British ColumbiaGuide on Setting up a Limited Company in BC

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  • Setting up a limited company in BC offers a plethora of advantages within one of Canada’s most thriving business landscapes. Known for its competitive business climate in both the Canadian and North American contexts, British Columbia is a fertile ground for entrepreneurial endeavors. The province’s dynamic and diverse workforce, coupled with an abundance of resources dedicated to learning and company growth, make it a global magnet for talent. 
  • Moreover, its strategic location on the west coast of North America provides unparalleled access to international markets, facilitated by 30 border crossings to the U.S. and a Pacific time zone that enables seamless business dealings with major financial hubs like New York, London, and Hong Kong. 
  • British Columbia is at the forefront of forging a high-skill, competitive, and low-carbon economy, exemplified by homegrown international brands. If you want to have your brand in British Columbia, you will be required to register company in British Columbia which can be easily done by engaging with Tetra Consultants.  
  • To navigate the process of setting up a limited company in BC, Tetra Consultants stands ready with a team of highly qualified experts offering a range of business services, including seamless incorporation, ensuring a smooth and successful transition into this thriving economic landscape. 

Procedure for setting up a limited company in BC 

Step 1: Choose a name for your company 

  • When it comes to choosing a name for your limited company in British Columbia, it is essential to select a unique and unused one. To verify the availability of your chosen name, conduct a thorough name search on the BC Registry Services. If the name is available, with the assistance of Tetra Consultants you can reserve it by following the process to request and secure an assumed business name online. 
  • If you are incorporating a federal (Canadian) or foreign (out-of-province) corporation, reserving a name is not mandatory. However, if your chosen name is not accepted, you will need to adopt an assumed name for operation in British Columbia. 
  • Thus, Tetra Consultants offers expert services to their clients regarding name reservation through which reserving and registering your company name is made seamless and easy.  

Step 2: Organize your company 

  • Once the registration of the company is done with the BC registry it is important to organize the business. It is important to note that each company has its unique requirements, which must be aligned with relevant laws and guidelines. At Tetra Consultants, we understand the intricacies of this process. Our team of experts is well-versed in company bylaws and guidelines, ensuring that your business is structured in compliance with all necessary regulations. 
  • Setting up a limited company in BC there are various regulatory requirements for organizing the company which are as follows: 
  • A minimum of 1 for private and a minimum of 3 for public limited companies. 
  • A minimum of 1 shareholder for both private and public limited companies. 
  • A BC director can be a shareholder, but there is no legal requirement for them to hold shares. 
  • No residency requirements for directors and shareholders 
  • Financial statements are required to be prepared and sent by mail or email to all shareholders, within 120 days after the close of each fiscal year, a balance sheet or income statement, and a statement of cash flow showing the financial condition of the company and the results of its operations. 

Step 3: Submit a registration statement 

  • Once the name reservation is completed, Tetra Consultants can proceed with Form 1, the registration statement, ensuring accuracy and compliance with British Columbia government instructions.  
  • The registration statement includes information regarding the proposed name of the LLC (Limited Liability Company), the mailing address and delivery address of the office that is to be the registered office of the LLC, and the business number 
  • From proposing a distinctive LLC (Limited Liability Company) name to providing office details, our dedicated team will handle it all. Plus, we will equip you with the essential business number for seamless interactions with the Canada Revenue Agency. 

Step 4: File incorporation with the BC registry 

  • After submitting the registration statement, Tetra Consultants will then file incorporation with the British Columbia registry. Once you have prepared and signed the necessary documents, we will seamlessly navigate the online incorporation process on the BC Corporate Registry. 
  • Once completed, the registry will promptly dispatch the essential documents for your corporate records book. Trust Tetra Consultants to ensure every detail is handled efficiently, leaving you free to focus on building your business. 

Step 5: Open a corporate bank account 

  • Opening a corporate bank account is a pivotal step in establishing the financial framework for your company. It enables seamless transactions, payroll management, and overall financial operations. 
  • Tetra Consultants streamlines this process by offering specialized services for corporate bank account opening. Our team of experts is well-versed in the procedures and requirements, ensuring a smooth and efficient process. 
  • With Tetra’s assistance, you can expect to have your corporate bank account set up within a time limit of just 4 weeks after the incorporation. This expeditious service ensures that your business can start managing finances effectively and promptly. 

Documents required for setting up a limited company in BC 

  • If you are looking to set up a limited company in BC there are various documents requirements for your company. If you want to have an exhaustive list of documents customized according to your business activity and structure Tetra Consultants can provide you with the list of documents.  
  • The generalized list of documents is as follows: 
  • Incorporation Agreement 
  • Documents regarding name approval 
  • Proof of existence 
  • Incorporation application 
  • Registered and records office in the province 
  • Corporate minute book 
  • Business number 
  • Articles of incorporation 
  • Memorandum of association  

Conclusion 

  • Setting up a limited liability company in BC, unveils a wealth of opportunities in a business-friendly environment known for its competitiveness and innovation. With a skilled and diverse workforce, abundant resources for growth. The province’s commitment to shaping a forward-looking, low-carbon economy is evident in the success of homegrown international brands exemplifying a culture of innovation and inclusion. 
  • To navigate the process of setting up a limited company in this dynamic landscape, Tetra Consultants stands as a trusted partner, offering a team of highly qualified experts ready to assist with various business services, including offshore company incorporation services. With Tetra Consultants’ expertise, businesses can leverage the full potential of British Columbia’s thriving business ecosystem, ensuring a successful and prosperous journey in this vibrant province. 
  • Contact us to know more about a guide on setting up a limited company in BC and our team will revert within the next 24 hours.

Tetra Consultants

Tetra Consultants is the consulting firm that works as your advisor and trusted partner in your business expansion. We tell our clients what they need to know, instead of what they want to hear. Most importantly, we are known for being a one-stop solution for our valued clients. Contact us now at enquiry@tetraconsultants.com for a non-obligatory free consultation. Our team of experts will be in touch with you within the next 24 hours.

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