Finance 
WPCG Guide to Self Employment
If you have never engaged in contract opportunities before, you may not be fully aware of the options available to you for taking on this type of work. Although the majority of our clients understand that setting up a corporation can invite benefits, not all of them understand how. Arguably, the easiest and most straightforward route would be to engage an accountant and lawyer, but many have found more benefit in setting up their own company. If you are unfamiliar with what’s required when registering a company, we would advise you to visit http://www.smallbusinessbc.ca; a government-funded website full of resources for people looking to set up a small business.
Once you have made the decision to become self-employed, there are two options; incorporation or sole-proprietorship. It is advisable that you speak with an accountant to determine the most logical course of action at this point, but in our experience, consultants billing greater than 60K per year tend to find that the tax laws are more favourable for incorporates than sole proprietors. Again, speak with an accountant to discuss the differences, or research your options online. A good resource for your consideration can be found here: and this document will walk you through the differences in the various business structures: Download the PDF.
Incorporating your own business seems like an intimidating and daunting task for many people, but the process is actually quite straightforward. The steps below will hopefully clarify some of the confusion, and will hopefully help you to complete the incorporation process quickly and easily.
Step one: Reserve your corporate name
The first step is to secure a corporate name. In order to do so, you must first confirm that the name is not yet registered. There are various sites and organizations that will complete this process for you, but there is also a self-service search and request tool hosted by the BC Registry Services at https://www.bcregistrynames.gov.bc.ca/nro/.
This site explains the requirements in selecting a name (rules and restrictions), allows you to search to see if your name choice exists in the BC Corporate Register, and allows you to submit a name approval request. Please note that at the time of this writing, the approval request costs $31.50 + HST to complete, but it does allow you to include your top three name choices in case your first (or second) name choice is rejected.
Once your name has been reserved, it will be held for 56 days, during which time you are required to complete and file your Incorporation Application. At the end of the 56-day window, the reserved name becomes released, and you’ll need to start again. If you have any questions about this step in the process, please contact the Corporate Registry at (604) 775-1044.
Step two: Create an Incorporation Agreement
The Incorporation agreement is quite straightforward. It documents the name of the company, the incorporator, any additional shareholders, and the breakdown of shares. A simple Incorporation Agreement can be found on the BC Government website or here: http://www.corporateonline.gov.bc.ca/.
Step three: Establish the Table 1 Articles
The articles are simply the rules you’ve set out that govern how the company will be run. It documents the structure and conduct of your company shareholders, directors and officers. An example of an Incorporation Agreement with the Table 1 Articles can be found here: http://www.bcregistryservices.gov.bc.ca/ (please note that the blue text will not print, should you choose to use this form. If you want to customize the articles for your company, it’s advisable that you first meet with a lawyer.
Step four: File Your Application
The final step is to file an Incorporation Application with the Corporate Registry. The quickest and easiest way to do so is to submit your application online at http://ow.ly/2J3Xz. The Corporate Online site is a fantastic resource of information to help you file correctly, and what errors you can avoid; even if you prefer to file your application manually, it’s worth checking out their website for tips. Please note that if you choose to file manually, you will be charged an additional service fee.
Upon completion of this step, your company will be incorporated, and you will receive an incorporation number. You will also set a password for your account, for any future form filing.
Step five: Relax; you’re done!
Congratulations on setting up your own incorporation! Now it’s time to connect with one of our expert recruiters to explain your idea of a ‘perfect’ contract opportunity!
Additional Resources:
BC Government Corporate Online: http://ow.ly/2J4bh
About.com – Should you incorporate your small business? http://ow.ly/2J4eo
BC OneStop – Starting a Business in BC: http://ow.ly/2J4gv
Starting a Small Business Guide (pdf): http://ow.ly/2J4ig