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 businessâ 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 âsole proprietorship,â 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.âs 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…