Top 11 Compliance and Setup things to do for BC Startups

  1. Register your business here. Note: Most Lawyers don’t do trademark searches just Provincial name searches. Check US and Canadian Trademark sites to size things up or count on doing this process all over again in short order!
  2. Phone 1-800-959-5525 and Register for GST (if you’re going to be losing money initially) and Payroll (if you’re doing SR&ED work!). See top 10 GST lessons and top 10 SR&ED lessons!
  3. Setup a bookkeeping system (See QCDocs)- Expense reporting is key process at this stage. See Expense reporting top 10 list!
  4. Buy a shoebox, binder or file folder and stuff all your receipts, bank statements and CRA correspondence files in it or use QCDocs and have a virtual bookkeeper take care of it. See top 10 Manual Filing Systems
  5. Open a Bank Account as soon as possible to simplify separation of expenses between personal and business. See top 10 bank lessons. Get cheques with stubs and complete the stubs and don’t lose any- write void on voided cheques so they are accounted for! Business accounts return cleared cheques or copies of them- never, never lose them as there is no replacements (except copies (ie. Vancity and Coast Capital))
  6. Buy bookkeeping software- Quickbooks- no brainer, see my top 10 list why Quickbooks is better than Simply Accounting. Try out Clarity accounting as well… and tell me if it is good!? Looks good to me but haven’t tried it yet!
  7. Go online and register for WCB (the earlier the better so you can get “no claims” history for when you actually need to hire people.
  8. Continue to pay MSP (BC Medical Services Plan) personnally until you have at least 5 employees as it is a taxable benefit and will complicate your payroll.
  9. Sign up for VIPMD Personal Health Spending Account www.vipmd.ca. Pay for dental cleanings, prescriptions, contacts, massages with aftertax dollars!! Sign up for your “Risk Insurance” at the same time- see top 10 lessons about Canadian extended Benefits Plans!
  10. If you’re going to raise some financing from BC investors enroll here as an EBC. This will give your investors 30% tax refund for investing in your business- nice start!
  11. If you’re doing tech stuff call the NRC-IRAP to chat about helping you out. See top 10 lessons about Government funding

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