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Product Image NUANS Report Start a PREC in B.C.

Home / PREC / Start a PREC in B.C.

Step 1 of 9 - Details

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Incorporate your Personal Real Estate Corporation (PREC) in BC 2 Business Days

A Personal Real Estate Corporation (PREC) allows a real estate agent to earn their business income through a corporation. It is formed by a single real estate agent and can provide huge tax benefits for agents. Personal real estate corporations may only provide real estate or ancillary services (real estate transaction-related services) as their main form of business. The real estate salesperson owning the PREC license must be the sole voting shareholder, as well as the sole director/officer of their personal real estate corporation.
Name Search and Reservation Report
Notice of Articles
Certificate of Incorporation
Company documents
Company password
What are the advantages of forming a Personal Real Estate Corporation?
  • Tax deferral for life and retirement planning purposes.
  • Reduction/elimination of Canada Pension Plan (CPP) contributions
  • Income splitting with family members under certain circumstances to reduce family tax.
  • This format is good for limited liability which means the owners' personal assets are protected from liabilities.
Who can form a PREC?
  • Licensed Real estate agents who wish to receive their brokerage remuneration through a corporation can form a PREC.

Name for your business

Real Estate Services Regulation requires that the legal name of a personal real estate corporation must include both, but nothing other than:
  1. The legal name, a recognizable short form of the legal name, or the licensee name of the controlling individual; and
  2. The term personal real estate corporation
  3. Example: Janiel Smith Personal Real estate Corporation.
Accepted file types: jpg, png, pd, Max. file size: 32 MB.
Example: Janiel Smith Personal Real estate Corporation.

Corporation's Address

Registered Office Address
This is the address of your business from where you will be operating your business. This cannot be a post box or mailing address.
Mailing Address

Articles of Incorporation

Articles of Incorporation
Note: This is suitable for most corporations with single owner and corporations with multiple owners but do not want to differentiate between shareholders.
Note: Suitable for corporation who wish to have shareholders with voting power & non-voting power. Shareholders with voting power are decision makers while non-voting shareholders don't involve in any business decisions,
Corporation will have
Corporation will have

Corporate Bylaws and Minute Book

What is the use of a minute?
Corporation regulations require that you have a properly maintained minute book with up to date information and changes made to the business. When you visit a bank to open an account for the business, the minute book is accepted as proof of shareholders' names.
What is included in a minute book?
  • Articles of Incorporation
  • By-laws of the Corporation
  • Minutes of the directors’ and shareholders’
  • Meetings/Resolutions
  • Directors and officer’s registers
  • Shareholder register and ledgers
  • Share transfer register
  • Share certificates

Director

Directors supervising the activities of the corporation and makes decisions.
Address of Director
Positions
This Director will be
Officers carry out daily administration of a Corporation. usually the directors are assigned officer titles like President, CEO, etc. Most people assign a President role to one of the directors. Officers roles are optional.
This Director will be

Additional Services

Register Domain Name & Business Email
How many Years do you want to register

Registration Queue

B.C Registries provide a priority processing of incorporation for an additional fee. In priority queue, your corporation can be registered in 3 business days while a non-priority queue can take up to 25 business days. Once we receive the name approval, we will proceed to incorporate your business with that name.
What Fast do you want your Documents

Final Check

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