How to Register a Business in Yukon: the Entrepreneur’s Roadmap

Starting a business in the Yukon can be an exciting venture, offering unique opportunities in Canada’s rugged and beautiful north. Whether you’re a local entrepreneur or looking to expand your operations into this territory, registering your business in the Yukon is a crucial first step. This process ensures that your company complies with local regulations and can operate legally within the territory.

In this guide, we’ll walk you through the essential steps to register your business in the Yukon, helping you navigate the process smoothly and set your enterprise on the path to success in Canada’s True North.

1. Understanding Yukon Business Registration

Registering a business in the Yukon involves several key steps and considerations. You’ll need to choose the right business structure, determine if registration is necessary, and know where to complete the process.

Types of Business Ownership in the Yukon

The Yukon offers three main business structures: sole proprietorships, partnerships, and corporations. Each has its own advantages and legal requirements. Sole proprietorships are the simplest form, where you operate as an individual. Partnerships involve two or more people sharing ownership and responsibilities.

Corporations provide limited liability protection but require more paperwork and ongoing compliance. You’ll need to carefully consider which structure best suits your business goals and needs.

Do I Need to Register My Business in the Yukon?

You may not always need to register your business in the Yukon. If you’re operating under your legal name, registration isn’t required. However, if you plan to use a business name different from your own, you’ll need to file a declaration of business name. This costs $25 and can be done online or in person.

Registration becomes necessary when you incorporate or form a partnership. It’s also required if you want to open a business bank account or apply for certain licenses and permits.

When Do You Have to Register a Business in the Yukon?

You should register your business before you start operating under a business name. This ensures you’re legally compliant from day one. For corporations, you must register before conducting any business activities. Partnerships should register as soon as the agreement between partners is finalized.

If you’re unsure about timing, it’s best to register early. This prevents potential legal issues and allows you to start building your brand officially.

Who Can Register A Business In the Yukon?

There is no minimum age for starting a business in Canada including Yukon. However, you need to be at least 18 years old to sign contracts or other legal documents. If you are under 18 and starting a business, you may need someone who is over 18 to sign legal documents on your behalf. Discuss your business ideas with a parent or guardian before you start.

Additionally, for corporations, Canada Business Corporations Act require that at least 25% of directors must be Canadian residents. However, there’s no residency requirement for shareholders.

Where to Register a Business in the Yukon

You can register your business through the Yukon Corporate Online Registry. This platform allows you to file declarations, register corporations, and manage your business information.

For in-person services, visit the Corporate Affairs office in Whitehorse. They’re open Monday to Friday, 8:30 a.m. to 4:30 p.m. You can also submit registration documents by email, fax, or mail. If you need assistance, contact Corporate Affairs at 867-667-5314 or toll-free at 1-800-661-0408, extension 5314.

2. Preparing for Registration

Before registering your business in the Yukon, you’ll need to gather necessary documents, choose a suitable business name, and complete a name search. These steps are crucial for a smooth registration process.

What Documents Do I Need to Register a Business in the Yukon?

To register your business, you’ll need to prepare several key documents. First, gather personal identification for all business owners, such as a driver’s license or passport. You’ll also need to provide your business address and contact information. If you’re forming a partnership, prepare a written partnership agreement outlining each partner’s roles and responsibilities.

For corporations, you’ll need to draft articles of incorporation and create bylaws. These documents outline your company’s structure and operating procedures. Don’t forget to prepare a detailed business plan. While not always required for registration, it’s essential for your business’s success and may be needed for financing or permits later on.

Choosing a Business Name

Selecting the right name for your Yukon business is a critical step. Your business name should be unique, memorable, and reflect your brand identity. Consider using keywords related to your products or services. This can help potential customers understand what you offer at a glance. See the full list of naming guidelines in Yukon in the Naming Regulations.

Avoid names that are too similar to existing businesses to prevent confusion and potential legal issues. It’s also wise to check if the domain name for your chosen business name is available for your future website. Remember, your business name will appear on all official documents and marketing materials. Choose wisely, as changing it later can be costly and time-consuming.

Name Search and Reservation

Once you’ve chosen a potential business name, you’ll need to verify its availability. The Yukon government requires a name search to ensure your chosen name isn’t already in use. Submit a name request application to the Yukon companies office. They’ll check if your proposed name is available and valid for registration.

If your name is approved, you can reserve it for up to 90 days. This gives you time to complete the registration process without worrying about someone else claiming the name. Consider reserving multiple name options in case your first choice is unavailable. This can save you time and frustration in the long run.

3. How to Register a Business in the Yukon: Step by Step

Registering a business in the Yukon involves different processes depending on the type of business structure you choose. You’ll need to select a unique name, complete the necessary paperwork, and pay the required fees.

How to Register a Sole Proprietorship in the Yukon

To register a sole proprietorship in the Yukon, you’ll first need to choose a business name. Ensure it’s unique and complies with the Naming Regulation. Submit your name reservation request through the Yukon Corporate Online Registry. The fee is $40, and processing takes up to 5 business days.

