Introduction
Ontario is a perfect place to start your business. It’s known for its low corporate taxes and cost of living, but it also has many benefits for entrepreneurs. In this article, you will learn about how to register a business in Ontario along with the documents required for registering a business and the fees associated with it.
Choose the Business Structure
Before you can register a business in Ontario, you’ll need to choose a business structure and name.
The three most common structures are:
- Individual Businesses: An individual is an owner of their own company who has no partners. Individuals may create their businesses or work with others to form partnerships that may include more than one person (see Partnerships below).
- Partnerships: A partnership involves two or more individuals working together towards shared goals, such as gaining profit from their endeavor, buying property together, etc., but does not require that each member contribute capital upfront before profits are made available for distribution among all members (or shareholders). Partnerships must be registered as corporations if there are at least two partners involved.
- Sole Proprietorships: A sole proprietorship is owned by just one person who has complete control over every aspect of running things day-to-day without having any input from anyone else inside his/her organization except perhaps employees hired specifically because they share some skillsets needed during certain phases within operation timeline stages where management duties fall upon him/her exclusively while providing leadership guidance through example actions were taken during daily interactions within an office environment.
Decide on a Business Name
When choosing a business name in Ontario, there are a few things you need to consider:
- Make it unique: Your business name should be unique and distinguishable from other businesses in Ontario. You can check the availability of a name using the NUANS (Newly Upgraded Automated Name Search) system. This system searches a database of existing business names and trademarks to ensure your proposed name is not already in use.
- Make it descriptive: Your business name should be descriptive of the products or services you offer. This can help potential customers understand what your business is all about.
- Make it easy to remember: Your business name should be easy to remember and pronounce. This can help potential customers remember your business and refer others to it.
- Make it legally compliant: Your business name must comply with the naming requirements set out by the Ontario Business Corporations Act. The name must not be misleading, offensive, or suggest a connection with a government agency.
Once you have chosen a name, you can reserve it with the Ontario government. This will give you time to complete the registration process without worrying about someone else taking your name.
How to Register a Business in Ontario?
To register a business in Ontario, you first need to decide on the ownership structure of your business. In Ontario, there are four basic kinds of business structures, each of which meets specific legal and tax requirements.
Next, you need to select a distinct business name, perform the required name searches, and check if an existing business has the name.
Once you have your business name, you can register your business online using the Ontario Business Registry if your business has employees, facilities, or offices in Ontario. The registration process requires you to file the Articles of Incorporation, also known as Form 1, with the Ontario government.
The process of registering a business in Ontario is relatively simple. You need to complete the application form and submit it to the government department. The cost of registering a business in Ontario will depend on where you want to operate, but it should not be more than CAD 500 (about US 400).
If you have an existing business license or are planning on opening up an office or branch, then you may need this document called “Master Business License.” It is also known as “Articles of Incorporation” or “Certificate Of Good Standing” depending on which province you live in.
The validity period for both documents varies depending on what type they are. However, they usually last between three months and five years after being issued by your local Registrar General Office (RG).
Information Required to Register a Business in Ontario
To register a business in Ontario, you’ll need to provide the following information:
- Your name and address.
- A description of the business activity
- A phone number and email address for contact purposes (if applicable).
The website is optional, but it’s recommended that you include one because it helps ensure that your clients know where they can find more information about what services you offer and how much it costs to receive those services from you or another provider within your area who offers similar products/services at lower prices than yours does.*
If you’re just starting, it’s important to know that the province of Ontario doesn’t require individuals to register as sole proprietors or business owners until they’re making more than $30,000 in profit per year. If you’re earning less than this amount, then you don’t need to worry about registering with the government and paying taxes on your earnings.
The Fees and Timelines Associated with Registering a Business in Ontario
The registration process depends on the number of employees, locations, and products. For example, if you have one employee and sell only one product in a single location, it will take longer than if your business has more employees or sells more products.
The time to register a business in Ontario is between 45 and 90 days after signing an agreement with the government department responsible for doing so (the Ministry of Government Services). If this doesn’t work out as planned because something goes wrong with your application or there are delays in processing it then it could take longer than 90 days due to holidays etc., but this is rare since most businesses meet their deadlines without any problems at all!
What Does a Registered Business Look Like?
A registered business is a legal entity with a legal personality and the ability to sue and be sued. It can also own property, buy or sell goods and services, buy stocks or bonds, and take part in any other transaction that requires an individual to establish his or her own identity (such as getting married).
The key element of this registration process is the BIN number which is a nine-digit number exclusive to your registration. This unique identifier will allow you access to all databases where data about your company is stored.
Pros and Cons of Registering a Business in Ontario
If you’re ready to start a business on your own, consider registering in Ontario. Registering your business is an easy way to set up a legal entity that will help protect your assets, such as intellectual property and assets like cash on hand.
There are several benefits of registering a business in Ontario:
- You can choose not to use a name at all when registering your company—you simply fill out some forms and pay the fee (about $50). This allows you to keep your identity secret while still having access to all of the protections available through incorporation.
- You can register without providing an address or phone number—this means that there won’t be any confusion later when trying to contact customers or suppliers who need more information about their orders or deliveries!
Conclusion
In conclusion, registering your business in Ontario is not difficult at all. There are many things that you need to do and follow up on. Once you have everything in order, it will be easier than ever before.
FAQs on how to register a business in Ontario
1. Do I need to register my small business in Ontario?
Yes, you need to register a business in Ontario. If your business has employees, sites, or offices in Ontario, and you must register your business with the registry in Ontario.
2. Can anyone register a business in Ontario?
There are no limitations on the individual status in Canada if you want to register a small business in Ontario as a sole proprietorship or general partnership.
3. Can you operate a business in Ontario without a license?
In Ontario, to operate your business in accordance with federal, provincial, or municipal legislation, you may need licenses4. and permits.
4. How long do you have to register a business in Ontario?
Within 60 days of starting your business, you must register your business name in Ontario. If you operate under your own name for the business, you are exempt from this requirement.
