How To Incorporate Your Business In Alberta
As an entrepreneur or young business owner, one of the most crucial decisions that you need to take is determining the opportune time and way to incorporate your business. In Canada, organisations can be incorporated at a federal as well as provincial level. Depending on the nature, scope and scale of the business, company owners can determine the type of incorporation ideally suited to their structure.
For the province of Alberta, businesses can be incorporated as limited liability corporations, not-for profit organisations and cooperatives. The legislations responsible for the registration and regulation of corporations and cooperatives are the Business Corporations Act and the Cooperatives Act respectively.
Here’s a closer look at how to incorporate in Alberta successfully:
Select the Type of Business Entity
Selecting the type of business entity not only helps you incorporate your organisation effectively but also determines the structure of your company and the nature of its operations. The basic types of entities that businesses can choose from are sole proprietorship, partnership, limited liability partnership and corporation.
In Alberta, the legal structure of your business can be set up as a:
- Not-for Profit Organisation
- Out of Province Corporation
- Religious Society
- Provincial Trade Agreement
Depending on the scale and the operative of your organisation, a skilled corporate lawyer can help you select the right legal structure for your business.
Select a Unique Business Name
To incorporate your business successfully, it is imperative to pick a name which is distinctive, descriptive and legal. To ensure the name that you have selected for your enterprise is unique as well as accurate, you need to review the Newly Upgraded Automated Name Search (NUANS) report with your corporate lawyer.
The legal validity of your business name is determined by the suffix such as Limited, Ltee utilised at the end of it. Service Alberta provides a complete list of end of business names permitted by the Business Corporations Act. Review the list with your lawyer to pick one which is well suited for your organisation.
File the Articles of Incorporation
Your articles of incorporation determine the legal structure of your organisation and also regulate the tax benefits your business is applicable for. To register your company in Alberta, you need to include the following provisions in your articles of incorporation:
- The registered address of your operations
- The appointed/elected directors of your organisation
- The nationality of your board of directors
The requirements for Articles of Incorporation of a cooperative differ from that of a corporation. It is important to consult a corporate lawyer to file your articles accurately keeping in line with the type of your business entity.
Determine the Registration Fee
The incorporation fee applicable to your organisation is determined on the basis of your business entity and the sector of the economy your operations belong to. Refer to your company lawyer or Service Alberta’s Registry Agent Product Catalogue to accurately determine the fee of your incorporation.
Post completion, your articles of incorporation along with the registration fee need to be submitted to an Authorised Service Provider. Keep these pointers on how to incorporate in Alberta in mind and get your submissions reviewed by an experienced law firm to ensure successful listing.