The process of establishing a small business is both thrilling and frequently daunting. Such inquiries as “How to register a business in Ontario?” are among the many that must be contemplated. Furthermore, “How do I obtain an original certificate of my Ontario business registration certificate?” A substantial amount of documentation and legal verbiage may initially appear to be in the way, which can be quite daunting. Remember that you are not alone: over half of the over one million firms registered in Canada are small enterprises in Ontario. These small businesses employ over 10 million people, or nearly two-thirds of the entire labour force in Canada. If you want to become a successful entrepreneur, we’ll show you how to register a business in Ontario.
How to Start a Business in Ontario as a Foreign Entrepreneur?
Starting a business is exciting, but it can be difficult to know where to start. The steps below can assist you in getting started with your business in Ontario.
Market Research
Market research must be conducted in order to gain a deeper comprehension of the industry and market in which one intends to operate. Market research must be conducted in the subsequent sectors:
- Location
- Demographics
- Target Audience
- Business Name
- Online Presence
Make a comprehensive Business Plan
A business plan describes your business concept, immediate and long-term business goals, and the resources available to establish and run your company.
Determine your company’s ownership structure
In Ontario, there are four types of business structures, each of which serves a different legal and tax purpose.
Sole Proprietorship: A sole proprietorship is a one-person business. It is the most frequent and easiest approach to starting a business. You can choose to incorporate later if your company grows.
Corporation: A corporation is a legal entity that distinguishes a company from its owner. You may incorporate either federally or provincially, and each has benefits and drawbacks. If you opt to register your company at the provincial level, you can always switch to federal incorporation later.
Co-operatives: A co-operative is a business that its members manage and organize. It can be set up as a for-profit or non-profit organization. It can be registered provincially or federally, much like a company, and each option has advantages and disadvantages.
Partnership: A company that has two or more owners is a partnership.
Select a Business Name
Before you can register or incorporate your company, you must first choose a business name, and it is well worth your time to select one that is both original and memorable.
You should examine your proposed company names in the NUANS database of incorporated firms and the Canadian trademark database to confirm that they are not covered. When forming a firm in Ontario or federally, a NUANS report from a registered search company is also necessary. You can save money on search fees by pre-searching up to 30 unique names using OnDemand International.
In Ontario, you may incorporate a company with a name in both English and French. If you want to have an English and a French version of your company name, you must have a separate NUANS report for each. You may also include a translation of your company name in any other language.
Open a business bank account
Open a business account to isolate any of your business’s financial activities from your personal spending. It is a legal obligation for firms to have a bank account in their name. It is simple and quick to open a business bank account with ICICI Bank. You can apply online and acquire your business bank account number in less than 15 minutes.
Documents Requirement:
- Certificates and Articles of Incorporation/Certificate of registration
- Business Registration Number with Canada Revenue Agency
- Shareholder/ownership agreement, copy of share certificates, or letter from accountant or law firm confirming shareholders of Canadian entity and ultimate parent company
- Two IDs of each authorized signatory for the account (Passport, Driving License, PR Card or Pan card, etc.)
Acquire your business License
Many sorts of enterprises require certain licenses and permits. As previously stated, BizPal gives a comprehensive list of the licenses and permits you may require for your firm. You may narrow down the results by area, industry, and business activities. It is vital that you understand and secure the relevant licenses for your company.
A typical license necessary for sole proprietorships and partnerships is the registration of a business name (sometimes known as a Master Business License, or MBL). This part includes basic firm information such as its name, address, phone number, and a description of its activities.
Apply for GST/HST Number
You must also determine whether or not to apply for a GST/HST number. The CRA considers most sole proprietorships, partnerships, and corporations with total annual revenues of less than $30,000 to be small suppliers and are not required to collect GST/HST. You must register for a GST/HST number and begin collecting sales tax on all goods and services if your worldwide business revenues exceed $30,000 in a single calendar quarter or four consecutive quarters.
Conclusion
There are several reasons why you could decide to launch a business. A corporation or a sole proprietorship can be established. If you decide on the latter, there are procedures you must follow to incorporate your company. Depending on where you wish to establish your organization, these procedures are different. The procedures for incorporating a business in Ontario are covered in this article. As a result, you can use the information above as a guide if you’re intending to incorporate a business in Ontario.
Contact OnDemand International, if you want to incorporate your business in Ontario, Canada.
