- 1Product Info
- 5Name Rules
Product Info: Articles
Our legal and accounting team will the articles for BC Personal Real Estate Corporation as per rules and legislations provided by the Real Estate Council of British Columbia (RECBC). Here are some general rules that will be respected in preparing the articles:
- The corporation is incorporated or continued under the Business Corporations Act.
- All the voting shares of the corporation are legally and beneficially owned by a single individual (the controlling individual);
- The sole director of the corporation is the controlling individual;
- The president, being the sole officer of the corporation, is the controlling individual;
- Each non-voting share, if applicable, is legally and beneficially owned by the controlling individual or an affiliated person of the controlling individual; where an affiliated person is defined as:
(a) the spouse of the controlling individual;
(b) a child of the controlling individual;
(c) a corporation, all of the shares of which are beneficially owned by one or more of the controlling individual and the other individuals referred to in paragraphs (a) and (b), or
(d) a trust, all of the beneficiaries of which are one or more of the controlling individual and the other individuals referred to in paragraphs (a) and (b);
- The legal name of the corporation includes both, but nothing other than,
(i) the legal name, a recognizable short form of the legal name or the licensee name of the controlling individual, and
(ii) the term “personal real estate corporation”.
Who can incorporate:
- A licensed realtor.
- Currently there is no citizenship or residency requirement for the person who can be the director, officer, and shareholder.
- A name approval number from BC for the company.
- A physical address or street address in the Province of British Columbia.
- The licensed realtor must be the sole president, director and voting shareholder.
After registering the BC Standard Company, you will receive certificate or corporation, Notice of Articles, CRA Business Number, Bylaws, Minutebook, Securities Register and Incorporation Application by email. Afterwards, you will receive the original certificate, CRA documents and other included items by post.
|Certificate of Registration|
|Notice of Articles|
|Minute Book (if included)|
|Share Certificate (if included)|
|Corporation seal (if included)|
|Securities Register (if included)|
|CRA Program Accounts (Business Number, Corporate Tax ID, GST, Payroll, Export-Import)|
|PST Program Account|
|The Workers' Compensation Board of BC (WorkSafeBC) registration (if included)|
|Annual Returns Reminder (if included)|
As per RECBC rules, BC Personal Real Estate Corporation must be a named corporation and CANNOT be a numbered corporation. Therefore, a name approval from BC Government is REQUIRED prior to registration. If you have already obtained a valid name approval, we can register your corporation in as fast as 2 business hours in our Super-Express Queue. If we need to obtain the name approval on be half of you, your corporation can be ready in 1 business day, if you choose Super-Express Queue.
Choosing a Name
Section 10.3 of the Real Estate Services Regulation requires that the legal name of a personal real estate corporation must include both, but nothing other than, the legal name, a recognizable short form of the legal name, or the licensee name of the controlling individual, and the term “personal real estate corporation”. For example, take a controlling individual whose legal name is Robert Smith, and whose licensee name is Bob Smith. The legal name of a personal real estate corporation, whose controlling individual is Robert Smith, can be one of the following: Robert Smith Personal Real Estate Corporation (legal name + the term “personal real estate corporation”);
Rob Smith (or Bob Smith) Personal Real Estate Corporation (recognizable short form + the term “personal real estate corporation”);
Bob Smith Personal Real Estate Corporation (licensee name of the controlling individual as registered with RECBC + the term “personal real estate corporation”).
Another example is if Jie Wu uses the name Jeffrey Wu for advertising purposes and has registered this as his licensee name with RECBC. If he then wishes to license a personal real estate corporation, he must choose whether to license his personal real estate corporation under the name Jeffrey Wu Personal Real Estate Corporation or Jie Wu Personal Real Estate Corporation. If he registers the personal real estate corporation name as Jie Wu Personal Real Estate Corporation, he would then no longer be able to advertise using the name Jeffrey Wu as all advertising must be in the licensee name of Jie Wu Personal Real Estate Corporation.
Is company registration (incorporation) right for you?
The decision to incorporate depends on the purpose of the company registration and needs of the individuals involved.
What are the advantages of registering a BC company?
- Incorporated businesses are perceived as being more stable than unincorporated businesses. It is the right form of business if you are a sub-contractor or work with contracts.
- Limited Liability to owners / shareholders for business risks.
- Ownership is transferable
- Continuous existence
- There are many tax benefits and advantages for a corporation.
Federal vs Provincial Registration – are there any advantages / disadvantages?
- A Federal corporation name is protected all over Canada while a provincial corporation’s name, in most cases, is protected in the home province only. This may or may not be a consideration based upon your requirement and the nature of business.
- If you plan to operate a business on a local level and have no plans of expanding across provinces it may make more sense to incorporate within your province. However, if your company regularly conducts business in other provinces or with international partners then federal incorporation may be the right choice.
Why choosing the right package is important for you?
Because it involves with two major benefits:
- Tax claimable: cost that occurs during business set up, is called Business Development Expenses, is tax claimable. Costs that occurs after business already registered, is called operational cost, is not tax claimable. These costs will occur at any way, since these are mandatory filing, therefore, it's wise to include in package.
- The default process is, these filing to be done together with corporation; hence, it's cheaper in package. To do this services later; there are manual forms and process; hence, costs more money and takes longer processing time