Moving to another part of Canada is a big decision. You move your life, your social circle, and your business. Moving your business to another part of Canada could be the right choice. It exposes you to a different, and hopefully, the right market. If you move to a big city like Edmonton, Calgary, or Vancouver, you will enter a startup and small business environment that will help grow your business. More importantly, by moving to the right city, with the right market, you can find willing investors to fund your business.
This is what you need to know for a successful business relocation in Canada.
- Relocation within Province is Simpler
Legally, there won’t be a big difference in setting up your business anywhere in your current province. You will just have to ensure that you stay within bounds of all the municipal laws in the new city.
2. Define the Jurisdiction of your Company
Defining the jurisdiction your company early on will help you understand the consequence of shifting your business. In Canada, businesses can be incorporated, amalgamated or continued and the jurisdiction can be provincial and regional.
3. Tax Considerations
Before you move out to a new province or region, it is vital that you pay all the necessary taxes before you do. Tax laws from various provinces and regions vary. You don’t want to leave a province without paying your outstanding taxes. This is why it is vital that you plan your business relocation in a smart manner. The best action is to move at the beginning of the financial year, just after you file your tax returns.
Getting a Certificate of Status (also known as Certificate of Good Standing) enhances your business’s credibility and provides assurance of good standing in your new province or region.
4. Informing the Old Province
When you move to the new province, ensure that you inform all provincial and regional authorities in the old province that your company has moved. You will need to submit your Article of Continuance.
5. Certificate of Compliance and Existence
Getting these two certificates will ease the relocation of your business. Certificate of Compliance shows that your business has not been dissolved or discontinued, has filed annuals returns with Corporations Canada, and has paid all the required fees. Certificate of Existence indicates from when your business has existed.
6. Conducting through Federally
If you see your business growing across Canada, you may wish to continue through a federal jurisdiction. Apart from registering in the home province, you should also register in the other provinces and territories which you will be operating in. This way, your business can operate easily throughout the country.
There is a massive amount you have to plan for when relocating to another city in Canada, just ensure that you add these 6 points to your checklist.Original Source