Incorporating a business in Ontario can be an exciting and important step in starting your own business. It can provide you with legal protection, help establish your brand, and make it easier to secure funding. Here’s what you need to know to incorporate a business in Ontario:
Step 1: Choose a Business Name The first step in incorporating a business in Ontario is to choose a name for your corporation. You can do this through the Ontario government’s online search tool to make sure the name is not already taken. It’s important to choose a unique name that reflects your brand and is easy to remember.
Step 2: Determine Share Structure and Appoint Directors You will need to determine the share structure of your corporation, including the number of shares and the value of each share. You will also need to appoint at least one director to manage the corporation. The director must be a Canadian citizen or permanent resident and at least 18 years old.
Step 3: File Articles of Incorporation The next step is to file Articles of Incorporation with the Ontario government. This document outlines the details of your corporation, including its name, registered office address, share structure, and director information. You can file this document online or by mail. The fee for filing Articles of Incorporation is $300.
Step 4: Obtain a Business Number and Register for HST Once your corporation is registered, you will need to obtain a Business Number (BN) and register for the Harmonized Sales Tax (HST) if your business will be selling goods or services. You can do this through the Canada Revenue Agency (CRA) website.
Step 5: Register for Workers’ Compensation Insurance and Other Permits If you plan to hire employees, you will need to register for Workers’ Compensation Insurance through the Workplace Safety and Insurance Board (WSIB). You may also need to obtain other permits and licenses depending on the nature of your business.
Incorporating a business in Ontario can be a complex process, but it’s an important step in establishing a strong legal foundation for your business. At Falcon Law PC, our experienced business lawyers can guide you through the process of incorporating your business in Ontario and help ensure that you have all the necessary permits and documents to get started. Contact us at 1-877-892-7778 or send an email to email@example.com to schedule a consultation.