How to Register a Business in Ontario

Starting a business in Ontario is an exciting journey for your entrepreneurial. Before starting, you should be aware of planning and understand the legal processes involved. Like other journeys, the registration process might seem daunting at first, but with the right guidance and support, the process can be streamlined and efficient. This blog will guide you through the steps of registering a business in Ontario, highlighting how a service like RegiCorp can simplify this process for you.

Conduct a thorough Market Research and Business Plan:

Before diving into the registration process, first and foremost is to conduct thorough market research and develop a solid business plan. This step may involves analyzing your target market, Business structure, understanding your competition, and defining your business goals.

There is saying” a well-plan can be done your fifty percent of work”. It serves as a roadmap for your business, outlining your strategy for achieving success.

RegiCorp can assist you in this preliminary phase by providing market insights and guidance on business planning. Our expertise can help you to choose your right business structure as per your need. And we will ensure that your business has a strong foundation and a clear direction from the outset.

There are some free tools that help you primarily understanding and research plan:

To know about industry related research read Business Development Canada’s (BDC)
Target market and customer demographics- get free data from statistics Canada.
For Location details, contact with local office Business Improvement Association (BIAs)
To reserve Business name in Ontario- Learn about Ontario Nuans Report
To make your business presence online- Learn our about digital marketing tools
Learn Deeply about financing for starting up your business in Canada, which may include business registration and maintenance fee, marketing, advertising, licensing and Permits, insurance, rent, utilities, product development and a web site building.

For more information on market research, you may take help from Google, City office, municipality office.

That means take some time to research your potential target market, analyze your competition, and develop a comprehensive business plan. This will not only help you refine your idea but also be important for securing funding and making informed decisions about your business structure and future goals.

Choose a Right Business Structure

This phrase is also a part of market research. Deciding the right Business structure for your business is a part and parcel step in the business planning process.

Choosing the right business structure is a vital decision based on several factors, including taxes, paperwork, personal liability, and your ability to raise capital. Here’s a brief overview of the most common business structures, their advantages, and disadvantages to help you to select the best fit for your:

Sole proprietorship:

It is the simplest Business structure and is not separate from the owner. A sole proprietorship is a business owned by one person. Th person is also knowing as “sole proprietor”. Among the business structure It is the easiest and most common way to start a business. As your business grows, you can choose to incorporate later. sole proprietor has total control, receives all profits, and is responsible for all the business’s debts, losses, and liabilities.

Advantages of Sole proprietorship

It is Simple to set up: There is no complex legal procedures or high setup costs. Government fee is only $60. Click here to See details.
The sole proprietor has full decision-making authority to control.
Profits flow directly to the owner. Owner earns all the profits.
Owner can deduct any losses and expenses from his/her personal income

Disadvantages of Sole proprietorship

Hence, it is not separate from the owner. The owner is personally liable for all business debts and obligations,
putting personal assets at risk.
Sole proprietorship Business name is not protected.
Owner income is taxable at personal rate.
Potential investors might be hesitant due to the sole proprietor’s personal liability.

If you are not using your own name as your business name, you will need to register your sole proprietorship. If your business has employees, facilities, or offices in Ontario, you must register sole proprietorship provincially in Ontario.

Partnership

A partnership is a business owned by two or more people and who agree to share the profits or losses of the business.

There are three types of partnerships:

General Partnership
Limited Partnership, and
Limited Liability Partnership

Each partnership has its own implications for liability and tax purposes.

A partnership is relatively easy to register. Partners combine skills, knowledge, and resources, potentially strengthening the business.

Advantages of Partnership

Partners share profits and losses based on a predefined agreement.
This business relatively easy to set up and simpler. Government fee $60
Business expenses and losses can be included on partners tax returns.
Partners can provide different skills, knowledge, and resources to business

Disadvantages of Partnership

Each partner is personally liable for the partnership’s debts and obligations.
Disagreements between partners can lead to conflict and hinder decision-making.
Ending or cancelling a partnership can be complex and legally challenging.

Corporation

A corporation is a legal entity separate from its owners. It has the highest level of protection from personal liability for the owners.

You can choose to incorporate federally or provincially in Ontario. If you initially choose to register your business provincially, you can change it to federal incorporation later by Changing Jurisdiction of a corporation.

