If you are thinking of starting a business in Ontario, the first step that you will need to take is to register your business. By registering your business, you will be protecting it from any legal liabilities.
You will also help promote your business by registering it, and business registration will also help your business expand over time.
If you would like to register a business, there are a few things you will need to consider beforehand. Here, we will discuss all of the things you need to know before registering a business in Ontario.
Why Should You Register Your Business
Incorporating your business will eliminate the vast majority of personal risks and liabilities that you may incur in the future. An incorporated business is a legal entity that is separate from you.
If your business has many debts, then your personal assets cannot be seized to repay your business’s debts if it is incorporated.
You will also be creating a separate identity from your business when you register it in Ontario, helping promote the growth of your company. The prestige and reputation of your company will be enhanced via business registration. You will invariably attract more customers as your company’s reputation improves, and you will also retain more customers who wish to be associated with your brand.
Business incorporation implies that your company is growing and is properly managed. It also suggests that your company is stable and will exude feelings of confidence from clients and shareholders.
Another benefit of registering your business is that you will be able to use debt financing to expand your business. Business registration will allow you to borrow money from banks and institutional lenders to help finance your company.
As can be seen, obtaining easy approval of loans and enhancing the brand credibility and public perception of your business are definite benefits of business registration.
Legal protection is yet another benefit. By registering your company, the name of your business will be protected. No one in Ontario will be able to use your business name or name similar to it once it is registered.
In addition to business name protection and debt refinancing, you may also qualify for government benefits, such as tax benefits, when you register your business.
There are numerous benefits to business registration that you can quickly take advantage of to promote, finance, and protect your business from competitors.
Details Required to Register a Business in Ontario
You will first need to determine your business’s name if you want to register a business. The name should be catchy, informative, and easy to remember. The goal is to build a solid business image and help customers easily identify your products and services. You may also need to perform an Ontario Business Name Search to ensure that the business name is still available.
You will then need to provide the address details of your business. In this case, the business should be situated in the province of Ontario. The personal names and addresses of all of the business owners must also be included in your application. In some cases, the business may be a sole proprietorship, while it may be a partnership in other instances.
You will also be asked to provide a few details on your business’s nature and business goals. After you have provided details on your business activities, you will need to provide details on the principal place of business in Ontario.
To finalize your business registration, you will need to provide information on the person who is authorizing the registration: This will most likely be you unless you are not the owner or co-owner.
How to Start a Business in Ontario If You Are a Non Resident
You may be able to operate a small business in Ontario even if you are not a permanent resident or Canadian citizen.
You can register a small business either as a general partnership or as a sole proprietorship after having obtained a Master Business License. In order to open a Master Business License, you will need to provide a brief description of your business’s activities. You will also need to provide the name that you would like your business to be registered under.
An Ontario address for the business will also need to be provided and the personal addresses of the people who own the business. Fortunately, the addresses can be foreign without issue. The legal name(s) of the person or persons who own the business must be provided, and an email address to finalize the registration process.
It is also recommended that you obtain comprehensive business insurance to protect your business. Applying for HST is voluntary until your business generates at least $30,000 in annual sales. If you have just opened a new business with no sales whatsoever, then you can use the opportunity to pass on those savings to your clients.
WSIB is also something to consider. We would suggest that you contact the WSIB office in order to provide pertinent details about your business’s activities. They will help determine whether or not you should obtain WSIB for your employees.
As for opening a payroll account, you will only need to create an account once you have hired at least one employee.
Most firms in Ontario will provide clients with online resources in order to help them register a business. Registering a business in the province is a relatively fast and easy process.
While there are many benefits to registering a business in Ontario, arguably the most important reason to do so is to obtain protection from legal liabilities.
A business that is licensed or registered will also increase its trust factor: This will help instill confidence in those responsible for helping grow your business.
Devon Graham is a blogger in Toronto. He graduated with honours from the University of British Columbia with a dual degree in Business Administration and Creative Writing. Devon Graham is a community manager for small businesses across Canada. He also likes to research various topics related to pets, food, storage solutions and business solutions.