What is the first step in creating a company under the BCA?

The first step in creating a company under the Business Corporations Act (BCA) is to reserve and obtain approval for the company name. This step is critical because it ensures that the chosen name meets legal requirements and is not already in use by another entity, which could lead to potential legal disputes or confusion in the marketplace.

The process of name reservation typically involves submitting a name request to the governing body responsible for corporate registrations, which assesses the name based on criteria outlined in the BCA. Only after receiving approval for the name can a company proceed with the subsequent steps, such as drafting the Articles of Incorporation and filing the incorporation application.

Other options, such as filing the incorporation application or conducting a shareholder meeting, cannot take place until the name has been approved. Without an approved name, the legal entity cannot be formally created. Therefore, name reservation serves as the foundational step in the company formation process under the BCA.