charge.html
• If you don’t have a GST # you cannot collect GST and you cannot get back any GST you have paid for when you purchase supplies or equipment
• Your GST # is your business # with RT0001 added at end of business #
  • https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/account-register.html
• You must choose between the ‘Quick Method of Accounting’ or the 'Regular Method' of GST collection/remittance 
  • https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4058/quick-method-accounting-gst-hst.html 
  • The 'Quick Method of Accounting' for GST is a simplified form of submitting the GST you collect for CRA but it is not compatible with QuickBooks and other bookkeeping software. 

 5. Open a Payroll Account with CRA

• Your Payroll # is your business # with RP0001 added at end of business 
  • https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4001/employers-guide-payroll-deductions-remittances.html​
• You must register for a Payroll Account if you have any employees
• If you don’t have any employees other than yourself, you can choose to not open a payroll account
  • Be aware that you won’t be able to collect Employment Insurance (EI) if you don't remit payroll for yourself
  • If you don’t open a payroll account, you will need to pay Canada Pension (CPP) fees when you do your income tax or you won’t be able to collect CPP when you retire

 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

• It is NEVER an option to opt out of WorkSafeBC if you have employees
  • https://www.worksafebc.com/en/insurance/need-coverage/who-needs-coverage
  • https://www.worksafebc.com/en/contact-us/departments-and-services/insurance-assessments

10.   City of Kelowna Business License

• If you base your business out of your home or primary residence, and you do not have customers coming to your home, you can classify your business as a ‘Home-Based’ business that is ‘Minor'
  • ​Minor meaning you DO NOT have customers coming directly to your home 
  • https://www.kelowna.ca/business-services/permits-licences/business-licences/home-businesses
  • https://www.kelowna.ca/business-services/permits-licences/business-licences
  • https://www.kelowna.ca/business-services/permits-licences/business-licences/business-licence-application

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
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.

• https://quickbooks.intuit.com/ca/
• https://quickbooks.intuit.com/ca/desktop/