A professional corporation is a company incorporated by individuals who provide professional services such as doctors, lawyers, accountants, architects, etc.
A professional corporation, usually, can only conduct a business of professional services regulated by a professional college. There are limitations to who can govern the corporation and own shares.
It is the right choice for you if your in a regulated profession.
Who can incorporate:
- One or more individuals who are a member of the profession can incorporate a BC Professional corporation.
- Currently there is no citizenship or residency requirement for people who can be the directors, officers, and shareholders.
What is required to incorporate a BC Company:
- A named corporation requires a name approval number from BC government.
- A consent letter from the college which regulates the profession to approving your proposed name.
- A physical address or street address in the Province of British Columbia.
- For incorporation process, a minimum of one Director, one Incorporator and one contact person is required. The same person can fill in all three roles.
- For operations purposes and to fully comply, a minimum of one officer and one shareholders are also required.
What you get
After registering the BC Professional Corporation, you will receive the following as pdf documents by email:
Processing time depends on the name approval queue with the government of BC.
Without a Name Approval: If you Do Not have a valid name approval from the BC government, we will obtain the name approval on be half of you. In that case, your corporation will be processed in two steps:
- Step 1: Obtaining name approval. Sample
- Step 2: Registering with the Government System.
These two steps are combinedly offered in 3 service queues:
- Regular Queue: A BC named company can be ready in 4 Weeks.
- Express Queue: A BC named company can be ready in 2 Weeks.
- Super-Express Queue: A BC named company can be ready in 1 Business Day.
With a Name Approval: If you have already obtained a valid name approval from the government of BC, we offer the following service queues.
Note: The above time line does not include the time taken by your professional college to provide you consent letter to use the proposed name. This process might take from 1 week to 2 months depending upon different colleges
Is the professional company incorporation right for you?
The decision to incorporate depends on the purpose of the company registration and needs of the individuals involved.
If your profession is regulated by a professional body, then incorporation is the best option.
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.
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