If you wish to become an entrepreneur in Canada, Ontario is your best bet. With a population of approximately 13 million people, Ontario is Canada’s biggest economy with highest income per capita. Similarly, the registration process for a business is convenient to execute because of the well-established infrastructure.
Let’s have a step-by-step look at the registration process to set up a business in the city.
- Business Name
For starters, decide whether you desire to be to sole owner or want a partnership before starting your business. Next, you must name your company as per the registration process. If the business is opened under your own name then you don’t need to go follow this process. All other types of business names are indexed with the Ministry of Consumer and Business Services Branch.
- Research the Name of Your Company
You can check if your business name is not already taken by an existing company. For this go through the database of the Ontario business registration. This is extremely important because you can be sued for violation of trademark by a business holding the same name. For this, you can conduct searches online or visit company’s branch. The online search resources such as OnCorp Direct Inc. are also approved by the Ministry of Consumer and Business Services.
Additional Tip – NUANS report copy should be submitted along with your application as it will make sure you don’t get yourself in any kind of legal trouble while registering a corporation in Ontario.
- Filing Company’s Name
This step involves a bit of paperwork and filling of various forms and articles which is defined well by the Business Corporations Act. To simplify this tedious process, you can file online or through attorneys. While you can secure business registration proof immediately if you file in person, the online process takes some time.
- Obtaining the License
After this step is done, the next move will be to acquire all the registrations and licenses that are definite to business operations conditions while complying with both state and country’s laws. Mostly depending on your corporation’s nature, you can get a clear idea from the official BizPal website to help you comprehend what licenses are applicable and need to be maintained by you.
After obtaining the business license and name registration, next step is filing for incorporation and getting your business registered. The NUANS report mentioned in step 2 will be useful here in addition to Articles of Incorporation, a fee of $300 and a cover letter.
- Maintenance of Licenses
After you get registered successfully, this Business registration will be valid for a total of 5 years. After the good ol’ five years, this needs to be extended. You must keep reminders because the policy of Ontario business registration authorities states that it is solely the responsibility of the entrepreneur or the Company.
The process may be a bit complicated, but if you follow methodological steps, you can ensure a smooth business registration. For any other issues and guidance, you can also contact the Companies and Personal Property Security Branch Ministry of Government and Consumer Services for Ontario business registration matters.