How to Start a Business in Winnipeg, Manitoba: A Step-by-Step Guide

Introduction

Starting a business in Winnipeg, Manitoba, is an exciting opportunity for entrepreneurs. Whether you’re turning a passion into a career or expanding an existing idea, the process of setting up your business can be straightforward with the right knowledge. This blog will walk you through the essential steps—from registering your business name to opening a business bank account, obtaining a GST or CRA number, and securing government contracts.

1. Who Can Start a Business in Winnipeg?

Anyone who is legally able to work in Canada can start a business in Winnipeg. This includes Canadian citizens, permanent residents, and individuals with the proper work permits or status. However, before diving into the registration process, it’s essential to determine what kind of business structure you want to create.

There are several types of businesses you can register in Manitoba:

• Sole Proprietorship – One individual running the business.
• Partnership – A business owned by two or more individuals.
• Corporation – A separate legal entity from the owners.

Choosing the right structure for your business will depend on your goals, the level of risk you’re willing to take, and how you want to manage taxes. Consulting with a lawyer or accountant is highly recommended to help you make this decision.

2. Where to Start: Registering Your Business Name

The first official step in establishing your business in Winnipeg is registering your business name. This is a simple process but essential to ensuring your brand is protected.

How to Register:

• Search for Your Business Name: Before registering your business name, check if it’s already taken. You can do this through the Manitoba Companies Office website to ensure your name is unique.
• Registering the Name: You can complete the registration online through the Manitoba Companies Office or in person at the office located at 400-330 Portage Avenue, Winnipeg. If you’re a sole proprietor or in a partnership, you’ll likely need to file a Business Name Registration form.
• Fees: The cost for registering your business name is typically around $60, but this may vary.

Tip: If you choose to incorporate your business, you will need to file articles of incorporation with the Manitoba Companies Office.

3. What’s Next: Getting Your GST or CRA Number

After registering your business name, the next important step is registering for a GST (Goods and Services Tax) number or a CRA (Canada Revenue Agency) business number.

Why Register?

If your business’s annual taxable sales are over $30,000, you are required by law to collect and remit GST/HST on your goods and services. Even if your sales are below this threshold, you may still want to voluntarily register for a GST number, as it allows you to claim input tax credits.

How to Register:

• Online Registration: You can register for a business number and GST number through the Canada Revenue Agency (CRA) website. You can also call CRA at 1-800-959-5525 or visit a Canada Services Centre to register in person.
• Required Documents: You’ll need your business name registration details, along with your personal information and any legal documents pertaining to your business structure.

Tip: If you’re unsure whether you need to register for GST/HST, it’s worth consulting with an accountant.

4. When to Open Your Business Bank Account

Once you have your business name and GST number in hand, the next step is opening a business bank account. Having a separate bank account for your business is essential for managing finances and ensuring proper accounting.

How to Open a Business Bank Account:

• Choose a Bank: Winnipeg has many reputable banks, including Royal Bank of Canada (RBC), TD Canada Trust, CIBC, and Scotiabank. Compare fees, services, and business account features to choose the best bank for your needs.
• Required Documents: Most banks will require your business name registration, business number (BN), and identification. If you’re a corporation, you’ll also need your articles of incorporation and possibly a corporate resolution.
• Deposit Requirement: Some banks may have a minimum deposit requirement to open the account. This varies by institution.

Tip: Choose a bank that offers online banking services to help you manage your finances more efficiently.

5. How to Secure Government Contracts

For many business owners in Winnipeg, securing a government contract is a lucrative way to grow your business. Whether you’re providing services to the government or supplying goods, it’s important to know how to navigate this process.

Steps to Apply for Government Contracts:

• Register with Manitoba’s Procurement Portal: Government contracts are typically posted through the Manitoba Procurement Portal. You’ll need to register your business on this portal to access opportunities.
• Get a Supplier Number: In order to bid on contracts, you’ll need a supplier number. You can register for this through the Manitoba Procurement Services.
• Research Opportunities: Regularly check the portal for open tenders and contract opportunities that fit your business profile.
• Bid on Contracts: When you find a suitable contract, carefully follow the bid submission guidelines. You will need to demonstrate that you can deliver the required goods or services at competitive prices.

Tip: Building relationships with government agencies, attending procurement workshops, and networking with other businesses can improve your chances of success in securing contracts.

6. Final Thoughts: Starting Your Business in Winnipeg

Starting a business in Winnipeg is an exciting journey, but it requires careful planning and adherence to legal steps. Here’s a quick summary of the steps you need to take:

1. Register your business name with the Manitoba Companies Office.
2. Register for a GST or CRA number if your business meets the requirements.
3. Open a business bank account to keep your finances separate and organized.
4. Register with the Manitoba Procurement Portal to access government contracts and bidding opportunities.

With these steps completed, you’re ready to launch your business and take advantage of the many resources available in Winnipeg. Stay informed about your industry, keep up with the regulations, and continue to network with fellow entrepreneurs to succeed in Manitoba’s thriving business environment.

Good luck on your entrepreneurial journey!

References:

1. Manitoba Companies Office. (n.d.). Business Name Registration. Retrieved from https://www.gov.mb.ca/companies/
2. Canada Revenue Agency. (n.d.). Registering for a business number (BN). Retrieved from https://www.canada.ca/en/revenue-agency/services/tax/businesses/registration.html
3. Manitoba Procurement Services. (n.d.). How to Register as a Supplier. Retrieved from https://www.gov.mb.ca/finance/procurement/index.html
4. Royal Bank of Canada (RBC). (n.d.). Business Accounts. Retrieved from https://www.rbcroyalbank.com/business.html
5. Government of Canada. (n.d.). Supplier Registration Information. Retrieved from https://www.tpsgc-pwgsc.gc.ca/app-acq/supplier-fournisseur-eng.html