Every business has an annual business registration fee, which is used solely for the purpose of assessing the financial health and the value of the organization. To ascertain the financial health of the business entity, the registrar evaluates the amount of money spent on various business activities, including the expenses related to obtaining a taxpayer identification number from the Canadian Revenue Agency, as well as the expenses related to various types of business activities. In Canada, the business registry is managed by the Canadian Business Registry Association (CBRA). Every year, the association publishes the Annual Financial Report that contains tables displaying all the fees paid by taxpayers and businesses. The fee payable by taxpayers may vary from one year to the next depending on factors such as the size of the business and its nature.
First Registration Fee The first registration fee is applicable only if the organization is a non-business organization and therefore the first time business owner has obtained a taxpayer identification number. The amount payable for obtaining the first registration certificate is three hundred and twenty-five dollars. This fee covers the processing of the application and is included in the first payment for the business registration fee. On receipt of the application form, the registrar may require additional information regarding the nature of the business and the expected nature of its business activities. When submitting additional information, the taxpayer must submit a declaration that they understand the nature of their business and that they are aware of all the conditions related to the first registration certificate.
Temporary Occupancy Fee The second business registration fee payable is related to the fee assessed for the temporary occupation of the building or premises where the business activity takes place. The fee is charged on the basis of the number of days the office is required to remain vacant in order to issue the temporary occupation permit. In most cases, the fee is charged on the first day of the temporary occupation. The applicant is required to submit a declaration that the duration of the occupation will not exceed six months and that they have notified the Office immediately upon knowledge that the occupation will end. Read more about business registration.
Temporary Occupancy Fee The third business registration fee payable is associated with the amount payable for the processing of the application and related documents for the establishment of the business. This fee applies to the first registration certificate only. It is charged on the basis of the number of days the office requires to issue the permit and the number of months after the first registration certificate that the business may remain open without an operational permit. The applicant is required to submit a declaration that they are familiar with all the legal terms associated with the business and that they understand and agree with all the terms and conditions set out by the Office. They are also required to submit a declaration that they are familiar with the local rules applicable to the establishment. A copy of this declaration is to be retained by the Office. Get more details about hong kong company deregistration on this link.
Identifying Address and Mailing Address The fourth business registration fee is related to the address of the office and the mailing address. Every applicant is required to submit a complete business address and a complete residential mailing address. The mailing address should include the street name, post code and area code of the local area. If applicable, the name of the local postal carrier is also to be provided. The applicant is required to pay an additional fee for the mailing address that includes the daytime and/or evening mailing address.
Registration of a Business Another significant fee is that associated with the submission of the application for the registration of a business. For organizations, it is necessary to submit a capital expenditure return along with the business account number. For SOHO type organizations, it is necessary to submit the ownership change document along with the original document of ownership (ownership deed or charter). The business account number is the fifth fee component. Learn more about a business here: https://en.wikipedia.org/wiki/Business.
