Are you a small business owner looking to continue your British Columbia (BC) corporation to Ontario? If so, you’ll need the help of an Ontario corporate lawyer to guide you through the process. In this guide, we’ll explain what continuation is and provide a step-by-step guide to help you understand the process.
What is Continuation?
Continuation is the process of moving a corporation from one jurisdiction to another. In this case, it involves moving a BC corporation to Ontario. This allows the corporation to maintain its legal status in Ontario and continue conducting business without having to create a new corporation.
Why Would I Need to Continue My Corporation to Ontario?
There are several reasons why a small business owner might want to continue their BC corporation to Ontario. Some of these reasons include:
- Access to a larger market: Ontario has a larger population and a more diverse economy than BC, which can provide opportunities for growth and expansion.
- Proximity to other markets: Ontario’s location in central Canada makes it a hub for transportation and logistics, which can make it easier to access other markets in Canada and the US.
- Regulatory environment: Ontario has its own set of laws and regulations that businesses must follow. Moving your corporation to Ontario can help ensure compliance with these regulations and reduce the risk of legal issues.
Step-by-Step Guide to Continuing Your Corporation to Ontario
- Hire an Ontario corporate lawyer: The first step in continuing your BC corporation to Ontario is to hire an Ontario corporate lawyer. They will guide you through the process and ensure that you comply with all the necessary legal requirements.
- Conduct a name search: Your corporation’s name must be unique and available for use in Ontario. Your lawyer can conduct a name search to ensure that your corporation’s name is available for use in Ontario.
- Obtain consent from shareholders: Shareholders must approve the continuation of the corporation to Ontario. Your lawyer can help you prepare the necessary documents and obtain the required consent.
- File articles of continuance: Once you have obtained shareholder consent, you’ll need to file articles of continuance with the Ontario Ministry of Government and Consumer Services. Your lawyer can help you prepare and file these documents.
- Obtain a certificate of continuance: After the articles of continuance are approved, the Ontario Ministry of Government and Consumer Services will issue a certificate of continuance. This certificate confirms that your corporation is now registered in Ontario.
- Update your records: Once your corporation is registered in Ontario, you’ll need to update your records to reflect the change in jurisdiction. This includes updating your corporate records, bank accounts, and other legal documents.
Continuing your BC corporation to Ontario can be a complex process, but with the help of an Ontario corporate lawyer, it can be done smoothly and efficiently. If you’re a small business owner looking to expand your business to Ontario, contact Falcon Law PC at firstname.lastname@example.org or 1-877-892-7778 for expert legal advice and guidance.