It is exciting to be a new immigrant and beginning the process of settling into your new home in Canada. Now is the time for you to begin the adventure of creating a new life either a career professional or as an entrepreneur. Many immigrants settling in Ontario take advantage of the province’s positive entrepreneurial environment. This article answers a number of important questions you may have about starting your own business.
What Options Do You Have To Start A Business In Ontario?
There are three different options for you to start a business. One is to start a business from the beginning. In this situation, newcomers starting a business will be responsible for creating the product or service, setting up their business model and developing every other aspect of the business.
It is also possible for you to buy an existing business. In this situation, the business model will be established. When this business is purchased, you as the new owner will be able to improve and expand an established business. A proven method for operating the business will be available. You will also have access to a recognized customer base.
The last option is a franchise business. A franchise is an established business model that provides goods or services that are already known. The franchising company sells the business or use of their brand to you, the new business owner. When you own a franchise you agree to operate the business in accordance to the methods and standards designed by the franchising company. This option has been popular. In this situation, you will have access to all the experience and knowledge of a large and successful company.
What You Need To Know About Business Licensing And Regulations In Ontario?
When you own a business in Ontario, you must register your business name within 60 days of opening the business. When newcomers starting a business use their own name for the business, it is exempt from this requirement. Prior to registering your business, you must decide on the legal designation of your company. Your business could be a sole proprietorship, partnership or some type of corporation.
You are considered to own a sole proprietorship by simply operating a business. The net income generated by this business is considered part of your net income. It should be declared at tax time with your personal income. A sole proprietor will be held accountable for all of the debts generated by the business.
A partnership exists when a business has two or more principal owners. All debts created by the business are the responsibility of both partners.
A business that requires detailed legal filings is a corporation. A corporation is a legal entity separate from the owners or shareholders.
Ontario has a regulated workplace insurance system. When an employee gets hurt on the job, they have protection. This system is administered by the Workplace Safety and Insurance Board (WSIB). When you are a business owner, you’re required to pay for this type of insurance for your employees. Many businesses will be required to have a municipal license. It is the responsibility of local municipalities to issue a license for specific businesses and trades.