If you're looking to register a business in Canada, New Brunswick (NB) is a great place to do it. The province has a strong economy and a low cost of doing business.
Business in New Brunswick is a thriving industry. With a population of just over 750,000, the province offers businesses a strong and vibrant market to grow and thrive. There are a number of key sectors that are driving business growth in the province, including technology, agriculture, and life sciences.
One of the major advantages that businesses have in New Brunswick is the fact that the cost of doing business is relatively low. The province also offers a number of incentives for businesses to set up shop there, including tax credits and subsidies.
Additionally, New Brunswick has a well developed infrastructure, with a number of major highways and railways connecting the province to the rest of Canada.
There are a number of leading companies that are doing business in New Brunswick, including McCain Foods, NB Power, and Irving Oil. These companies are a testament to the strength of the provincial economy and offer valuable insight into the opportunities that exist for businesses in New Brunswick.
If you want to register a business in New Brunswick, there are a few things you need to do. Firstly, you need to choose a legal structure for your business.
The most common structures for businesses in the province are sole proprietorships, partnerships, and corporations. Once you have chosen a legal structure, you will need to register your business with the province. You can do this online if you are incorporating or by mail if you are registering a partnership of sole proprietorship.
Legal business forms available in New Brunswick
It can be quite confusing to decide which business form is the best for your company. Each has its advantages and disadvantages, so it is best to consult with a professional before making your decision. Here are the most common business forms in New Brunswick.
A sole proprietor is a person who owns a business and manages all business operations. While sole proprietors are personally responsible for all debts and liabilities of the business, they also get to keep all profits.
Sole proprietorships are perfect for small businesses with only one owner. You don't have to register a business name if you are operating as a sole proprietor, but you may want to do so for marketing purposes.
A partnership is a business organization of which ownership belongs to two or more individuals. Partnerships can be either general or limited.
A general partnership evenly distributes legal responsbility among the partners. In a limited partnership, only one partner is liable for the debts and liabilities of the business. Consequently, family members that own a business often use this business structure.
A corporation is separate from its owners and operates as a distinct legal entity. Corporations are owned by shareholders and are managed by a board of directors.
Shareholders elect directors and are responsible for making decisions on behalf of the corporation. Additionally, corporations are liable for their own debts and liabilities. If you are planning to operate a large business, you should consider incorporating.
Business name registration in New Brunswick
Firstly, to register a business in New Brunswick, you should register a business name. You can do this by filling out the New Brunswick Certificate Of Business Name.
You should also obtain a NUANS Atlantic (New Brunswick) name search report as well as the cover letter. The NUANS report can be ordered from an authorized registrar.
The price for the New Brunswick NUANS report starts from $39.95 to $70 and more. After that, new Brunswick will send the report to your email, your fax or deliver it to your physical location. Usually, it takes about 1-3 hours to get the NUANS report.
When you have your NUANS report and cover letter, you need to register your business name. If you are registering a sole proprietorship or partnership, you should fill out the Certificate Of Business Name form.
Enter your name as well as the business activity of your company on the form. You can find more information on different business activities on the StatCan website. After that, you should provide the mail address where you want to receive the Certificate Of Business Name.
After that, proceed to the next field and enter your business establishment date. Fill out your name or name of the corporation registering a business name.
Finally, provide your business address and signature. After that, you need to pay the business name registration fee, which is currently $112. You have two payment options: cheque or money order.
- Annual fee: $120
- Interest rate on purchases: 20.99 %
- Interest rate on cash advances: 21.99 %
- 🏨 5X points on purchases at hotels participating in the Marriott Bonvoy program
- 💳 2X points on all other purchases
Fill in the rest and include your business number. If you don't have one, leave that part blank.
Your business's legal structure
The next field requires the legal structure of your business. You can register a sole proprietorship, partnership, or corporation. After that, you should provide the business address as well as your credentials.
Send your business name registration application and additional business information form to the address below, and don't forget to send your check together with the form. Make sure your business name doesn't violate any rules and regulations.
It shouldn't be too similar to other business names and don't have any restricted or profane words. If you are registering a sole proprietorship, you don’t need to do any further steps; however, if you are registering a partnership or incorporating your business, you should fill out additional forms.
Corporate Registry Service
P.O. Box 1998 Fredericton,
New Brunswick E3B 5G4
How to register a partnership in New Brunswick?
Partnerships in New Brunswick are required to be registered by filling out the Partnerships and Business Names Registration form. This form is available online through the province's website. You must complete and submit the form along with the required fee.
Begin filling out the form by entering the name of the partnership as well as the mailing address. The form must be signed by all partners involved in the business.
Provide a principal business address if it is different from your mailing address. Finally, fill out the date the partnership will begin operating under the current name, and principal business activity carried on.
Enter the names and contact information, and occupations of all partners involved in the business. Partners are individuals who have entered into an agreement to share in the profits and losses of a business. The form must be signed by each partner, and the date of signing must be provided.
The partnership registration fee is $100, and you can pay it with a cheque or money order. Send the form and cheque to the address below. Presently, it takes about 10 business days for the partnership to be registered.
Service New Brunswick
P.O. Box 1998 Fredericton
New Brunswick E3B 5G4
How to incorporate in New Brunswick?
You can register a business in New Brunswick as a corporation online through the Service New Brunswick Online website. Additionally, if your business requires certain licenses, you may find more information on them at the BizPal service. The first step of the incorporation process requires you to provide general information, such as your first and last name, phone and fax numbers, and email.
Next, you need to enter your business name and upload the NUANS report as well as the cover letter. The NUANS report is a name search report that must be no more than 90 days old. It can be obtained through authorized NUANS report providers.
