Ontario is a great place to start a business in Canada. First of all, Ontario is the richest market in Canada, with a population of 13.5 million and the highest personal income in Canada.
On the other hand, in Ontario, you can easily find and access the information you need for Ontario business registration. When registering a company in Canada, it can be divided into sole proprietorship, partnership or limited liability company.
Registering a sole proprietorship or partnership in Ontario
First, let's take a look at the steps to register a business name for a sole proprietorship, partnership or limited liability partnership in Ontario. (Currently, only certified public accountants and law firms can form limited liability partnerships.)
Step 1: Choose a name for your business
You can operate a sole proprietorship under your own name without registering your business name.
However, if you name your sole proprietorship something other than your own name, your business name must be registered with the Bureau of Consumer Business Services, Division of Corporations.
For example, if William Lee wants to open a sole proprietorship and do business under the name "William Lee," he does not need to register. If he wants to use the name "Williamlee & Wilson" or "William Lee Consulting," he will need to complete the business registration process.
Under Ontario's Business Names Act, fines of up to $2,000 can be levied on individuals and up to $25,000 on corporations for failing to register or registering a company with false or misleading information.
Therefore, even though registering your business name does not guarantee you exclusive use of that name, it is worth registering it. In addition to making sure you choose a name for your sole proprietorship that sounds good and appeals to customers, you also need to choose a business name that is acceptable to official bodies.
There are certain words and expressions that are prohibited. For example, you may not use words that suggest a merger, such as Limited or Inc., or words that suggest the business is associated with any government agency.
You can check the specific requirements on the official website of Ontario, or consult an advisor at the Golden Key Business Development Centre.
Step 2. Check if the name is available
Search for your chosen business name and look at similar names to see if there are other companies using the name you have chosen.
Notice: Business name registration does not guarantee exclusivity (registering a company name does not protect a business name. Only a registered trademark can protect your exclusive business rights ).
The Business Name Act does not prohibit registering the same name, so you can register a business name that is already in use by another company. If you do this, or if the name you register is confusingly similar, it could lead to a lawsuit, so it's a good idea to do a name search to see if anyone else is using the business name you want. There are a few different ways to do a name search:
- Service Ontario Comprehensive Business Services Application (Ontario only – costs $8 basic/$16 detailed report).
- The Canadian government's Nuans corporate name search website. NUANS is a Canada-wide registry of corporate and business names. A NUANS search will display companies, trade names, and trademarks similar to the name you searched for. The current fee per report is $13.80.
- NUANS report from service providers, fees vary from one service provider to another.
Now that you have chosen your business name and conducted a name search, you can go through the actual business registration process to register your sole proprietorship or partnership. Proceed through the business registration steps and then:
Step 3. Register your company name and obtain a business license.
To register your business name, you will need:
- Name and address of the business
- Description of the scope of the company's business activities
- Your name and home address. (You must have an address where legal documents can be served; PO Boxes are not accepted.) If you are registering a partnership with 10 or fewer partners, you must include the names and home addresses of all partners.
After completing your business registration, you will receive a business license ( MasterBusiness License ), as proof of the registration of the financial institution’s business name.
In Ontario, there are a number of options for registering your business name:
- Through Service Ontario.
- Through the Canada Revenue Agency's Business Registration Online (BRO) service.
- A company that provides company registration services.
- In person at the company registration branch or by mail. If you register in person, you will receive your Master Business License (Proof of Business Name Registration) immediately; if you register by mail, you will receive it within 20 business days.
Please note that the Master Business Licence must be renewed every five years.
Step 4. Register for other business-related licenses
In addition to your business license, you may also need to register for other licenses under provincial and federal laws.
For example, registering for a GST/HST tax number, applying for work-related injury insurance at the Workplace Safety & Insurance Board, etc.
Each industry has its own particularities. If you are not sure which licenses and certifications you need to register for, please contact the consultant of the Golden Key Business Development Center as soon as possible.
The steps to register a company are numerous and complicated. If you don’t want to run errands yourself, or don’t have the time or energy to figure out how to register online, you can also ask the Golden Key Business Development Center to help you register.
What can we do for you?
✅ Tax services: Introduce your tax consulting and declaration services, including support for personal taxation, corporate taxation, etc.
✅ Financial Planning: Talk about how you help clients develop and implement financial goals, such as retirement planning, saving for children’s education, etc.
✅ Audit and Verification: Explain the audit and verification services you provide to ensure that your clients’ financial statements are accurate.
✅ Management Consulting: Describe how you provide management consulting services to businesses to help them improve their operational efficiency and profitability.
✅ Legal Compliance: Explore your legal compliance services, including support on company registration, commercial contracts, intellectual property, etc.
✅Business consulting: Introduce the various consulting services you provide to companies, such as market research, competition analysis, etc.
✅ Professional training: Mention any professional training courses in finance and accounting that you may offer to help clients improve their skills.
If you want to register a company as soon as possible but don’t know how to do it, please contact Wang Ke Accounting Firm as soon as possible!
What are the benefits of having us register your company and handle your taxes?
♻️ Quick Registration
We understand the cumbersome process and various legal requirements of registering a company and can handle all the documents and applications for you, saving you the time and effort of handling them yourself.
🤝 Avoid cumbersome processes
Since we are familiar with the registration procedures and related requirements, we can help you complete your company registration faster, allowing you to start your business operations as soon as possible.
⚠️ Tax Optimization
We will consider tax optimization strategies during the registration process to help you minimize your tax burden and improve your financial efficiency.
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Visit our official website and click the "15-minute free consultation" button to schedule your service time.
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