Business in Montréal – One of the richest countries, Canada is amongst the top ten trading nations. Montréal’s economy, in particular, is the 2nd biggest city in the Canadian country and has the leading wealthy economy in all of Quebec in terms of gross domestic products.
In addition to telecommunications, web and software development, electronic services, digital services, and aerospace production and engineering, Montréal also features a vast inland port, making it a nice place for any business startup.
Here is a rough step-by-step guide if you wish to start a business in Montréal.
- Create a business plan
Creating an official business plan helps set goals for any business. Although not necessarily needed, a well-developed business plan can provide you insights and a realistic understanding of your business, its challenges and even the competition you might be facing.
In addition, a financial forecast should help provide you a sense of cash flow requirement as well as profitability.
2. Picking a Name
You might already have a name you’d like to call your business.
However, not just any name will do. What your business need is a one-of-a-kind name.
In order to register, your business name needs to be unique and valid, not only in Montréal, but in all province of Quebec.
Thus, you need to create a list of all possible names you like, so in case your first option is already taken, then you can present extra names when applying.
Use the Services Quebec website in order to verify if the name you want is actually available.
3. Business Registration when starting a business in Montréal
Next, you will need to determine what kind of business you’re going to register. In Montréal city, it is quite common to register for a partnership, sole proprietorship, and company.
In addition, there are some kinds of small businesses that actually don’t need registration. For instance, if you’re using your whole name for a sole proprietorship business or maybe combining both yours and your partner’s name in a partnership business, then registration won’t be necessary.
When registration is needed, you will need to pay a fee via Revenu Quebec. Just ask for a form to fill out then pay the necessary fees.
4. Obtain Permits, Licenses
When starting a business Montréal licenses or permits may also be required.
However, once again, not all kinds of businesses need this. So, make sure to check Montréal’s Official Portal in order to check out if you need one.
In case you’re required to obtain licenses or permits, then contact the qualified federal organization to know which necessary documents to obtain and where you should submit them.
You will also need to get a business ID number, so you can hire staff. You can get this on the Revenu Quebec website by filling out an LM-1-V form..
5. Set Up Bank Account
Congratulations on registering your business! Now, you should focus on setting up a bank and credit card account in order to process business transactions.
6. Building a Website and Social Media Profile
After all the administrative issues above, now you can start focusing on getting your services or products in front of your potential customers.
Building a website is probably the best way to do that. If you are not into the technical things, then hire a web developer to build a business website.
After that, you also have to build and develop a presence on social media platforms. It is essential that you focus on one site that makes the most sense for your business. Then, make sure to provide updates regularly. Also, do not just focus on promoting your own business — you also need to provide useful information about your industry.
7. Develop a Marketing Plan when starting a business in Montréal
Other than your social media presence and your website, you also need a plan for the effective advertisement. You can do it yourself or seek help on the internet. It is very simple. For example, there are services that provide writing assistance with almost anything, even a marketing plan. Students have already learned about this benefit and when they need such help, they just google “do my homework for me now” and choose one of the available services.
You can act a bit smarter and instead of relying on a random writing company, you can search first online essay writing service review by college students and make your decision upon the experience of clients who have already tried the service. They will surely write a good marketing plan for you for a reasonable plan.
Other articles by mtltimes.ca and totimes.ca