Advantages of Corporation

Business name is Protected in provincially. If register Federally business name protected across Canada.
Director and Shareholders hold limited liability.
Ownership is transferable.
protecting their personal assets from business debts.
Corporations can raise capital through issuing share.
Perpetual existence: It exist even if ownership changes.

Disadvantages of Corporation

It is Most complex and expensive to set up.
Requires annual filing and annual compliance.
Double taxation. Taxed once on profits & on dividends received.
Stricter regulations and formalities

Co-operatives

A Cooperative is a corporation, and it is organized by and controlled by its members. who also benefit from the services or purchase the products offered.

Like a corporation, It can be profit Co-operatives or as a not-for-profit Co-operatives. You can register it either provincially or federally.

Advantages of cooperatives

Democratic Decision-Making. Every member has equal vote right.
Profits are distributed among the members.
Focus on community needs & local economic development.
Members are not responsible for all debts & losses.

Disadvantages of cooperatives

Requires consensus or majority approval from members,
Success relies on the active engagement and commitment of members.
Accessing capital might be more difficult.

Register your business online with RegiCorp

RegiCorp understands that business registration can be confusing. That’s why we offer a helping hand:

Expert guidance: Our team of professionals (Corporate specialists, Accountant) can walk you through the entire registration process. They will ensure that you choose the right structure and meet all legal requirements.

Streamlined process: We offer all our service completely online. That’s why we can handle the online registrations and filings on your behalf. That will save your valuable time and effort.

Peace of mind: Knowing your business is registered correctly allows you to focus on what matters most – running your business and achieving your entrepreneurial dreams.

To register your business with RegiCorp we will provide us the basic information of you or if you register on behalf of your clients the owner information. It includes Full name, email, Phone, Registered office in Ontario and a valid debit or credit card for payment. That’s it!

First of all, select what type of business structure best suit for you. If you are confused ask our agent via call, chat, or email.

For your convenience we list here the most popular business structure with Government fees, more option also available on form:

Sole Proprietorship – $60 plus service fees

General Partnership – $60 plus service fees

Ontario Limited Partnership – $210 plus service fees (this business must have at least one general partner and at least one limited partner.)

Ontario Limited Liability Partnership – $60 (this is a hybrid of a partnership and a corporate body. The partners can be individuals, companies or combine.

Ontario Corporation – $300

There are two types of Ontario Corporation.

Numbered Ontario Corporation
Named Ontario Corporation.

If you decide to incorporate an Ontario Corporation, you will also need to order an Ontario-biased Nuans name search report to reserve your business name.

If you choose a number corporation that time you no need any Ontario Name Reservation Report.

Remember, A Canada (federal) biased Nuans name search or Alberta Nuans Report will not be accepted. When you order a named corporation with RegiCorp we offer unlimited name search.

Choose a Unique Business Name

Before launching your business online, you’ll need to decide on a business name. Ensure your chosen name is unique and not already in use or trademarked by another company.

In Ontario, you can conduct a name search through RegiCorp to verify the availability of your business name.

Don't let the paperwork hold you back! Contact RegiCorp today and let's get your business registered the easy way.

Register Business Number (BN):

A Business Number is a unique 9- digit number for a corporation. You can say it is a SIN number of your corporation. This number is essential for tax purposes and will be used in all dealings with the government and other purposes.

Licences and permits:

After Registering your business, you will get all business registration documents. It is enough to lunch your business and open a bank account under your business. But there are businesses that also need extra license and permits.

You may also need licences and permits to run your business according to federal, provincial, or municipal regulations.

You may use BizPaL, a free online tool to find the licences and permits you need for your business.

Set up CRA & WSIB accounts:

Most businesses in Ontario are required to register a GST/HST account and collect GST/HST on taxable sales. If your business makes $30,000 gross or more in four consecutive calendar quarters (a period of three months beginning on the first day of January, April, July, or October in each calendar year), you may need to charge GST/HST.

Workplace Safety and Insurance Board (WSIB) is an organization in Ontario, Canada, responsible for Workplace injuries or illnesses and Occupational diseases. It is funded by premiums paid by Ontario businesses, not by individual workers or the government.