Product Info
A Corporation registered or incorporated under the Business Corporations Act is called an Ontario Corporation. It is recognized as a separate entity from its owners for legal and tax purposes.
Corporations can generally conduct any lawful business as well as the actions necessary to conduct the business, like entering into contracts, owning assets, borrowing money, hiring employees and setting up a bank account of its own.
It is the right choice if you want a business structure with a limited liability.
Other Names:
- Ontario Limited Company
- Ontario Corporation
- Ontario Limited Liability Company
- Ontario Standard Company
Checklist
Who can incorporate:
- One or more individuals who are 18 or up can incorporate an Ontario Corporation.
- Currently there is no citizenship or residency requirement for people who can be the directors, officers, and shareholders.
What is required to incorporate an Ontario Corporation:
- An Ontario name search report called NUANS report (not required for a numbered corporation).
- A physical address or street address in the Province of Ontario.
- For incorporation process, a minimum of one Director, one Incorporator and one contact person is required. The same person can fill in all three roles.
- For operations purposes and to fully comply, a minimum of one officer and one shareholder are also required.
What you get
After registering the Ontario Corporation, you will receive the following as pdf documents by email:
Timeline
For an Ontario named Corporation or Numbered corporation, we have 4 processing queues:
- Regular Queue: Corporation can be ready in 10 business days.
- Priority Queue: Corporation can be ready in 3 business days.
- Express Queue: Corporation can be ready 1 business day.
- Super-Express Queue: Corporation can be ready 1 Business HOUR.
FAQs
Is company registration (incorporation) right for you?
The decision to incorporate depends on the purpose of the company registration and needs of the individuals involved.
What are the advantages of registering an Ontario Corporation?
- Incorporated businesses are perceived as being more stable than unincorporated businesses. It is the right form of business if you are a sub-contractor or work with contracts.
- Limited Liability to owners / shareholders for business risks.
- Ownership is transferable
- Continuous existence
- There are many tax benefits and advantages for a corporation.
Federal vs Provincial Registration – are there any advantages / disadvantages
- A Federal corporation name is protected all over Canada while a provincial corporation’s name, in most cases, is protected in the home province only. This may or may not be a consideration based upon your requirement and the nature of business.
- If you plan to operate a business on a local level and have no plans of expanding across provinces it may make more sense to incorporate within your province. However, if your company regularly conducts business in other provinces or with international partners then federal incorporation may be the right choice.
Why choosing the right package is important for you?
Because it involves with two major benefits:
- Tax claimable: cost that occurs during business set up, is called Business Development Expenses, is tax claimable. Costs that occurs after business already registered, is called operational cost, is not tax claimable. These costs will occur at any way, since these are mandatory filing, therefore, it’s wise to include in package.
- The default process is, these filing to be done together with corporation; hence, it’s cheaper in package. To do this services later; there are manual forms and process; hence, costs more money and takes longer processing time