Incorporating a Veterinary Professional Corporation Ontario
Those who are licensed through the College of Veterinarians of Ontario are permitted to establish an animal hospital as a Professional Corporation to practice veterinary medicine in Ontario.
There are certain rules and regulations set out by the governing body that Veterinary Medicine Professional Corporations must abide by in order to gain acceptance with College and be recognized as an accredited facility.
Steps for Completing your Professional Incorporation
Naming and Pre-searching Your Professional Corporation
There are a few steps involved in naming your professional corporation, as you will want to ensure the name is available and that it is acceptable with the College.
Naming regulations for Professional Corporations are outlined by the governing body. The College of Veterinarians of Ontario has strict naming regulations for each Professional Corporation they oversee.
The naming regulations set out by the College include the following:
- The name must end with ‘Professional Corporation’
- The name must include the last name of at least one current shareholder
- The name must include the words ‘Veterinary Medicine’
- The name may include the shareholder’s first name, initials or a combination
It is strongly recommended to submit your name to the College for approval prior to proceeding with incorporating. You can first pre-search your business name to see if it is available before you proceed with requesting name approval from the College. If the College approves your name, then you learn that there is an existing business with the same name and you make a change to the name, you may have to have the new name approved again by the College. Pre-searching first gives you the chance to see if there are existing business and corporation names that are similar, allowing you to make changes to the name to avoid having to go back again to the College for a second name approval.
Submitting a Professional Corporation Name Approval
After you have pre-searched your name and have decided upon a name that is both available and fits within the College guidelines, the next step in registering your professional corporation is getting the name approved by the College. You can submit the application for name approval online through the Professional Practice Portal.
Once the name has been approved, the incorporation process can begin, starting with the NUANS Name Reservation. The NUANS name reservation is a 7-page report that reserves the business name for 90 days, within which you are able to incorporate.
Providing details of the corporate structure for the new professional Incorporation
To incorporate any business, there are specific detail requirements within the Articles of Incorporation. Registering a Veterinary Medicine Professional Corporation requires specific wording to be included within the corporate and share structure, as provided by the College.
The College of Veterinarians of Ontario outlines that the Articles of Incorporation must include within the Articles of Incorporation for those who practice veterinary medicine:
Section 5: Restrictions on business activity
The corporation does not carry on a business other than the practice of veterinary medicine and activities related to or ancillary to the practice of veterinary medicine.
Section 8: The issue, transfer or ownership of shares is/is not restricted and the restrictions (if any) are as follows:
All shareholders, directors and officers must be licensed veterinarians in the province of Ontario.
The wording for Sections 6, 7 and 9 may be provided by the College directly.
Draft and Completion of Your Professional Corporation
When you provide the details for your prepared Professional Corporation with Ontario Business Central, you will receive a draft copy of the Articles of Incorporation before they are filed with the Ministry of Consumer and Business Services. This allows you the opportunity to provide the draft to your governing body for review and approval prior to submission and completion of the document with the Province of Ontario.
Obtaining a Certificate of Authorization
After the corporation has been finalized, it is a requirement that all Veterinary Medicine Professional Corporations obtain a Certificate of Authorization from the College.
What is a Certificate of Authorization?
A Certificate of Authorization must be issued to each Veterinarian Professional Corporation. This Certificate shows that the corporations is recognized by the College, however if the corporation does not comply with the College requirements, a Certificate will not be issued and the Professional Incorporation will not be recognized by the College.
The application for this Certificate can be submitted through the Professional Practice Portal. The fee to obtain a new Certificate is $452, and the following documents are required with the application:
- Certified copy of the Articles of Incorporation
- Corporation Profile Report dated no earlier than 30 days from the application date. A Profile Report can be obtained within minutes using the link below:
- Certificate of Status, dated within 6 months of the application. A Certificate of Status can be obtained within minutes using the link below:
- ‘Statutory Declaration’ that is signed by the managing director of the corporation and notarized. This declaration is included with the application documents.
An application for the Certificate of Authorization can sometimes take up to 3 weeks but the date of issue will be listed as the application date.
Although the Certificate is not required to be posted, it is recommended by the College that it is kept in a safe place, as any Veterinary Medicine Professional Corporation is required to have this document in order to operate.
Once your Professional Incorporation has been completed
After your Professional Corporation has been set up, you may wish to open a corporate bank account and set up other accounts. When selecting the bank and branch, look for one that has a large number of corporate clients and is experienced in dealing with corporations and businesses. Residential bank branches may have trouble providing the information and support you will need as a business owner.
Depending on the type of services you will be providing, additional permits and licencing may be required. You can contact the municipality directly to see if they require any other licencing, or reference BizPal for more information about business permits and licencing.
Renewing your Certificate of Authorization
In order to remain in good standing with the College, any Professional Corporation is required to renew their Certificate of Authorization annually. The Registrar of the College will revoke the Certificate of a Professional Corporation that does not renew this document.
It is essential that the renewal of Certificate of Authorization be completed on time, as a Veterinary Professional Corporation will no longer be authorized to practice under the College of Veterinarians of Ontario.
The fee for renewal of Certificate of Authorization is $169.50, and the only documents required for the renewal are the completed application, along with the name and licence number of any directors, officers and shareholders.
It is important to be in compliance with your governing body before completing your professional incorporation, so it is recommended that you contact your specific governing body to get any details about your corporation.
Ontario Business Central can help with getting your Professional Incorporation in Ontario completed in as little as 3 hours:
ONTARIO PROFESSION INCORPORATION
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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.