Ontario is a fantastic spot to establish a company. For starters, with a population of 14.5 million people and the highest personal incomes in the country, Ontario is the wealthiest market in Canada. Furthermore, the province makes it simple to locate and obtain the information required for Ontario business registration.
Types of business registrations in Ontario
There are a variety of business structures available in Ontario for registering a company. A sole proprietorship, a partnership, a corporation, or a Limited Liability Partnership (LLP) are examples. To form an LLP, you must be a lawyer, accountant, or similar regulated professional. Get independent legal advice before proceeding with any form of business registration.
Is it necessary to register my company in Ontario?
With one exception, if you are doing business in Ontario, you will almost certainly need to register your company. You do not need to register your business if you operate it as a sole proprietorship under your name.
You must also register if you previously had a registered business, but your business name has expired.
If you fail to register your firm or if you register with incorrect information, you could face a fine of up to $2,000.
Checklist for registering a business
The process of registering your company is simple. To start a business, you need to complete the following steps:
- Choose a name for your company.
- Decide on the type of company you want to start (sole proprietorship, partnership, corporation)
- Choose between online, in person, or by mail registration. By signing up online, you can save $20.
- Complete business information.
- Make a payment to register your business.
While complying with federal and provincial requirements can be frightening when running a business, registering your business name in Ontario is a simple process.
Ontario’s Master Business License and Business Registration
An “Ontario Business Registration” is the official name for a registered small business in Ontario. It’s also known as a “Form 1” or a “Master Business License” (MBL) because of the form number you must fill out.
You will obtain a Master Business License (MBL) when you register your business name, which contains your Business Identification Number (BIN). The BML serves as documentation of your business name’s legal registration. When interacting with the Ontario government or financial institutions, you can use it.
The Ministry of Government and Consumer Services Central Production and Verification Services Branch is in charge of business registration.
How Much Does It Cost?
The cost of registering your business is determined by whether you do so online or not.
- It costs $60 to register online.
- It costs $80 to register in person or via mail.
Cost of a Business Name Search
You will almost certainly have to pay for a business name search in addition to the cost of registering your business. You should check to see if a company with that name already exists before yours. Depending on the search report, the cost of searching Ontario’s Enhanced Company Name Search business registry ranges from $8 to $26.