Simple 3 Steps to Register & Renew Your Business in Ontario
Beginning or maintaining a business in Ontario involves just a few crucial steps. Be it the process of registering a new business or renewing an existing one, you need to take the right steps to make it fit and lawful and compliant with Ontario business laws. The following are the simple 3 steps to register and renew your business in Ontario
Step to Register A Business in Ontario
Step 1: Choose Business Structure and Name
The first order of business in the register a business in ontario would be to find the right type of business structure. Your choice of business structure will impact your registration needs, tax obligations, and general legal responsibilities.
- Sole proprietorship: This is the simplest kind of business in Ontario where the owner operates the business under his name or a business name.
- Partnership: A business in Ontario that is owned by two or more persons, whose responsibilities and liabilities are shared among them.
- Corporation: Forming your business in Ontario creates a separate legal entity and provides owners with limited liability and potential tax advantages.
Once you have made up your mind about the structure of your business in Ontario, you’ll need to decide on what name to give it. A good business name in Ontario is one that is unique and easy to remember, and gives some clue as to what your business is about. You should run an NUANS (Newly Upgraded Automated Name Search) report to ensure that your business name is not already in use by another entity.
Step 2: Register Your Business
Now that you know your business structure and name, the next step is to register a business in ontario. Depending on the type of business, the process varies slightly:
- Sole Proprietorships and Partnerships: All that is required is a simple, easy-to-complete business registration with the Online Business Registry, done even through the online process.
- Corporations: You must file Articles of Incorporation with the Ontario government. You can file online through the Online Business Registry or you can file with a service provider.
During the registration process, you’ll be asked the details such as business name, address, structure of business, and information on owners or directors. A registration fee is also applicable based on the kind of business being registered.
Step 3: License and Permit Procurement
Based on the nature of your business in Ontario and your location, you may be required to have additional licenses and permits in order to operate legally. These could be:
- Municipal Business License: Required from certain municipalities for some type of business registration.
- Health and safety permits: These are a requirement in businesses that deal with food service, construction, or health care.
- Environmental Permits: They are mainly required for those businesses that have environmental implications in terms of manufacturing or just creating waste.
Research well and get all the required permits before starting your business to avoid any legal tussles.
Business Registration Process
It is very easy to register a new business in Ontario. Here are three simple steps to take when completing a business registration:
- Choose a Business Name and Structure
The decision to pick your business name still lies ahead. You will have to confirm that your business in Ontario name is unique, and you’ll also decide what structure your business should take: Sole proprietorship? Partnership? Corporation? Use the NUANS database to check the availability of your proposed business name. - Complete the Registration Forms
Now that you have your business name and structure, the next step is to fill out the registration forms. You can do this through the Online Business Registry. Fill in all the details that are required, such as business names, addresses, and owner details. - You pay the Registration Fee
After you complete your business registration form, you have to pay the fee required. Just like in the renewal process, one is also able to make their payment over the internet. Of course, once you complete this transaction, you get a notification that indeed the transaction was successful. This is the official registration of your business in Ontario.
Renew Ontario Business
Renewing your business registration is, thus, a vital process that keeps your business in a legally secure position. Here’s how you do it:
1. Verify the Renewal Requirement: Just ensure that first before renewing your registration for doing business in Ontario. The requirements may vary with the form of business you have: sole proprietorship, partnership, or corporation.
- Check your renewal notice: Ontario sends out business registration renewal notices about 60 days before the expiry date. Included in this renewal notice is important information, such as the date you are required to renew, your business number, and any other documents needed.
- Get the necessary information: Make sure to have all available information at your disposal, including your Ontario Business Identification Number (BIN) and business name or any other relevant information requested.
- Check for updates: Laws and requirements may be changing, so it is important to know what amendments have been done on business laws in Ontario recently.
2. Complete the Renewal Application
After you have confirmed the requirements, you can go ahead to complete your renewal application of your business in Ontario. This will include:
- Filling out the needed forms: Depending on the form of business you will engage in, there is some form that you need to fill. For instance, when required to renew a Master Business License (MBL), one must complete the necessary renewal form.
- Review your information: Make sure to provide correct and up-to-date information. Misplaced or outdated information can delay the renewal process or bring penalties.
- E-submit application online: Ontario made it easy to renew your business registration by e-submitting through its website. Just log in to your Ontario Business Registry Account and get it done fast.
3. Pay the Renewal Fee
The final step of business registration will be to actually renew your business registration by submitting the renewal fee that is required. The fee amount may vary as per the nature of your business and the services you intend to renew.
- Payment methods: A number of payment methods are available that online Ontario system can use, including credit cards and other electronic payment systems.
- Payment Confirmation: A confirmation receipt will be provided upon payment of the fee. Please keep it as evidence of renewal.
Many businesses in Ontario consider the Master Business License to be the most critical document. A certificate like this is an identification for a business in Ontario and also serves as proof of business registration status with the government. On many occasions, a business may need a copy of the Master Business License for opening a business account, processing loans, or entering into contracts. Here’s what you should know about renewing your Ontario Master Business License:
Master Business License
The Master Business License is obtained by companies registered in Ontario as a sole proprietorship, partnership, or under an operational business name other than the legal owner. It is valid for five years and needs renewal before it expires in order to maintain the legal status of your business.
Steps to Renew Your MBL
- Track Your Expiry: The expiry date for your Master Business License is indicated on it. Take note of it and set reminders to renew your business in Ontario at least a few weeks before that date.
- Renew Online Through the Online Business Registry: The Master Business License renewal process is simple; you can do it online. Log in to your Online Business Registry account, then choose renewing your MBL, and thereafter follow the prompts that take you through the process of renewing.
- Updated any business information: If your business has changed in any way since the last registration, such as a change in name, address, or ownership, you must ensure that such amendments are effected during renewal.
- Pay the Renewal Fee: The Master Business License renewal fee is typically very small, and it’s your responsibility to make sure it is paid in enough time for the registration not to lapse.
Confirmation and Validity
Your new Master Business License will be valid for another five years, and you are now able to continue with your business transactions. Just keep the document safely because you might need it for any business transaction.
How to Renew Business Registration
Renew and register a business in Ontario is designed to be easy. This guide is meant for your effectiveness in the step-by-step ways that will enable you to navigate the system effectively for online renewal.
Login to the Ontario Business Registry:
The Ontario Business Registry is your one-stop shop for registering and renewing your business in Ontario. Renewing your business registration:
Step 1: Log in with your Business Account user ID and password.
Step 2: Find Where Your Business is Registered
After you have successfully logged in, locate your existing business in Ontario registration by searching for your business name or registration number. If you manage multiple businesses, make sure that you select the correct registration to renew.
Step 3: Review and Update the Data
Simply check your business in Ontario details before you renew, such as business name, address and contact information, and whether there is any change in the ownership structure. Update any information that needs updating before proceeding with your renewal.
Step 4: Submit the Renewal Application
Verify the accuracy of all business in Ontario information while renewing the application and conditions of the agreement; otherwise, there could be complications.
Step 5: Renew the Payment
Finally, pay the required renewal fee using one of the payment options available.
Registration and Renewal Requirements
Every business owner should understand and act upon the requirements of registering and renewing businesses in Ontario. Doing new business registration or renewing an old one, these steps ensure that the business runs flawlessly and in adherence to whether you are.
For more in-depth or complex advice or for assistance with registering or renewing your business, you look for a professional service to help with registering businesses in Ontario. It will make the process easier and assure you that everything is done legally.
