{"id":232,"date":"2023-10-03T03:50:24","date_gmt":"2023-10-03T03:50:24","guid":{"rendered":"https:\/\/ownrblog-preprod.go-vip.net\/?p=232"},"modified":"2025-04-22T08:54:55","modified_gmt":"2025-04-22T08:54:55","slug":"5-smart-reasons-to-register-your-small-business","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/5-smart-reasons-to-register-your-small-business\/","title":{"rendered":"5 Benefits of Registering Your Business"},"content":{"rendered":"<p class=\"p2\"><span class=\"s1\">Have you left your job to go solo and create your own business? Do you have a hobby that has grown into a business opportunity that can supplement your income? If you are starting a business, registering it is a small step that can help you reap the rewards. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Below are five smart reasons to register your small business:<\/span><\/p>\n<h2 class=\"p3\"><span class=\"s1\"><b>1. Establish an identity<\/b><\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">Registering your company name helps you start creating a brand identity. When you register your business name you can check whether the name you want to use is unique and not similar to an existing company name or trademark. This name registration is an essential step whether you&#8217;re pursuing incorporation or <a href="\&quot;https:\/\/www.ownr.co\/product\/sole-proprietorship\&quot;">registering a sole proprietorship<\/a>. <\/span><span class=\"s1\">With <a href="\&quot;https:\/\/www.ownr.co\/product\/incorporation\&quot;">incorporation<\/a>, your business name receives stronger legal protection across the country, while registering a sole proprietorship typically provides name protection only within your province or territory. Either way, securing your unique business name is a foundational step in establishing your brand&#8217;s legal presence in the marketplace.<\/span><\/p>\n<h2 class=\"p3\"><span class=\"s1\"><b>2. The tax man (collecting GST\/HST)<\/b><\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">As a small business in Canada, you may need to charge <\/span><span style=\"text-decoration: underline;\">GST\/HST<\/span><span class=\"s1\"> on the products or services you provide.\u00a0<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">If you expect your revenue will top $30,000 a year, you will need to <a href="\&quot;https:\/\/ownr.co\/blog\/do-you-have-to-register-for-the-gst-hst-what-you-need-to-know\/\&quot;">register for a GST\/HST account<\/a>, which requires you to have registered your business. The amount of tax charged depends on the province in which your business operates. If you think you are a small provider but your sales exceed expectations, that&#8217;s great news! You will need to register for a GST\/HST account and charge the tax on the sale that puts you over the $30,000 threshold.<\/span><\/p>\n<p>Check out our guide to learn more about <span style=\"text-decoration: underline;\"><a href="\&quot;https:\/\/ownr.co\/blog\/a-guide-filing-your-first-gst-hst-return\/\&quot;">GST\/HST returns for small businesses<\/a><\/span>.<\/p>\n<h2 class=\"p3\"><span class=\"s1\"><b>3. Show me the money!<\/b><\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">Your business might need: the <\/span><span style=\"text-decoration: underline;\"><a href="\&quot;https:\/\/ownr.co\/blog\/choose-the-right-bank-account\/\&quot;">right business bank account<\/a><\/span><span class=\"s1\"> to accept payments, pay suppliers, and keep your business income separate from your personal accounts; a business credit card to charge expenses; or a loan to expand. When applying for financial services for your business you will need proof that you are operating a viable business (among other things).<span class=\"Apple-converted-space\">\u00a0<\/span>The business number that you get when you register can be that proof.\u00a0<\/span><\/p>\n<h2 class=\"p3\"><span class=\"s1\"><b>4. Establish credibility with customers and suppliers<\/b><\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">Customers want to deal with established businesses. They are becoming increasingly savvy and doing their homework, researching companies before purchasing their products or services. Registering your company establishes a start date to show how long you have been running a legitimate business.\u00a0<\/span><\/p>\n<h2 class=\"p3\"><span class=\"s1\"><b>5. Grow your empire<\/b><\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">When your business grows, you may need to <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/how-to-hire-for-your-small-business\/\&quot;">hire employees<\/a><span class=\"s1\">, and to do so you will need to have a registered business. This allows you to establish payroll and open an account with the Canada Revenue Agency (CRA) for payroll deductions, set up Workers Compensation, health benefits and more. Many entrepreneurs find that <a href="\&quot;https:\/\/www.ownr.co\/product\/managed-corporation\&quot;">automated legal services for managing a business<\/a> can streamline these administrative processes, saving valuable time and reducing the risk of compliance errors when setting up employment structures. The <a href="\&quot;https:\/\/www.cfib-fcei.ca\/en\/tools-resources\/human-resources\/youve-hired-your-first-employee-heres-what-do-next\&quot;"><span class=\"s2\">Canadian Federation of Independent Businesses<\/span><\/a> (CFIB) has more information on the steps to take when hiring your first employee.<\/span><\/p>\n<h2>How should I register my business?<\/h2>\n<p><span class=\"s1\">With\u00a0<a href="\&quot;https:\/\/www.ownr.co\/\&quot;">Ownr<\/a>, you can <a href="\&quot;https:\/\/www.ownr.co\/product\/new-businesses\&quot;">register your business<\/a> for <strong>$89 + government fee (including unlimited <a href="\&quot;https:\/\/ownr.co\/blog\/nuans-name-search\/\&quot;">name searches<\/a>)!<\/strong> A small price to pay to establish your business. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you&#8217;ve left your job to go solo, or have turned your hobby into a company, registering your business is an essential step, here&#8217;s why. <\/p>\n","protected":false},"author":5,"featured_media":300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[963],"tags":[177],"class_list":["post-232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-before-you-start-a-business","tag-business-registration"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Benefits of Registering Your Business | Ownr Blog<\/title>\n<meta name=\"description\" content=\"If you&#039;re starting a business, registering it is a small step that can help you reap the rewards. 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