How To Register A Business While Working Full-Time

Tags: #Business Planning #New Business Owners #Ontario #Side Hustle

Any Canadian working a full-time job knows how overwhelming it can be at times. Throw trying to start a new business in the mix, and the stress can boil over quickly.

If you are starting a business and need to register the side hustle, registering a business online in Ontario is a much more seamless process than it used to be, thanks to online tools.

Professional woman multitasking phone call while reviewing business registration documents at desk in modern office

This is the second part of our side hustle series. Here, we will guide you through actionable steps to register your business with minimal disruption to your day-to-day life.

Why Start a Side Hustle in Canada? (Side Hustle Series)

Step 1: Choose Your Business Structure

The first step is to determine what business structure you want to begin. We offer 16 options to start a business in Ontario. This is critical because the structure can significantly impact legal liabilities, particularly when there are multiple owners. Tax implications also play a factor, including the amount of income that is taxed and the deductions available.

The most common business structures are:

Sole Proprietorship
General Partnership
Business Corporation

Step 2: Pick and Search Your Desired Business Name

Arguably, one of the most exciting steps in registering a business is choosing a business name. For registration, you need a name that is unique and doesn’t already exist, or isn’t too similar to an existing business name.

If you’ve come up with an idea but want to ensure the name isn’t already taken, you can use our Newly Upgraded Automated Name Search (NUANS) to find out.

Step 3: Register Your Business Online

Once you’ve decided on your business structure and business name, you can officially begin the process.

Register your business: At OBC, we’re happy to help you with this process to ensure all your i’s are dotted and t’s are crossed.
- A valid debit or credit card is required for this step, as a fee applies for registering a business.
Incorporate your business: We make the incorporation process simple with our easy online forms and available Canadian support agents to answer any questions.
Obtain a company key and BIN (Business Identification Number) or Corporate Number: After completing the registration and incorporation process, you’ll be given a company key, a BIN (9-digit code), OR a corporate number.

Step 4: Apply for CRA Accounts

When registering or incorporating with OBC, we help make this step as easy as pie. Your business number (also called a BN) is created automatically once your application process is complete. Should you require this, we can provide it to you (for general partnerships and incorporations) on top of your registration or incorporation fee for a minimal cost. Please note that sole proprietors will have to contact the CRA directly to get their BN.

The CRA account is necessary for federal interactions, such as:

If your business collects HST
Payroll deductions if your business has employees
Corporation income tax if you opt to incorporate.

Step 5: Set Up for Smooth Business Operations

Once your business is registered, the bank will require you to set up a separate account for it. However, most financial institutions require different accounts depending on whether your business is incorporated or registered. It can get a bit confusing, but organizing your finances from the start is crucial for when tax season rolls around. If you need a hand, OBC is here to help.

Registering While Working Full-Time?

Registering or incorporating only takes a few minutes of your time and can be completed online with Ontario Business Central. We have a team dedicated to helping answer any questions you may have, and our staff are available Monday through Friday between 9 a.m. and 5 p.m. EST.

Start Your Business in Ontario With Confidence

With easy-to-access online registration and providing step-by-step guidance, registering for a business has never been easier for full-time workers. Take the first step and contact us today to bring your idea to life.

Stay tuned for the next blog in the series, which will cover choosing the proper business structure for your side hustle.

inquiries@ontariobusinesscentral.ca
Toll-Free: 1-800-280-1913
Local: 1-416-599-9009
Fax: 1-866-294-4363
Office Hours: 9:00am – 5:00pm
Monday – Friday E.S.T.

Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.