Starting a new business in Newfoundland. Here are some of the most important tasks to be undertaken
| 1. Evaluate Your Idea | Is your idea feasible? Can you make money from this venture? |
| 2. Market Research | Test the viability of your idea by researching the market, industry, and competition. |
| 3. Develop A Business Strategy | This is an essential step and critical for the planning and success of your business. |
| 4. Financing | How will you finance your business? Banks and other lenders or investors will often require a written business plan. |
| 5. Business Structure | Consider And Select The Most Appropriate Business Structure To Operate Your Business: Sole Proprietorship, Partnership Or Corporation* |
| 6. Business Name | Submit Your Business Name Request (Nr) For Approval. |
| 7. Register Business | Register The Business With Your Chosen Structure Using Your Name Approval. |
| 8. Bank Account | Open A Business Bank Account. Visit Your Local Financial Institution With A Copy Of Your Business Registration Certificate. |
| 9. Website | Consider Reserving The Domain Name Of Your Company To Establish Your Website. Use A Search Engine To Find A Domain Registrar To Secure A Domain Name For Your Website. |
| 10. Payroll, Trade, And Taxes | Open Accounts Under Your Business Number (Bn) As Required (E.G. Gst/Pst, Payroll, Import/Export). Gst Accounts Are Required If Gross Annual Revenue Is Greater Than $30,000. Pst Has No Threshold For Most Businesses. |
| 11. Business Licence | Contact Your Municipality For A Business License. |
| 12. Laws & Regulations | Determine Whether Any Industry-specific Licenses And/Or Regulations That May Apply To Your Business. |
| 13. Insurance | Ensure Your Business Is Protected. |
| Hiring Employees? | Tasks To Be Undertaken Resources |
| 14. Employment Standards Act | Ensure You’re Aware Of Your Requirements As An Employer Under The Employment Standards Act. |
| 15. Payroll Deductions | Open A Payroll Deductions Account Under Your Existing Business Number (Bn) Or Obtain A Bn If You Don’t Already Have One. |
| 16. Workers Compensation | Register For Workers Compensation Coverage For Your Employees And Yourself. |
We offer fast & easy Newfoundland incorporation and Newfoundland business name registration service. At Ecompanies Canada we help you step-by-step and take care of the entire business registration process from start to finish. Incorporating a new business in Newfoundland with us is fast, easy and takes just minutes. Incorporate now your new Newfoundland Corporation. | Or Register your business as a sole proprietorship in Newfoundland.
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