Previously, Master Business Licence included Sole Proprietorship, General Partnership and Tradename registrations. But after October 19, 2021, there is no master business license in exist. Now it is called Business Registration.
But the previous master Business License that is not expired still is valid and can use as a business documents. But which master business is expired they need to renew it as soon as possible and need to get new Business Registration Certificate. Many small business owners are completely unaware that Master Business Licence expires every 5 years. It is not like a corporation that has perpetual license to continue. So, If a owner of Master Business license is not renew it is automatically expired.
What is the new name of Master Business License?
The following is the new name of Previous Master Business License:
Sole Proprietorship is Called” Business Name Registration for a Sole Proprietorship”
General Partnership is called “Firm Name Registration for a General Partnership “
Trade Name is called” Business Name Registration for a Corporation “
Why do you need to renew your Master Business License?
Renewing your Ontario Master Business Licence (MBL) is not just a regulatory requirement; it’s a pivotal aspect of maintaining your business’s legitimacy and operational smoothness. Understanding the ‘why’ behind the renewal process can transform what might seem like a bureaucratic necessity into a strategic business advantage.
Sustaining Business Legitimacy:
First and foremost, an active MBL is your ticket to a legally recognized business operation in Ontario. It’s a public declaration of your compliance with provincial laws, crucial for both customer trust and business partnerships.
Uninterrupted Business Operations & Keep Licence Active:
An expired licence can lead to a halt in your business activities. From banking transactions to contract signings, an active licence is often a prerequisite. Ensuring your licence is up-to-date means uninterrupted service and operations.
Adapting to Business Changes:
Renewal periods are opportunities to update your licence with any changes in your business, such as address, ownership, or business activity. Keeping your licence current reflects your business’s current state, ensuring accuracy in public records.
An up-to-date business licence signal’s reliability and professionalism to your customers, suppliers, and partners. It’s a testament to your commitment to legal and ethical business practices, enhancing your market reputation.
Keep Original Name & Date:
When you renew you are able to keep your business name and original registration date. That will increase your business reliability. There are many changed happening overtime by Government, if you renew you will be able to avoid those rules and regulation because most of the rules and regulations begin for new Registration.
What change I can do in Master Business License?
When it comes to updating your Ontario Master Business Licence (MBL), there are several key changes you can implement to ensure it accurately reflects your current business operations. Here’s what you can change:
Business Address: If your business has relocated, updating the address is crucial for official correspondence and maintaining credibility with clients and partners.
Contact Information: Keeping your contact information current, including phone numbers and email addresses, ensures you remain reachable for official notices and client inquiries.
Nature of Business: If your business has pivoted or expanded its operations to include new products or services, updating this information is necessary to keep public records accurate.
When You need to renew Your Master Business License:
Master Business Licence in Ontario holds a validity of five years, necessitating renewal to maintain active status. A grace period of 60 days post-expiration is provided, allowing for renewal within this timeframe.
The renewal process typically spans 3 to 5 business days upon submission to the Ministry. For those nearing the close of the grace period post-expiration, RegiCorp Offers an expedited ‘RUSH’ renewal timeline to ensure completion just within one Business Hour. Ensure to choose the ‘RUSH’ option during your renewal application submission.
What is a Business Identification Number (BIN)?
Every Business in Ontario will be assigned a Business Identification Number (BIN), this is a 9-digit number provided exclusively to your registration. Every Business BIN is unique and not like any other business Registration. To renew your Master business License, you must need it. If you lost it or somehow can not find it you may place an order for That. We will collect it on behalf of you which is the government issued copy of your master Business Licence.
The Copy Document, while not an exact duplicate of your original Master Business Licence, But contains all the same information, including the BIN. This Copy serves all the purposes of the original document, facilitating tasks like opening bank accounts or engaging in real estate transactions.
Master Business License Reminder:
This is RegiCorp’s free service that will save you money and give you tension free life to remember the date of renewing your Master Business License. We know while you are busy with your business activities it is very difficult to remember the due date to renew your Business Registration. Many business owners don’t even know that their licenses need to be renewed and they unknowingly allow the business Licence Registration to expire. A key advantage of using RegiCorp is our commitment to monitoring your 5-year expiry timeline. We proactively send out reminders ahead of this date, ensuring you have ample opportunity to initiate and complete your renewal process seamlessly.