- The actual incorporation process, for a federal corporation, is completed in only a matter of hours, if you’re incorporating as a numbered company it will be done the same day. All Canadian federal corporations are initially incorporated as numbered companies then a name is added later in the incorporation process. Adding a name depends on how quickly the NUANS (Name search) search can be effected. Usually, if there are no conflicts, a day or two. Googling your preferred names is no guarantee but it can be useful to do as much checking as you can in preparation for the process.
- Assuming you’re just setting up an uncomplicated corporate entity for the purpose you described it’s probably easier and less costly if you simply get a good CPA firm to handle both processes. They will have an affiliated law firm. Discuss your incorporation needs and get a quote for them to handle the ongoing accounting requirements at the same time. Any of the big four will give you good advice, Deloite, PWC, EY or KPMG. It may be a little less expensive, and probably more responsive, to go to the next level, say, BDO or Grant Thornton. I don’t know which city you will be operating in but any major metropolitan area will have an affiliate of all these firms. Resist the temptation to use some friend of a friend who happens to have an accounting degree. You only do this once. Do it right.
- You can actually do the incorporation yourself directly with the government for less than $300. Unless you’re familiar with corporate law and accountancy I would recommend you go the CPA firm route. Hard to say what that initial cost will be but $2,000/$8,000 would be a good ballpark figure. Don’t skimp on this stuff. Invest the few thousand up front, it will save you pain later and it’s a depreciable asset on future tax returns.
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