Keeping your Business in Good Standing — Part 1

October 31, 2016 - Tags: Managing

inc.Part of your responsibilities as a business owner is keeping your company in good standing.

If your business has recently moved, changed its name or its Board of directors, you'll need to inform the jurisdiction in which your company is registered or incorporated.

What type of requirements will you likely have to fulfill to keep your company in good standing? You'll need to:

  • Complete annual filing requirements and fees: some jurisdictions ask companies to complete an annual report with specific information about their company and/or to pay an annual administrative fee.
  • Update your registered office and mailing address if you move
  • Keep director names up-to-date
  • Report any other major changes to the company such as name, change in the provinces and/or territories in which it operates, the business activity it carries out, or whether or not the company is still active.

Some of the reasons you'll want to ensure your business remains in good standing are:

  • When you initially registered or incorporated, you likely signed a document or checked a box agreeing to inform the jurisdiction in which you registered or incorporated of any changes to the company.
  • Potential customers or business partners might use the online database where your company is listed at the federal level or with the provincial registrar to find accurate and up-to-date information about your business.
  • Financial institutions may request that your company information be up-to-date with the jurisdiction in which you are registered or incorporated before you can open a business account, apply for a loan, etc.  

So what if your intentions are good and you really do want to keep your company in good standing but you don't know where to go to make the required updates? In next week's blog, we'll go through the steps for updating your company information with the jurisdiction in which you are registered or incorporated. Stay tuned.


Comments

Posted by Canada.ca on November 9, 2016
Hello Stephanie,

Thank you for contacting Canada Business. We are always happy to help you with questions about starting or growing your business in Canada.

The 'What information do you need to include on your receipts or invoices' section on the Charging and collecting the GST/HST CRA webpage applies to all GST/HST registrants including restaurants or food trucks or similar type establishments.

GST/HST applies on all taxable supplies made by GST/HST registrants. A taxpayer is generally required to register if the value of their supplies or services exceeds $30,000 per year. Generally, GST/HST registrants have to charge the GST/HST on all taxable (other than zero-rated) supplies of property and services they provide to their customers. This includes services provided from restaurants, food trucks or similar type establishments. If you have further questions about this, you can contact CRA.

If you have questions about starting or growing your business in Canada, please contact us.
Posted by Canada.ca on November 7, 2016
Hello Mati,

Thank you for contacting Canada Business. We are always happy to help you with questions about starting or growing your business in Canada.

If you’re thinking of expanding your business operations to Canada, our page Immigrating to or investing in Canada to start a business provides information on what you need to do to start a business in Canada. Find out what different regions of Canada have to offer you.

You can use the Canadian Company Capabilities (CCC) database to find Canadian businesses that may be interested in partnering or collaborating with you, or that can help you with distribution in Canada. CCC includes specialized manufacturing, service, and product-specific business directories that you can search to find potential business partners.

On our Site selection page, you will find tools and resources that can help you determine the best location in Canada to establish your office or set up operations. You will also find statistics and analysis regarding potential customers, competitors and markets on our Market research and statistics page.

Our Permits, licences and regulations page provides information on permits and licences you may need for your business in Canada, as well as regulations that apply here. Our permits and licences search tool will help you find specific permits and licences needed, depending on where your operations are located, and the way you plan to structure your business.

If you have further questions about starting or growing your business in Canada, please contact Canada Business (http://ow.ly/cKMl305JSaj). Thank you.
Posted by Mati on November 6, 2016
Hi,
I have a company registered in Virginia USA and i would also like to establish my office / distribution point in Canada.

Please guide me how it come possible and what kind of Canadian permit i need to have for this reason.

With best regards,
MATI
[..]
Posted by Stephanie on November 5, 2016
Must I publically post my gst # on my bills of sale or till tape receipts for customers food sales?
Posted by Canada.ca on November 1, 2016
Hello Sirajudheen,

Thank you for contacting Canada Business. We are a government organization that helps entrepreneurs start or grow their businesses in Canada.

You will find information on investing in Canada and how you can establish a business here on our page "Immigrating to or investing in Canada to start a business". You can also learn the advantages of investing in different regions, and what those provinces and territories have to offer.

Should you have any further questions about starting or growing a business in Canada, please contact Canada Business.
Posted by Sirajudheen on November 1, 2016
I have interest invest i canada
Posted by Kossi on October 31, 2016
Bonjour
Merci pour cette information. C'est intéressant
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