{"id":5728,"date":"2021-01-15T18:39:34","date_gmt":"2021-01-15T18:39:34","guid":{"rendered":"https:\/\/ownrblog-preprod.go-vip.net\/?p=5728"},"modified":"2025-10-20T13:56:58","modified_gmt":"2025-10-20T13:56:58","slug":"what-to-do-after-incorporating","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/what-to-do-after-incorporating\/","title":{"rendered":"What to Do After Incorporating?"},"content":{"rendered":"

You\u2019ve officially incorporated! What an exciting leap toward growing your business. But incorporation is just the beginning. Many entrepreneurs assume the paperwork ends once the company is formed, only to discover that ongoing legal and administrative procedures are crucial to staying compliant.\u00a0<\/span><\/p>\n

Here, we\u2019ll guide you through what to do after incorporating, the common challenges entrepreneurs encounter, and how Ownr helps streamline the process so you can focus on building your business.<\/span><\/p>\n

Steps to Take After Incorporation of a Company<\/span><\/h2>\n

Once your company is incorporated, there are several important next steps to take to make your business fully operational. These tasks help formalize your structure, ensure compliance, and prepare you for day-to-day activities. Some actions involve registering with authorities, filing documents, and setting up records that demonstrate your company is ready to operate legally in Canada.<\/span><\/p>\n

For more detailed guidance, see <\/span>Next Steps After Incorporation<\/span><\/a>. But quickly, here are the key steps to take after incorporation:<\/span><\/p>\n

1. Open a Business Bank Account<\/span><\/h3>\n

First, you\u2019ll want to set up your <\/span>business bank account<\/span><\/a>. Once you\u2019ve incorporated your business, you\u2019ve created a new \u2018person\u2019 at law. This means that it needs its own bank account in its own name. You will not get the benefits of incorporating if you do not separate your personal funds from your business funds.<\/span><\/p>\n

2. Pay for Your Shares<\/span><\/h3>\n

Once the bank account is setup, each shareholder needs to pay for their shares by depositing money into the business bank account. For a new corporation, the shareholders usually pay a nominal amount listed in the Minute Book documents.<\/p>\n

3. Appoint Directors and Officers<\/span><\/h3>\n

After incorporation, every company requires the appointment of directors and officers. Directors provide governance and strategic oversight, while officers such as the president, secretary, or treasurer manage daily operations.\u00a0<\/span><\/p>\n

These appointments must be documented in your corporate records and, in many cases, reported to government registries. For example, under the Canada Business Corporations Act (CBCA), corporations must submit annual reports that include updated director information.<\/span><\/p>\n

4. Consider Registering for Your GST\/HST Number<\/span><\/h3>\n

The last bit of housekeeping to get your company on the right path is to determine whether you will register for a GST\/HST number<\/a><\/span>. If you anticipate earning more than $30,000 in annual gross revenue, you are required to register for a GST\/HST Number and charge sales tax to your customers.<\/p>\n

While it is not legally required, it often makes sense to register for a GST\/HST Number early, rather than waiting to hit the $30,000 threshold. This way, you will be accumulating tax credits for any business expenses you incur, and you may be entitled to a tax refund.<\/p>\n

5. Apply for Necessary Permits and Licenses<\/span><\/h3>\n

Incorporation does not automatically grant you the right to operate in every industry. Depending on your business type and location, you may require acquiring licenses or permits at the municipal, provincial, or federal level. A restaurant may need a health inspection certificate, while a construction company might require zoning or building permits.<\/span><\/p>\n

Always check local business registration portals to confirm which licenses apply to your company before you begin operations.<\/span><\/p>\n

6. Develop Corporate Bylaws and Internal Policies<\/span><\/h3>\n

Bylaws act as your company\u2019s internal rulebook. They include drafting articles of association, setting rules for board meetings, decision-making, officer duties, shareholder rights, and dispute resolution. Even small corporations benefit from having bylaws in place from the outset.<\/span><\/p>\n

In addition, good governance involves creating internal policies around topics such as confidentiality, record-keeping, and financial reporting to ensure compliance with legal requirements.<\/span><\/p>\n

Ongoing Corporate Maintenance<\/span><\/h2>\n

After incorporating, your business has an obligation to maintain certain documents and records. In exchange for the legal and tax benefits of incorporating, you are expected to keep your corporation up-to-date<\/a> and in compliance with the law. The following are three items that every company is legally required to keep up-to-date:<\/p>\n

    \n
  1. Minute Book and Share Records: <\/b>You are required to keep your company documents in an organized manner. This can be in an old-fashioned paper binder, or, like we do with Ownr, through a secure electronic minute book.<\/span><\/li>\n
  2. Company Updates: <\/b>Anytime your company details change (like when you want to add a new director or change your address), you have an obligation to file forms with the government and prepare corporate resolutions which officially approve the company changes.<\/span><\/li>\n
  3. Annual Return and Resolutions: <\/b>Each year, your company will need to file an annual return with the government and pay the associated fees.<\/span><\/b><\/li>\n<\/ol>\n

    You\u2019ll also need to prepare annual shareholder and director resolutions. These are all mandatory documents in order for your business to stay compliant. If you fail to file the annual return, the government can dissolve your company.<\/span><\/p>\n

    Common Challenges After Incorporating a Business in Canada<\/span><\/h2>\n

    While incorporation resolves many legal and liability issues, it also creates new operational responsibilities. Recognizing these challenges early can help you stay compliant, organized, and focused on growth.\u00a0<\/span><\/p>\n

    Here are some of the most common hurdles Canadian entrepreneurs face after incorporating and how to prepare for them.<\/span><\/b><\/p>\n