You also have an option to choose a numbered name. In this case, a NUANS report is not required. After that, you should provide the corporate purpose.
The numbered name consists of 6 digits number that is randomly generated by the system. It also has the name of the province and legal ending in the end, which can be either Ltd., Corp., Inc, or other abbreviations indicating the company's legal status.
Fill out the information about your corporation's share classes, the maximum number of shares, as well as par value. The share structure is outlined in the articles of incorporation.
Class A and Class B shares
You can register a business in New Brunswick as a corporation with one or more share classes. The most common share classes are Class A and Class B shares. Class
A shares are typically voting shares and have one vote per share. Class B shares don't usually have voting rights but may have different privileges, such as the right to receive dividends.
Further, you should enter restrictions, if any, on the transfer of shares. For instance, you can state that the shares are not transferable without the approval of the directors. You can also add other restrictions, such as stating that the shares are only transferable to family members.
Enter the restrictions on business your corporation can carry on. Additionally, you can state that the corporation can only carry on the business of providing XYZ services. Leave this field blank if there are no such restrictions.
Provide other provisions, if any, that are not captured in the questions above. These could be provisions that are specific to your business or industry.
So you may want to consult with a lawyer to determine what, if any, other provisions should be included in your articles of incorporation.
During the next step, you will need to provide information about your office address. This is the address where your corporation's records will be kept. Evidently, the office address should be in New Brunswick.
If your mailing address is different from the office address, you will need to provide the mailing address during the next step. Your mailing address is the address where your corporation will receive important correspondence, such as legal documents. It can be in a different province or country from the office address.
The thing about directors
State the number of directors, or minimum and maximum number. Directors are the people who manage the corporation. They usually vote on important decisions, such as whether to declare dividends or issue new shares. The articles of incorporation may state a minimum number of directors.
You should fill out the information on each director, including their name, address, phone number, and email. Pay attention that the director doesn't have to be a shareholder of the corporation. While entering, avoid any mistakes, as the information provided will be used to generate the corporate documents.
Next, you should provide information about the incorporators, which are the people who sign the incorporation documents. The information you need to provide includes their name, address, and phone number. There is no requirement that incorporators be directors or shareholders of the corporation.
Fill out the incorporation email address for documents. This is the email address where the corporate documents, such as the certificate of incorporation will be sent. Corporate Registry will send you a link to the online filing system, where you can download the corporate documents after approving your application.
You can also provide special instructions for handling your application. For instance, you can state that the documents should be sent to a different email address or that you will pick up the documents in person.
Finally, you should pay the incorporation fee. The incorporation fee is $262 for registering a corporation in New Brunswick. This includes a $12 Royal Gazette fee and a $150 Incorporation Application fee. You can pay the fee by any credit card, including Visa, American Express, Mastercard, and Discover.
What are the benefits of having a business bank account in New Brunswick?
There are a few benefits of having a business bank account in New Brunswick. First, you can keep your business and personal finances separate. This can be helpful for bookkeeping and tax purposes. Second, a business bank account can give your business more credibility with customers, suppliers, and other businesses. Having a dedicated business bank account can show that you're serious about your business. Finally, a business bank account can help you to access business-specific products and services, such as loans, lines of credit, merchant services, and business credit cards.
Business Platinum Card® By Amex
- Annual fee: $499
- Interest rate on purchases: n/a
- Interest rate on cash advances: n/a
The Business Platinum Card® from American Express is a great choice for businesses that want to earn Membership Rewards® points on their business expenses. Prestige and perks are what this card is all about. With the Corporate Platinum Card® from American Express, you'll get 1.25 Membership Rewards® points for every dollar you spend on eligible airfare, hotels, and car rentals. Get additional cashback on Air Canada flights and access to over 1,300 airport lounges around the world with the American Express Global Lounge Collection.
Business Edge Card® By Amex
- Annual fee: $99
- Interest rate on purchases: 20.99%
- Interest rate on cash advances: 21.99%
Business Edge Card® by American Express is designed to help business owners manage their expenses and cash flow. The card offers a variety of benefits, including a low-interest rate of 21.99% on funds advances and 19.99% on purchases. Eligible purchases provide you with x3 points. You can use your points to redeem for cash back, gift cards, merchandise, or travel.
Business Gold Rewards Card® By Amex
- Annual fee: $199
- Penalty APR: 20.99% on Flexible Payment Option limit and 30% on Due In Full balance
As a Business Gold Rewards Card® member, you can earn up to 110,000 Membership Rewards® points per dollar on the first $5,000 in eligible purchases. Enjoy up to 55 interest-free days and earn points on everyday business expenses such as airfare, gas, and office supplies. Business and travel coverage is also included with your card. Every cardholder gets access to American Express® Experiences. This business card provides the flexibility that business owners need to manage their expenses and earn rewards.
Frequently asked questions about registering a business in New Brunswick
To register a business name in New Brunswick, you must first choose a unique business name and then file an application with the provincial government. You can register a corporation online; however, if you want to register a partnership or sole proprietorship, you will have to fill out a business registration form.
Yes, you can change the name of a business registered in New Brunswick. The business name change fee is $112.
The cost of registering a business in New Brunswick is $100 for a partnership and $150 for a corporation. Plus, you will have to pay a business name registration fee, which is $112.
You can get a copy of your articles of incorporation at the Service Center of New Brunswick office. Visit the NB official website to find the nearest office location.
It depends on your business. If your business is local, you may want to consider a New Brunswick business incorporation. If your business has a Canada-wide or international scope, you may want to consider federal incorporation.