Ontario Personal Real Estate Corporation

Personal Real Estate Corporation (PREC) is a type of corporation that is specifically designed for licensed real estate professionals to conduct their business through. It allows real estate agents to benefit from certain tax advantages and limited liability protection
Real Estate Council of Ontario (RECO) allows real estate agents to form a PREC provided they meet certain requirements. These requirements include being registered and in good standing with RECO , having a valid real estate license, and incorporating the PREC under the Ontario Business Corporations Act.
As of October 1, 2020, real estate agents in Ontario are allowed to form Personal Real Estate Corporations PREC is a complex process that requires the assistance of a lawyer or accountant who is familiar with the rules and regulations governing these types of corporations. RegiCorp has in-house corporate counsel and accountants to incorporate your PREC timely and accurately.

A physical address is required to Register Business in your Selected Province. Where the government will send documents. If you do not have a physical address, you can use our Registered Address Service that includes mail receiving and forwarding. Please note that PO Box is not accepted by the Government.

As of October 1, 2020, we had completed hundreds of PREC. Our in-house corporate specialists, legal counsel, and accountant will review your corporation before submitting it to the government. Thus way RegiCorp saves your time & money.
Personal Real Estate Corporation Registration Now easy with RegiCorp. You need just 10 minutes to fill up our customer friendly form and submit. If you need any assistant to fill up this form you may call, email or chat with us.

The Real estate salesperson (Agent) who holds the PREC license is the sole director of personal real estate corporation

The directors are responsible for the overall management of the company and make all important decisions and carry out certain responsibilities. Each director has equal rights and can be required to be present when opening a bank account.

The incorporator, typically the director(s), is the Legal entity or individual who initiates the process of incorporating a company. It is important to note that if you are making a request on behalf of a client, their information should be provided instead of your own.

The Articles of Incorporation is a legal document that establishes a corporation as a separate legal entity from its owners. It looks like a constitution of Corporation. It typically includes information such as the corporation's name, registered office address, number of shares authorized, restrictions on share transfers, and other key details about the business.

Bylaws are a set of rules and regulations that govern the internal management of a corporation. Bylaws typically cover topics such as the election of directors, the duties and powers of officers, the conduct of meetings, and other internal governance matters. A Minute book is a collection of legal documents that are kept by a corporation to document its corporate activities and decisions. It typically includes the Articles of Incorporation, bylaws, board and shareholder meeting minutes, resolutions, and other important documents.

As per PREC rule like Director, The Real estate salesperson (Agent) who holds the PREC license is the sole officer of personal real estate corporation

The Real estate salesperson (Agent) owning the PREC license must be the sole voting shareholder

Corporate Kits and Supplies refer to a set of physical tools and resources that are used to establish and maintain the legal and administrative records of a corporation. These kits and supplies typically include Corporate seal & Stamp, Share certificates, Minute book, Bylaws and corporate forms. For new businesses these items needed to establish and maintain accurate and compliant corporate records as well as for legal compliance