Once approved, you’ll receive a certificate valid for 90 days. Next, download and complete the Form 8 ‒ Declaration of business name, available online or at the Corporate Affairs office. Include your personal information, business details, and the approved name. Submit the form with the required fee. After processing, you’ll receive your Business License.

How to Register a Partnership in the Yukon

Registering a partnership in the Yukon is similar to a sole proprietorship, but involves multiple partners. Start by reserving your business name through YCOR. Once approved, draft a partnership agreement outlining responsibilities, profit-sharing, and dispute resolution. While not legally required, it’s highly recommended.

Complete the Business Registration form, including all partners’ details. Submit it with the partnership agreement and required fee to the Corporate Affairs office. After processing, you’ll receive your Business License. Remember, each partner is personally liable for the business’s debts and obligations.

How to Incorporate a Business in the Yukon

Incorporating in the Yukon offers liability protection but involves more steps. Begin by reserving your corporate name through YCOR. Draft Articles of Incorporation, including share structure and director information. Prepare bylaws governing your corporation’s operations.

File these documents along with the Notice of Registered Office and Notice of Directors forms. Submit everything to Corporate Affairs with the incorporation fee. Once approved, you’ll receive a Certificate of Incorporation. Register for necessary licenses and permits based on your business activities. Consider consulting a lawyer or accountant for guidance throughout this process.

4. Complying With Legal Requirements

When starting a business in Yukon, you need to navigate various legal requirements. These include understanding where you can operate and obtaining the necessary paperwork to run your business legally.

Understanding Zoning Regulations

Before setting up your business, you need to check Yukon’s zoning regulations. These rules determine where specific types of businesses can operate. Contact your local municipality or the Yukon government for details on zoning in your area.

Make sure your chosen location is suitable for your business type. Some areas may be restricted to residential use only, while others might be designated for commercial activities. If your desired location doesn’t match the current zoning, you may need to apply for a zoning change or variance. This process can take time, so plan accordingly.

Obtaining Necessary Licenses and Permits

To operate legally in Yukon, you’ll need various licenses and permits. The specific requirements depend on your business type and location. Common licenses and permits include:

• Business license
• Professional licenses (if applicable)
• Health permits (for food-related businesses)
• Environmental permits

Check with local and territorial authorities to ensure you have all required documentation. Don’t forget to renew your licenses and permits as needed to stay compliant.

5. Setting Up Your Business Presence

Establishing a solid business presence in the Yukon involves crucial financial steps. You’ll need to create a dedicated bank account and implement robust accounting systems to manage your finances effectively.

Creating a Business Bank Account

Once you’ve registered your business in Yukon, setting up a dedicated business bank account is a crucial next step. This not only helps you maintain clear financial records but also lends credibility to your new venture. Many banks in Yukon offer specialized business checking accounts with features tailored to small businesses, such as no minimum balance requirements and no monthly maintenance fees.

To open an account, you’ll typically need to provide two forms of identification, including a government-issued ID like a driver’s license or passport. Additionally, be prepared to present documents proving your business ownership and your Employer Identification Number, if applicable. It’s advisable to consult with a local bank or credit union in Yukon to understand their specific requirements and find an account that best suits your business needs.

Setting Up Accounting Systems

Proper accounting is crucial for tracking income, expenses, and tax obligations. Choose a system that suits your business size and complexity. Options include:

• Simple spreadsheets for very small businesses
• Cloud-based accounting software for easy access and automatic updates
• Professional accounting services for complex needs

Set up categories for income and expenses that align with Yukon business regulations. Regularly update your books and consider consulting with a local accountant familiar with Yukon tax laws. Remember to keep all receipts and financial documents. This will make tax time easier and help you make informed business decisions.

6. Maintaining Your Business Registration

Keeping your Yukon business registration active requires regular filings and updates. You’ll need to submit annual returns and notify the registry of any important changes to your business information.

Filing Annual Returns

To maintain your business registration in Yukon, you must file annual returns. These are due each year by the anniversary of your incorporation date. The Yukon Corporate Online Registry allows you to submit these returns electronically. Annual returns include basic information about your business, such as:

• Current address
• Director details
• Share structure

Failing to file on time can result in penalties or even dissolution of your corporation. Set reminders to ensure you don’t miss this crucial deadline.

Updating Registration Information

Your business details may change over time. It’s your responsibility to keep the registry informed of these changes. You must notify the Yukon Corporate Registries Office when:

• Your board of directors changes
• You move your registered office
• You amend your corporate structure

Submit these updates promptly to avoid compliance issues. Use the appropriate forms available from the registry website. For major changes, like altering your company’s structure, you’ll need to file articles of amendment.

Keeping your registration current ensures your business remains in good standing with Yukon authorities.

Resources for Starting a Business in Yukon