How to Renew a Master Business License in Ontario in 2023-24? | Complete Guide
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There is no need to be concerned if you are unaware of the phrase “Ontario master business license.” It is merely the prior term for what is currently known as a sole proprietorship company name registration. Despite the name change, the registration (and renewal) process remains the same.
In Ontario, sole proprietorships operating under a name different than the legal name of the business owner are required to register. As a result, if you’ve already registered your business name in Ontario, you should already have a master business license confirming your registration.
In this guide post, we will explain about the process of renewal of a master business license in Ontario, the documents required, costs etc. Read the full guide to know how OnDemand International helps you.
Read More: Register a business in Ontario
What is a Master Business License in Ontario?
A Master Business License (MBL) is an official document in Ontario that provides essential information about your business, including business name, business number (BN), registered address, nature of business activity, and business structure.
In the province of Ontario, renewing your license every five years is mandatory. Failure to do so will require you to go through the process of registering your business all over again. It is important to note that the Ontario government does not send reminders for registration renewal. Therefore, it is solely your responsibility to ensure timely license renewal.
Renewal process of a Master Business License in Ontario
To ensure the validity of your Master Business License, it is essential for owners of sole proprietorships, partnerships, or corporations registered in Ontario to undergo the renewal process. Please follow the subsequent steps to complete this procedure:
Collect the information required
To renew your Master Business License in Ontario, it is essential to possess the original registration certificate. This certificate will provide the required information that needs to be entered into the renewal application form.
In case you no longer possess the original certificate, it is necessary to request a Business Name Report. This report will help you obtain the necessary information for the renewal process.
Furthermore, any changes such as address, name, or activity should be indicated on the renewal form. Additionally, you will be required to provide your BIN (Business Identification Number) issued by the Ontario government to reflect these types of changes.
Accomplish the MBL renewal process
You have the option to renew your license through various channels such as phone, mail, online, or in person at the Ontario Business Registry. The payment methods and processing times vary depending on the chosen method and the nature of your business.
Upon the successful completion of the process, you will receive a renewal certificate via mail.
Please be aware that any modifications made to your registration will not be automatically reflected in your Canada Revenue Agency (CRA) account.
Documents required to renew the master business license in Ontario
The list of documents required to renew the master business license in Ontario are mentioned below:
Business Identification Number (BIN): Your Business Identification Number (BIN) was assigned to you when you first registered your business name as a sole trader. The Ontario Ministry of Consumer and Business Services can identify your company account using this unique number. Your BIN should be listed on your initial business name registration.
Photocopy of a Registered Business: The master business license was the formal document you would have received from the government of Ontario following acceptance of your original business name registration application. If you cannot locate your original master business license, you can obtain a duplicate copy from the Ontario Business Registry.
Renewal Cost of Master Business License in Ontario
In Ontario, renewing a master business license registration costs as follows:
By Online or In-person:
- General Partnership: $60
- Sole Proprietorship: $60
- Ontario Limited Liability Partnership: $60
- General Partnership: $80
- Sole Proprietorship: $80
- Ontario Limited Liability Partnership: $80
How OnDemand International helps you in Renewing an Ontario Master Business License
Renewing your Master Business License is an essential aspect of operating a prosperous business in Ontario. It is the responsibility of business owners to diligently monitor the renewal schedule and ensure they have all the necessary documentation prepared in advance.
OnDemand International is here to help you. We will provide you complete process regarding the application/renewal of a Master Business License in Ontario. Contact Us today!