Also in the news...
Countering sanctions evasion: guidance for freight and shipping
For freight forwarders, carriers, hauliers, customs intermediaries, postal and express operators, and other companies facilitating the movement of goods.
International Compliance Tips for Entrepreneurs Going Global
While expanding across borders can accelerate business growth, it also raises the stakes when it comes to staying legally compliant.
Cutting Administrative Burdens When Trading Abroad
From customs declarations to inventory tracking across borders, the paperwork and compliance requirements can quickly become overwhelming for growing companies.
Temporary agreement between the Swiss Confederation (Switzerland) and the UK on services mobility
Temporary agreement documents and the exchanges of notes extending the agreement.
Decision. UK-Central America committee documents
Decisions, documents and meeting minutes from UK-Central America countries committees.
The costs of incorporation and operating a corporation in Canada
The costs of Incorporation and operating a corporation in Canada could seem intimidating to some entrepreneurs. This is not the case!
The legal costs of starting and operating your business include only very minor costs as follows:
Incorporation (paid only once in a lifetime of your corporation):
- Federal Incorporation - $200.00
- Federal Corporation Name Search (NUANS Report) - $20.00
- Ontario Incorporation - $350.00
- Ontario NUANS Report - $50.00
- Extraprovincial registration - $0 - $300 (please verify with the province of your residency).
Upon incorporation of your business, you will receive Articles of Incorporation and the CRA business number for the company. You will also need your Minutes Book – resolutions, By-Laws, Registries.
Hiring a professional consultant to do the complete package for you should not cost more than $1,500 + the incorporation fees. At CBES, our cost is $1,000 - $1,500.
The costs of maintaining a corporation in good standing include:
Annual update – Federal $20.00 and Ontario – FREE.
Bookkeeping could be done by an entrepreneur in smaller businesses and could cost from $200.00 - $500.00 per month and more.
Corporate Tax Return for a corporation without business operations should cost no more than $1,000 and for a small volume business - $3,000. It can get much more for more complicated businesses.
Bottom line, except for the costs of the initial incorporation, maintaining your business should not cost more than $3,000 - $5,000 per year at the initial stages of your business development.
And you should remember – the costs of maintaining and tax reporting for a comparable size corporation and sole proprietorship would end up almost the same.
*** The costs of maintaining a Canadian corporation for foreign residents would be significantly higher. Please contact us to get a detailed description and price quote ***