Choose the appropriate business structure, such as a proprietorship or limited liability partnership (LLP), based on important factors.
Then register your business name with the appropriate government authority to ensure it's unique and compliant with regulations.
Then, make a comprehensive business plan that outlines your goals, market target, competitive analysis, strategies, and financia
l projections.
Check and understand the legal requirements for business operations in Canada, including permits, licenses, and industry-specific regulations.
Research industry regulations because foreign ownership may have some restrictions or require specific permits for non-residents.
Obtain a business number from the Canada Revenue Agency (CRA), which will be used for tax purposes and other government interactions.
You need a work permit to manage your business in Canada, and the type of permit you need depends on the type of business you have.
Understand the Canadian tax system, including federal and provincial taxes, and ensure you comply with tax obligations.
To ensure proper financial management, it's essential to open a separate business bank account. Managing your finances is crucial.
Explore funding options such as venture capital, angel investors, loans, or grants available t
o enterprises in Canada.
For valuable insights and support, join business community events associations and seek mentorship in your industry se
ctor.