You’ve decided that you’re starting a business in Northumberland…
If you’re not sure where to start, write a Business Plan. A thorough Marketing Plan backed up by solid market research will give you, as well as any potential investors, more confidence in your idea. The Business & Entrepreneurship Centre can assist in business planning, assess your target market and competition, and to develop a business plan model.
Do I Need to Register My Business?
Unless you plan to operate your business under your personal name, you are required to either register or incorporate your business. Your bank will require a copy of your business registration (Master Business License) in order to open a business bank account. A business registration can be done online from any computer by visiting the Service Ontario link to enter all your business information. Payment is made directly to Service Ontario by credit card. The other option is to visit the Business & Entrepreneurship Centre for assistance.
Are Any Other Permits and Licenses Required?
BizPal is an online tool that will list the required permits and/or licenses that may pertain to your specific business. It is your responsibility as the owner to familiarize yourself with all that may apply to your business. For more information, please contact your local Municipal Office for required permits / licenses.
Should You Register for HST?
Once your gross revenues (income BEFORE expenses) reach $30,000 in any 12 month period, you are required to register for HST. Once you register, you are required to collect and remit HST minus the Input Tax Credits that you’re entitled to claim. This will mean keeping good records so that you don’t miss any deductions you’re entitled to claim. Subtract the HST you spend from the HST you collect before you send Canada Revenue Agency the difference. Prior to reaching $30,000 in gross revenues, HST registration is optional.
Are You Planning to Hire?
There are a number of considerations to consider prior to hiring staff. First decide the nature of the relationship. Will they be employees or contract workers? If they are employees, you are responsible for payroll deductions (CPP & EI). Payroll deductions can be done online. Depending on the nature of the relationship, you may also be responsible for WSIB premiums.
Looking for More Support? Looking for a Business Grant?
Schedule a consultation with one of our advisors. Consultations are free. We can help to direct you to the resources that will best suit your needs. If you’re looking to apply for business grants in Northumberland, we can help you.
Still have questions about how to start a business in Northumberland County?
Please contact us and we will be happy to assist you.