You might have noticed that incorporating your company is crucial for building a successful business. And probably you ask yourself that what to do next after incorporating your company. So, in this article, we will provide you with complete information about the post-incorporation process. This article will provide essential guidelines for those who have recently incorporated a company in Mississauga. Also, our professionals at Yogi & Associates are available 24/7 and will assist you with the post-incorporation process. Let’s begin!
Things You Need To Do After Incorporating Your Business
1. Open a Corporate Bank Account
2. Buy a Corporate Minute Book
3. Complete the Corporate Bylaws and Organization
1. Open a Corporate Bank Account
A corporation is a legal entity so, it must have a bank account. And to open a corporate account, the bank will require copies of certain incorporation documents. Such as the articles of incorporation. Also, it is necessary for the signing officers in your corporation to fill out forms before they get access to the corporate account.
2. Buy a Corporate Minute Book
In Mississauga, to have a minute book is a legal requirement for all incorporated businesses. And this minute book helps you to overcome the needs of the Canada Business Corporations Act (CBCA). The minute book performs its function by recording all the corporation’s activities. Thus, your minute book includes the following documents:
- A directors’ register
- All corporate bylaws
- Minutes of all company meetings
- A securities register
- A members’ register
- Copies of any forms filed with the government
3. Complete the Corporate Bylaws and Organization
It is important that your corporation is well-organized. And for this purpose, the corporate minute book is best for the organization of the corporation. For this purpose, you need to follow these two steps:
1. Corporate Bylaws
You need to complete the corporate bylaws. The corporate bylaws are a set of regulations required for deciding how the corporation governs itself.
For example: Bylaws will display things such as the rights and obligations of officers.
2. Organization of the Incorporation
You can achieve the goal of organizing your corporation in three ways:
- You can organize the corporation by meeting the corporation’s directors.
- You can also organize your incorporation through the written resolutions that all the shareholders will sign.
So, you can select any of these two methods. And once you choose a certain method, you need to follow these steps:
- Formal approval of organizational resolutions is essential for organizing your corporation.
- Approve and adopt the documents of incorporation
- Approve and adopt the corporate bylaws
- Choose the directors
- Appoint the corporate officers
- Pay shares to the shareholders
4. Register for other Required Permits or Licenses
Your corporation is a separate legal entity. So, it means that it will need a business number for legal purposes. For example, you need a business number for your General Sales Tax (GST), corporate income tax, import/export, and employer payroll deduction accounts. In Mississauga, a new corporation needs to register for Provincial Sales Tax (PST) to collect and remit the provincial sales taxes etc.
For example: You need to register PST for different purposes. Such as workers’ compensation insurance, provincial employer health tax, and other provincial and municipal licenses.
For more information about GST/HST number, click here to view our blog, GST Number: How to Register for GST Number.
5. Start hiring Employees
Once you have completed all the steps mentioned above, the next thing you need to do is start hiring employees for your corporation. And if you hire at least one employee, then you need to register that employee and set up the payroll deductions. Payroll deductions are meant for income tax, employment insurance, and the Canada Pension Plan (CPP) with the Canada Revenue Agency.
The Bottom Line!
Once you’ve done all these things, your corporation is ready to start a business in Mississauga. So, your company will need to file an annual return with the government annually. And if you fail to file the annual return, the government can dissolve your company. And if you want some legal advice, feel free to contact Yogi & Associates. Our counselor will guide you throughout this whole process. You can also visit us in Mississauga or book an appointment with us to get a complete guide.
