If you are interested in incorporating a New Brunswick Business Corporation, it is important to first understand the applicable rules and the different available forms. In New Brunswick, only four forms of businesses can be registered.
If you plan to run your business by yourself without directors or shareholders, then you may consider a sole proprietorship. It isn’t always compulsory to register a sole proprietorship if you use your own name as the business name; however, you must register the business where you intend to add an annex to the name.
Business owners can also register a partnership when there are two or more people or companies that will conduct the business’ affairs.
Those who intend to run their business for profit with shareholders should incorporate a corporation, while non-profit businesses can be registered as non-profit businesses.
The different forms have advantages, disadvantages and specific requirements, so you must study all those factors before incorporation or hire a corporate lawyer to explain the differences and pick a suitable form on your behalf. You can also examine the differences between provincial corporations such as a New Brunswick Business Corporation and federal corporations.
The Business Corporations Act regulates incorporation of companies in the New Brunswick province.
This page elucidates the process of incorporating a New Brunswick Business Corporation.
New Brunswick Incorporation Fees
Incorporating a company in New Brunswick requires the owner of the proposed business to file multiple documents as well as pay some fees for incorporation during filing.
- Incorporation fees for New Brunswick $262 (e-filing only)
The fees are charged differently and depend on the method of filing; it costs a lot more to send the documents by mail.
Let’s consider the different methods that can be employed to incorporate a business in New Brunswick: incorporation by yourself, incorporation by an online incorporation service and incorporation by a corporate lawyer.
How to Incorporate a Business Corporation in New Brunswick by Yourself
Under the Business Corporations Act, incorporation of a business corporation in New Brunswick can be done by:
- Selecting the form of business: you have to identify the particular business type since only four types can be registered in New Brunswick (partnership, sole proprietorship, non-profit or corporation). This will determine the fees and documents required for the entire process.
- Reservation of name: you must ensure that a name search is conducted to make sure the proposed business name hasn’t already been taken to prevent lawsuits in the future.
- Registering the business: after paying the stipulated fees, you will need to submit duplicate files of the following:
- Articles of Incorporation in Form 1 – this document must contain the company’s share structure, restrictions on share transfers and restriction of businesses the corporation can engage in.
- Notice of Registered Office in Form 2 – this document must state the registered office address of the proposed Business Corporation.
- Notice of Directors in Form 4 – this form must contain the names, addresses and other particulars of the directors of the proposed Business Corporation.
- An e-copy of your NUANS or name search report with a cover letter from the firm that conducted the name search. Also, the NUANS report must not be older than 90 days and must set out the preferred name of the corporation.
These documents can be filed and sent electronically to the corporate registry. The registry processes all e-filed applications on an expedited basis, and they don’t charge extra for the service.
How to Incorporate a New Brunswick Business Corporation Using a Service Provider
For business owners who prefer a combination of do-it-yourself and professional incorporation services, they can use online service providers. This method helps reduce legal fees that may be associated with hiring an attorney for the incorporation process, as well as ease the process for individuals that aren’t familiar with the process. However, these services are ideal for less complex business structures with a straightforward procedure.
Clients of online incorporation services have to fill out web-based forms on their site based on the chosen form of the business. The data will also be reviewed by professionals to correct mistakes and ensure compliance with the filing registry. Note that you will have to pay the government fees as well as the fees for the services of the online incorporation service.
Here are two well-known online incorporation companies who offer incorporation services for business owners in New Brunswick:
Incorporating a Business Corporation in New Brunswick through a Corporate Lawyer
If you intend to incorporate a complex business or one which will involve diverse organization and interests, a corporate lawyer is the best option. An attorney who is skilled in corporate law will ensure that all the filing processes are properly carried out and may turn out to be a trusted advisor and guide in future business operations and plans. The attorney may also help you pick a business structure according to your requirements and offer valuable legal advice on certain pertinent matters relating to the incorporation of your company.
Using attorneys can incur a lot of costs from legal fees, but it may be economically worthwhile in the future, especially if the business structure is complex and involves more shareholders. It’s a lot safer to use a lawyer.