BC Monthly Business Starts

Following the seasonal trend, there was a 5% increase in the number BC businesses registered in January. The number of registrations rose by 220 to reach 4,747 last month. Proprietorships, partnerships, and extra provincial registrations (corporations outside of BC) increased (482) while incorporations declined (-262). Projected BC growth-businesses for 2011 include health food products, personal services for the elderly, organic products, consulting, and interior design services. Look for 2011 hot businesses at smallbusinessbc.ca

There were 510 more starts in January 2011 compared to last January.

55,495 BC businesses registered over the past 12 months, 8% more than the previous 12 months.  The average number of monthly BC starts over this period was 4,625.

BC Business Bankruptcies

BC business bankruptcies jumped in November by 10 to reach 22 insolvencies for the month, three more than November of last year.
The average number of bankruptcies over the last 12 months continues to be lower than the previous 12 months. There have been 236 business bankruptcies over the last year compared to 401 for the previous year, a 41% difference.

Since the last quarter of 2007, BC business bankruptcies repeat every three quarters, a peak then two declining quarters. The third quarter of 2010 was the second declining quarter in 2010 so business bankruptcies should increase in the last quarter of 2010.

BC Self-Employed

BC self-employed declined in January by 9,100 (2%) to 401,600, the lowest level over the last four years. This brings the drop in BC self-employment since last August to 45,400, a 10% decline.

There were 40,400 fewer self-employed this January compared to last January, a 9% difference.

Unlike previous periods, the decline in January BC self-employment was not associated with an increase in BC employees. This time the drop in BC self-employment was associated with a 37,100 increase in the BC unemployed.

New-to-BC Businesses in 2010

The number of Alberta corporations registering in BC surpassed pre-recession levels in 2010. There was a 33% increase in these corporations. An additional 233 Alberta businesses registered in BC in 2010, reaching 936 for the year.  There are two factors driving this increase: the economic recovery and the Olympics.

The number of Ontario corporations registering in BC also increased in 2010. There were 108 more Ontario corporations registering in BC last year reaching 405, a 36% increase.

International companies, conversely, declined in the number registering in BC in 2010. There were 27 fewer companies from other countries choosing BC for their company, a 13% drop. One hundred and seventy foreign companies registered in BC last year.

Over all, the number of extra-provincial company registrations increased by 18% in 2010 to reach 2,689.  After reaching a peak in 2007 of approximately 3,000, registrations dropped to 2,269 by 2009, a 22% change.

Alberta provided BC with 59% of the extra-provincial registrations in 2010. Corporations from Ontario were the second largest supplier of extra-provincial registrations in BC with 24%. Corporations from other countries represented the third largest group registering in BC with 10%. Manitoba and New Brunswick each reported three percent of BC’s extra-provincials while Saskatchewan and Quebec reported two percent each.