If you are planning to incorporate your business, then you are on the right track.
Limited liability, great planning opportunities and tax advantages are just a few reasons why a lot of people incorporate a business. Below you will find more details about corporations.
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A corporation is a unique legal entity and it is separate from the people who own its shares.
Advantages:
1. Limited personal risk. The greatest advantage of incorporation is the limited liability that it confers on shareholders with respect to debts, obligations and liabilities of the corporation.
2. Number of Owners. Incorporated companies can potentially have an unlimited number of different owners. If the business has or is planning on having a number of owners, incorporation is preferable. First, it is easier to transfer ownership in the business, as all the owners have to do is acquire or sell their shares in the company. In addition, owners/shareholders are only liable to the extent of their shareholdings. They are not liable for any other owner’s personal debt or to their creditors as may be the case in a partnership.
3. Government Grants. Some government grants and programs are only offered to incorporated businesses.
4. Ability to raise capital. The ability to issue various classes of shares with preferences as to dividends, redemption or convertibility and to utilize bonds or debentures greatly enhances a corporations ability to obtain funds for expansion or development.
5. Employees. Corporations can offer shares to their employees as a form of profit sharing incentive thereby sharing in the profits and performance of that corporation without affecting control. The performance of the company therefore affects all and is an incentive for employees to improve performance and thus improve the value of their shares and the profits the company produces.
6 . Possible tax advantages. Small Canadian controlled private corporations are taxed at approximately half the regular rate on the first $500.000 of active business income in each year. A corporation also has additional tax planning and income splitting arrangements available.
7 . Continuous existence & ownership is transferable. The death or withdrawal of a shareholder does not affect the existence of the corporation, which enjoys perpetual succession.
8. Ability to hold title to real estate and enter into contracts. A corporation can own real estate and sign contracts under corporate name.
Choosing the right name for your new business is an important decision. You want a name that will draw potential customers, help clients identify your company and build your business image. A name that is easy to remember and provides information about the products or services you offer is always a good choice. Choose a distinctive name to stand out from your competitors. Make sure the name is not misleading or confusing in its description of the goods or services you will provide.
Numbered Corporation
The first step is to decide if you will have a name for the corporation or use a "numbered company". There is no requirement for the corporation to have a name. You can incorporate a company using a number; for example "12345678 Saskatchewan Ltd.". Upon successful registration the Registrar will assign the next sequential number to the corporation as part of its name. A corporation incorporated in this way is a "numbered company".
Named Corporation
Most people prefer to have a name for their corporation: to give it a unique identity, to avoid confusion with other corporations, and to give a general idea of the nature of the business to be carried on by the corporation.
Name search
Before making a final decision on your corporate name and ordering forms or stationery, you may want to know if someone else is already using the name. You can do a Preliminary name search that will allow you to check up to 3 names for $15 plus tax.
Once you are ready to reserve your corporate name, you have to submit 3 top name choices for approval. The names would be reviewed in the order of preference and the first available name would be reserved for you. The cost of name reservation is $79.00 plus tax. Reservation is valid for 90 days. Please note that name reservation is mandatory for incorporating a business in Saskatchewan.
Once you have selected a particular name you can perform a name search in advance, or to simplify the process, you can do the name search as part of your application form.
To register your corporation in Saskatchewan, you will need to provide:
Please note that you need a minimum of 1 Director and Shareholder. One person can hold both positions.
Incorporation of the business is done by completing a document called Articles of Incorporation that is then delivered directly to the appropriate government department.
Once your application for Incorporation is approved, you will receive the official Articles of Incorporation.
Articles of Incorporation consists of a legal document that confirms registration of your corporation with the Saskatchewan government. Articles of Incorporation are valid in perpetuity.
A corporate minute book and registers are very useful organizational tools that project a professional image of any new corporation. Revenue Canada, a lawyer or any other authority would request to view your minute book in case they have any issues with your corporation. For that reason alone, you should have your minute book ready and updated at all times.
View this quick video to learn more about the Corporate Minute Book.
The Legacy Kit features a high quality leatherette cover with gold detailing and is provided with an accompanying brass minute book plate that permanently adheres to the spine for easy identification. The functional 3-ring binder and slipcase format fits standard 12" shelving units. This quality register comes in a burgundy colour.
The Attaché Kit is a stylish, modern approach to organizing a corporation’s papers that appeals to image conscious legal firms and their clients. A high quality black vinyl cover, brass name plate and sturdy well-designed construction provide the lawyer or entrepreneur with a presentation package that reflects the professionalism of his or her firm and client. The Attaché kit comes with the award-winning Mark Maker Embosser in its own section of the case and a built-in handle for convenience.
Both kits come with the award-winning mark-maker embosser, Standard 10 tab set, Corporate Information Summary, a Directors Register, List of Officers, Shareholders Register, Securities Registers and Transfer Registers for Shares, Warrants and Debts, five sheets of blank paper and one set of ten Share Certificates.
The contents of these packages are predetermined so as to simplify the ordering process.
The mark-maker seal is an award-winning embosser which seals your most important deals and records at the office or at home. It is ideal for identifying legal documents, notary seals publications and books. Features include: Lifetime Warranty, Brass Index Plate, and an Easy-to use Wide-Grip handle that makes a perfect impression each and every time. This corporate seal fits perfectly inside our Attaché Kit package.
You can request all or any of the above tax accounts during the registration process. Simply check the appropriate check-box on the application form.
Business Development Centre provides complete incorporation services for Saskatchewan Corporations. The process requires approximately 15 business days. However, we have a rush service available . For an additional fee we can have your corporation documents filed in 5 business days after we receive your paid order. There are some conditions, so ask us for complete details. Your documents can be delivered anywhere in Canada.
This is a full incorporation package for Saskatchewan Corporation. This package includes Corporate Minute Book, Corporate Seal and Share Certificates. You should use this package if you are planning to start and run a solid business for a long time.
$149.00This is a standard incorporation package for Saskatchewan Corporation. Please note that this package does not include corporate minute book and accessories. You should use this package if you are planning to use the corporation for a specific purpose and know how to manage corporate records.
