Making Changes and Amendments to Your Master Business Licence
Original Publish Date: Dec 11, 2018
As a business owner, it’s your responsibility to keep your business records up-to-date and accurate. Any changes made should be updated with the Province within 15 days of the change taking place, so they are able to keep their files current. Even if this time has lapsed, it’s important to file these changes as soon as possible.
What Information is Required to Amend a Current Business Registration?
In order to complete the amendment, you will need to provide your 9-digit Business Identification Number (BIN), found near the middle of your Master Business License.
Do I Need a Company Key?
The company key was introduced in Ontario for any new or existing businesses on October 19, 2021. You DO NOT require the company key to register a change to your business with Ontario Business Central. We have blanket access to the registered businesses as an intermediary with the Province of Ontario.
What is a Naics Code?
The Naics code was introduced in the roll out from the Province of Ontario in October of 2021. This provides a code connected to the business activity of the business. You will need to scroll through the listing and provide the appropriate 6 digit code to your business description. We are here to help if you run into issues in choosing the code. Provide the code that best represents your largest business activity. For example, if you are a landscaper but also provide outdoor furniture as part of your services, choose landscaping as your primary activity.
There are only certain changes that can be made to a Master Business Licence, depending on the type of business that was originally registered.
ACCEPTED CHANGES:
Sole Proprietorship
- Business and/or Business Mailing Address
- Individual Address
- Business Activity/Naics code
General Partnership
- Business and/or Business Mailing Address
- Individual(s) Address(es)
- Business Activity
- Adding or removing a partner, as long as a minimum of 2 owners remain
Tradename (operating as name, under a corporation)
- Business and/or Business Mailing Address of the Tradename
- Business Activity
- If the Corporation has either had a name change or has Amalgamated, you can update the current Corporate Name on the Tradename
CHANGES THAT ARE NOT ALLOWED:
Sole Proprietorship
- Business Name
- Change the Individual owner from one person to another (if a person gets married, a name change can be filed using a photocopy of the Driver’s License showing the name change)
- Changing from a Sole Proprietor to a General Partnership or Tradename
General Partnership
- Business Name
- Switching from a General Partnership to a Sole Proprietor or Tradename
Tradename
- Business Name
- Change authorizing director’s information
What can I do if I want to make a change that is not accepted?
If the changes you want to make to your Master Business License are not acceptable, you will need to order a NEW Master Business License. If you will no longer be continuing to use the currently registered Master Business License, it is recommended to CANCEL it.
Cancel Your Current Registration
Why is it important to file changes?
Business records should be kept up-to-date and accurate for many reasons.
Legal Service – Should any legal action be filed against a business, it’s essential that a current address is on file, for proper delivery of any legal documents. If legal action is taken against your company, but the address or contact information is not accurate and current, judgment may be made against you without your knowledge. Business owner(s) have the responsibility to file changes and keep their records up-to-date promptly after any change happens.
CRA – Revenue Canada may be required to contact the business owner(s) regarding any issues with the business.
Banking – Where there are multiple owners involved, banks must know if any owners have been removed or added to the business, as well as their updated contact information, so the bank can remove or add authority to owners over any bank accounts.
How long will it take to complete these transactions?
Changing/amending a current Master Business License registration:
2-3 business days
Registering a new Master Business License:
Standard registration is 3 to 5 business days
Rush registration of a new Master Business License:
Available on a same day basis
Cancellation of a Master Business License:
2 – 5 business days
Ontario Business Central has been helping entrepreneurs to make changes to their Master Business Licence since 1992. Should you have any questions, please feel free to reach out to our staff for additional information and assistance.
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.
