A business name registration (Master Business Licence) must be renewed every five years. The Ontario Government does not send out reminder notices for registration renewal.
Renewing your registration is your responsibility. If your business name or business ownership changes at any time, you must re-register your business name and pay new registration fee.
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To properly renew your business you need to have the original registration certificate. The information from the original certificate has to be entered on the renewal application form. If you lost your original certificate, you will need to request a Business Name Report that will contain the required information.
If you changed your address since the original registration, you can provide your new address on the form.
It would be advisable to start the renewal process about 2 months before the expiry date. Please note that your registration cannot be renewed more than sixty days after expiry. After this time period has expired, a new registration must be obtained.
You can order a new registration here.
The cost of renewing a Sole Proprietorship, Partnership or a Trade Name for 5 years is the same. It is $135.00 plus applicable taxes.
Once you submit your request for business name renewal, we will process it within a few business days. The renewal certificate will be mailed to your address directly from Ontario government.
There are many advantages in operating your business as a corporation. A corporation is unique in that it is a distinct legal entity separate from that of the people who own its shares.
Advantages:
1. Limited personal risk . The greatest advantage of incorporation is the limited liability that it confers on shareholders with respect to debts, obligations and liabilities of the corporation.
2. Ability to raise capital . The ability to issue various classes of shares with preferences as to dividends, redemption or convertibility and to utilize bonds or debentures greatly enhances a corporations ability to obtain funds for expansion or development.
3. Possible tax advantages . Small Canadian controlled private corporations are taxed at approximately half the regular rate on the first $500,000 of active business income in each year. A corporation also has additional tax planning and income splitting arrangements available.
4. Continuous existence & Ownership is transferable . The death or withdrawal of a shareholder does not affect the existence of the corporation, which enjoys perpetual succession.
Disadvantages:
1. More closely regulated.
2. More expensive form to organize.
3. More record keeping is necessary.
Congratulations! You are now ready to renew your business. Simply select the appropriate link below to be redirected to the application form.
You will be directed to our secure server for submitting your application.
