What to Do After Registering Your Business: A Simple Next-Steps Checklist
- Lisa Shaw
- 3 hours ago
- 3 min read
Starting a business is an exciting adventure, and registering it officially is a huge first step. But many new entrepreneurs assume that once their business is registered, they’re done — when in reality, that’s just the beginning.
There are several important steps you should take right after registration to keep your business legal, organized, and set up for growth. From handling taxes to opening a business bank account, following these next steps early can save you headaches down the road and give your business a strong foundation.
1. Get Your CRA Business Number (If You Don’t Have One Yet)
Most registered businesses need a CRA Business Number (BN). This is how the government tracks your business for taxes and payroll.
You may need to register for:
GST/HST (mandatory once you hit the revenue threshold)
Payroll account (if you’ll have employees)
Corporate income tax (for corporations)
Import/export account (if applicable)
Even if you don’t need all of these right away, setting up the right accounts early helps avoid headaches later.
2. Open a Business Bank Account
Keeping business and personal money separate isn’t just a good idea — it’s essential.
A business bank account helps you:
Track income and expenses clearly
Stay compliant with CRA requirements
Look more professional to clients and lenders
Simplify bookkeeping and tax filing
Many banks will ask for your business registration documents and government-issued ID, so have those ready.
3. Understand Your Tax Responsibilities
Taxes work differently once you’re operating a business.
Depending on your setup, you may need to:
Charge and remit GST/HST
Set aside money for income tax
File corporate tax returns (if incorporated)
Make installment payments throughout the year
A common mistake new business owners make is spending money that should’ve been saved for taxes. Setting aside a percentage of each payment can save you from a surprise bill later.
4. Check If You Need Licenses or Permits
Registering your business does not automatically give you permission to operate.
You may need additional licenses or permits based on:
Your industry
Your location (municipal, provincial, or federal)
Whether you operate online, from home, or in a physical space
Skipping this step can lead to fines or forced shutdowns, so it’s worth confirming early. Contact the city or town where you’ll be operating or check out BizPal to see if you might need any other permits.
5. Set Up Basic Bookkeeping
You don’t need complicated software on day one — but you do need a system.
At a minimum, start tracking:
Income
Expenses
Receipts
Mileage (if applicable)
Good bookkeeping makes:
Tax filing easier
Cash flow clearer
Business decisions smarter
Many small businesses start simple and upgrade as they grow.
6. Protect Your Business Name and Brand
If you’re using a business name (not just your personal name), consider:
Securing a matching domain name
Setting up professional email addresses
Checking whether trademark protection makes sense long-term
This helps prevent confusion and protects your brand as your business grows.
7. Stay on Top of Ongoing Requirements
Registering your business is a one-time step — but maintaining it isn’t.
You may need to:
File annual returns (for corporations)
Update changes to owners, addresses, or directors
Keep records for several years
Staying organized now saves stress later.
Final Thoughts
Registering your business is exciting — but what you do after registration matters just as much.
By setting up the right accounts, staying compliant, and building good habits early, you’re giving your business a much stronger foundation.
If you’re unsure which steps apply to your situation, it’s always better to ask early than have to fix issues later.
