3 Easy Ways To Register A Business In Ontario
After spending some time ironing out the details of my business when I was starting
, I can confidently vouch for Ontario, Canada as the ideal location for your business. Why? For one thing, Ontario is one of Canada's most lucrative business venues. Its wealthy economy says it all.
The Ministry of Finance rolled out a record of Ontario's economy for 2012 showing a per capita income of $38,000+ and unemployment rate of 7.8%. The per capita income is used to measure a country, state, or province's economic progress.
Aside from a very promising market, Ontario also offers all the convenience in terms of business registration. This is made possible by setting up nationwide access points and online portals that welcome new applicants round-the-clock.
Business Registration In Ontario Made Easy
A business owner can avail of the easy business registration in three ways -- Business Registration Online (BRO), personal registration, and registration by mail.
BRO
Whether you are registering or renewing a business name, you can log-in to ServiceOntario's website to fill out the appropriate form and submit it so that the business department can receive your application and send you your electronic Master Business License (eMBL) within one week after approval.
ServiceOntario is also endorsing two business registration websites, the Cyberbahn Inc. and OnCorp Direct Inc. where you can register your business easily. These website can be accessed at home or at the Companies Branch of the Ministry of Consumer and Business Services located at the University Avenue in Toronto, Ontario capital city.
The registration fee, which is $60, can be paid through credit card (Visa. AmEx, or Master Card).
The good thing about these online portals is that other services can also be performed at the same time such as the business name report generation, which costs around $8-$12, depending on the type -- personal or assisted.
Personal Registration
Personal registration is another convenient way to register a business in Ontario. Convenient in a way that the Companies Branch of the Ministry of Consumer and Business Services hands you your Master Business License immediately after approval. The fee is $80.
There are also available computers at the registration center where you can generate the business name report and apply for CRA services at the same time. The CRA services that you will need for your business to operate legally may include corporate income tax and import/export accounts, Harmonized Sales Tax (HST), Goods and Services Tax (GST), and payroll deductions, among others.
Registration by Mail
Using courier service to send your business application is also another way to register a business in Ontario, but it is the least preferred. The advantage is that you do not have to personally file your application or figure out how the online registration works especially if you have no knowledge of computers. The disadvantage is you will have to wait as long as eight weeks before you obtain your MBL.
The registration fee, which is also $80, is payable through cheque or money order.
With all these options available for all business owners who want to register a new business name or renew their license, you can never go wrong. However, for first-time applicants, you must have a copy of the Business Names Act (BNA) to ensure no laws will be violated while choosing your company name.
by: Benjamin Lashar
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