If you’re looking to start a business in Ontario, one of the first steps you’ll need to take is deciding on the legal structure of your business. A corporation is a popular choice for many entrepreneurs because it provides liability protection and can help your business raise capital. Here’s a step-by-step guide on how to open a corporation in Ontario:
- Choose a Name: The first step in opening a corporation is choosing a name for your business. Your name must be unique and not already registered in Ontario. You can search for available names on the Ontario government’s website.
- Choose Directors and Officers: You’ll need to appoint at least one director for your corporation, and you can have multiple directors. Directors are responsible for making major decisions for the corporation. You’ll also need to appoint officers, such as a president, secretary, and treasurer.
- File Articles of Incorporation: The next step is to file Articles of Incorporation with the government of Ontario. This document outlines the name and purpose of your corporation, the number of shares the corporation is authorized to issue, and the rights and restrictions associated with the shares.
- Obtain a Business Number: Once your Articles of Incorporation are approved, you’ll need to obtain a Business Number from the Canada Revenue Agency (CRA). This number will be used for tax purposes.
- Register for HST: If your corporation will be selling goods or services in Ontario and you expect to earn more than $30,000 per year, you’ll need to register for the Harmonized Sales Tax (HST).
- Register for Workers’ Compensation: If you plan to have employees, you’ll need to register with the Workplace Safety and Insurance Board (WSIB) for workers’ compensation coverage.
- Register for Other Permits and Licenses: Depending on the nature of your business, you may need to obtain other permits and licenses. For example, if you’re starting a restaurant, you’ll need to obtain a food service permit.
Opening a corporation in Ontario can be a complex process, and it’s important to have the guidance of an experienced lawyer. Falcon Law PC can provide the legal support and guidance you need to start your business. Contact them at 1-877-892-7778 or send an email to firstname.lastname@example.org to schedule a consultation. Their team of experienced business lawyers can guide you through the process of opening a corporation in Ontario and help you set your business up for success.