Whether a business is established in another country or starting from the ground up in Canada, there are a few things that every business should do first. These steps will make sure that the business has the best chance of success and that the business is geared toward Canadian markets.
Research the Markets
The first thing that must be done before any new business enters the market is to do the research. The more information that is known about the industry sector, the economy and the demographics, the easier it is to tailor the business plan for the best chances of success. The Canadian Federation of Independent Businesses offers plenty of research into business trends, what is affecting new and small businesses and what sectors are growing. This not only helps with understanding the competition but finding which market in Canada is the best to enter at what time. Small business optimism is on a slow decline in Canada at the moment but the majority of small businesses are expecting next year to be better than this year. This makes it a great time to start looking into Canada as a new opportunity for business.
Registering Your Business
When you decide to have your business Incorporate In Canada, there are a number of steps that must be taken to ensure that the business complies with all the laws and standards of Canada. This includes filing the correct permits at every level of government and filing the necessary paperwork to register your business. Business registration is necessary for tax purposes, payroll, GST/HST, and import/export but for many businesses, registration can be completed entirely online. It is important to go through the process in it’s entirely to make sure that everything is done correctly and that your business is eligible for online registration.
In terms of filing for permits and licenses there are a number of steps that must be taken. There are federal permits and licenses that need to be filed as well as permits and licenses for each province. If your business will have an office within Canada, it is important that it complies with the requirements of the province that the office will be located.
Hiring Canadian Employees
Even if you are expanding an ecommerce business that exists in another country, you may want to have a local office within Canada. The process and requirements for hiring employees in Canada is process that every business must be familiar with if they want to comply with the laws and regulations of the country. Payroll deductions are a necessary part of having employees in Canada and must be conducted in partnership with the Canada Revenue Agency. For new businesses that are unfamiliar with this process, it can be very beneficial to hire an experienced Canadian business advisor to jump start the process. This will be costly initially, but it will ensure that all the legalities are covered and that all new employees are in compliance with the country’s regulations.