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. However, a PREC should not trade in real estate other than to provide the services of its controlling shareholder to the brokerage
It is the right choice if you want a business structure with a limited liability.
- PREC Ontario
- Ontario Limited Company
- Ontario Corporation
- Ontario Limited Liability Company
- Ontario Standard Company
Who can incorporate:
- A licensed realtor.
- Currently there is no citizenship or residency requirement for the person who can be the director, officer, and shareholder.
What is required for Ontario Personal Real Estate Corporation:
- A name approval number from Ontario for the company.
- A physical address or street address in the Province of Ontario.
- The licensed realtor must be the sole president, director and voting shareholder.
What you get
After registering the Ontario Personal Real Estate Corporation, you will receive the following as pdf documents by email:
we have 3 processing queues:
- Regular Queue: Corporation can be ready in 10 business days.
- Express Queue: Corporation can be ready 1 business day.
- Super-Express Queue: Corporation can be ready 2 business HOURS.
Are there any rules or restrictions on the name of PREC?
In General, there are no rules specific to PREC corporations other than the rules applicable to standard corporations.
Can more than one realtors for an PREC?
A personal real estate corporation must be just that – personal, with one controlling individual.
Can my family members be shareholders ?
Family members can be non-voting share holders only.