How to Register a Company in Ontario: A Step-by-Step Guide

Registering your business in Ontario is a crucial step toward establishing a legal presence and accessing various benefits. Whether you're starting a sole proprietorship, partnership, or corporation, this guide provides clear, actionable steps to get you started. If you're looking for professional assistance with the company registration process, many services can help you navigate the complexities and ensure everything is set up correctly.

1. Choose Your Business Structure

Your business structure determines your legal obligations, tax responsibilities, and personal liability. The main options in Ontario are:

• Sole Proprietorship: Owned and operated by one individual. Simple to set up but offers no personal liability protection.

• Partnership: Two or more individuals share ownership. Can be general or limited.

• Corporation: A separate legal entity offering liability protection. More complex and costly to establish.

Each structure has its own registration requirements and implications. If you're unsure about which structure suits your needs, many company registration services are available to guide you through the decision-making process.

2. Choose and Search Your Business Name

If you're not using your legal name, you'll need a unique business name. Conduct a name search using the Ontario Business Registry to ensure your desired name isn't already in use. Many company registration services provide name search and availability checks, making this process quick and easy.

3. Register Your Business

You can register your business online through the Ontario Business Registry. You'll need:

• A valid email address

• A physical business address

• A valid debit or credit card for payment

Registration fees vary:

• Sole Proprietorship or General Partnership: $60

• Limited Partnership: $210

• Corporation: $300

After registration, you'll receive a 9-digit Ontario Business Identification Number (BIN), valid for five years.

Company registration services can handle this process for you, ensuring that your registration is completed accurately and on time, saving you time and effort.

4. Obtain Necessary Permits and Licenses

Depending on your business activities and location, you may need specific permits or licenses. Use BizPaL, an online tool, to identify the necessary permits and licenses at the federal, provincial, and municipal levels. Many company registration services offer additional support by advising you on which permits or licenses are required for your specific business.

5. Register for a Business Number (BN) and CRA Program Accounts

If your business will collect HST, have employees, or import/export goods, you'll need to register for a Business Number (BN) with the Canada Revenue Agency (CRA). This can be done online through the CRA's Business Registration Online (BRO) service.

Professional company registration services can assist you with registering for a BN and other CRA program accounts, ensuring compliance with federal requirements.

6. Open a Business Bank Account

Opening a separate business bank account helps keep your personal and business finances distinct, simplifying accounting and tax filing. You'll typically need your BIN, incorporation documents, and personal identification. Company registration services often provide advice on the best banking options for your business.

7. Understand Your Tax Obligations

As a business owner, you're responsible for various taxes:

• HST/GST: If your revenue exceeds $30,000 annually, you must register for and collect HST/GST.

• Payroll Taxes: If you have employees, register for payroll deductions.

• Corporate Taxes: Corporations must file annual corporate tax returns.

Consult with a tax professional to ensure compliance with all tax obligations. Company registration services may also help connect you with tax professionals to navigate these responsibilities.

Final Thoughts

Registering your business in Ontario is a straightforward process when approached methodically. By choosing the appropriate business structure, conducting a name search, obtaining necessary permits, and understanding your tax obligations, you'll lay a solid foundation for your business's success. Company registration services are available to streamline the process, ensuring that all steps are completed accurately and on time. Consider consulting with legal and financial professionals to navigate the complexities and ensure compliance with all regulations.