Ontario, Canada is great place to start and grow a business because it boasts of a wealthy economy and easy business registration. In 2011, Ontario had one of the highest per capita incomes and the lowest unemployment rate. It means that each employee here is earning a minimum annual income of $38,000 plus an attractive benefits package.
It is safe to say that Canadians are financially secured and the market is healthy, especially in the Ontario area, reason why if you want a lucrative location for your business, Ontario is where you should be looking.
If you want to enjoy a rewarding business career and huge earning potential just like the many business aspirants who took the risk and found it worthwhile, start by registering one. I can vouch for the smooth registration in Ontario, as I have tried and tested it. I hope you would find the following guide helpful.
Step #1 Name your business and identify your entity type
The business name may seem like an insignificant detail but this is one of the trickiest parts. I suggest you obtain a copy of the Business Names Act first to make sure you are not violating any rules.
Naming your business and identifying your business’ entity type go hand in hand. This is because of the different registration procedures involved for each entity. For example, if you are going to use your own name to represent your business, which fall under ‘sole proprietorship,’ it is not necessary to go through the registration process. But if you would like to name it differently, you are required to register it.
You must remember, however, that rules apply when naming your business. For one, it is prohibited to name your business after a town, municipality, or burrough. You will also be charged of violating the Business Names Act if you choose a business name that resembles any connection with the Canadian Government and/or the Crown.
Violators will be fined $500-$25,000, the latter being commonly charged to corporations that submit false information or fail to comply with the laws.
One way to ensure smooth business registration in Ontario is to generate a report through the Cyberbahn Inc. or OnCorp Direct Inc.’s website. These are websites endorsed by the Companies Branch office. It can be accessed in the Companies Branch office of its satellite offices.
Another option would be the NUANS (Newly Upgraded Automated Name Search) website. This is a type of service that helps you obtain an accurate list of business names in areas you wish to cover. However, the Companies Branch, unlike OnCorp and Cyberbahn, does not support it.
More or less, NUANS charges around $20+ to create your own report while the cost varies if you ask for assistance.
Step #2 Fill out forms and submit
After obtaining the business names report, the next thing to do is to fill out the registration form, which can be obtained from your attorney or online, and file it to the Companies Branch of the Ministry of Consumer and Business Services office personally or through mail. The registration fee is $80 for personal and $60 for mail.
Online registration, however, is a faster and more convenient way to register your business. You just have to visit the ServiceOntario, OnCorp Direct or Cyberbahn’s website and follow the procedures. The payment for online registration is $60.
Step #3 Register for other services
Do you need to register for other services and licenses? If you are putting up a company with several employees, you may also need to file for tax deductions and health insurance, GST/HST (Goods and Services Tax/Harmonized Sales Tax), payroll, and the like.
Easy right? Actually, some factors may affect the smooth registration process, such as the lack of information and time management, things that are in your control.
It is advisable to meet with a professional, a CPA or business attorney, to make sure you do not miss anything. Any delays will affect your business productivity. This is needed especially if you are working on a timeframe.