If you incorporated a business, it is mandatory in every Province and Territory to provide or gain documented support that the business name you have chosen is available. In Provinces such as British Columbia, Saskatchewan and Manitoba, a search request is done with the Provincial government agents either before or as part of the incorporation process thru what is called a “name reservation”. This is a search requested by you and approved by the Province on the name selection for your business. In Provinces such as Ontario and Alberta, there is a third party document required called a NUANS report. This document provides 7 pages of similar named businesses, incorporations and trademarks to the proposed business name.
There are many changes you can make to your business. They include the following:
- Change personal or business address
- Change the individuals who own or are directors of the business
- Change the business name
- Change to or from a marital name
- Change business activity
- Change of minimum and maximum number of directors
When assessing incorporating in Canada, you have two options. One is to incorporate within the Province or Territory the business will operate within and the other option is to incorporate a Canada or Federal Incorporation.
Incorporating a Canada or Federal Incorporation
No matter which Province or Territory your business will operate within, there is the option to federally incorporate your business and bring that incorporation into whichever Province or Territory the business resides.
In the last little while since Doug Ford has been elected the Premier of Ontario, there have been a number of articles written in any number of Canadian newspapers and magazines related to Doug Ford and his stance on marijuana sales in Ontario.
This coming July of 2018, the federal government under Justin Trudeau is supposed to unveil cannabis legislation that allows for the sale and distribution of marijuana across Canada. Each Province has the ability to determine how the sales will be handled within their jurisdiction.
PPSA or Personal Property Security Act is a databank which contains certain loan or lien information regarding individuals or corporations.
For example, if an individual takes a loan on a vehicle that has either been purchased or leased, the loan details will be sent to the PPSA data system including the individual name, vehicle information, date of birth, loan amount, date of loan and majority date. This loan is submitted by the lender to the PPSA databank and remains until the loan is discharged. The PPSA databank is available publicly at a fee where anyone can search for an individual to see if a person has a vehicle loan.
Alternatively, if a vehicle has a loan or lien against it, the vehicle loan would be listed under the VIN number of the vehicle and posted within the PPSA databank.
Other examples of information contained within the PPSA databank is if a corporation has any loans or liens where they have purchased equipment, consumer goods or vehicles. This would provide some access to the debt obligations by the corporation.
Why would a PPSA search be done?
Purchase or Sale of Business
Primarily, the PPSA databank records are pulled by law firms when an individual or corporation is being bought or sold. This allows the other parties lawyers to gain insight into debt obligations by the individual or corporation.
To search for an individual
The PPSA is also a useful tool when trying track an individual whose contact has been lost.
The best way to search an individual is if you have the person’s legal name and date of birth. The additional detail of the date of birth removes any results under anyone with the same name and exclusively provides individuals with that specific date of birth. If the date of birth is not known, any individual within the Province under that personal name both first and last name would be provided. With a common name, it can be overwhelming with multiple results to review.
In Ontario, you have two ways to incorporate a business. You can either manually prepare and file Articles of Incorporation or you can use a third party portal to incorporate the business online or electronically.
Manually Filing Your Incorporation
To complete a manual incorporation in Ontario, you are required to have two copies of the prepared Articles of Incorporation Form 1 from the Province of Ontario. You may use the attached PDF form listed below:
A Master Business Licence registration is available in Ontario to individuals who wish to register a small business. The Master Business Licence is an overall business set up allowing for 3 specific options:
- Sole Proprietorship (1 person)
- General Partnership (2 or more individuals)
- Tradename (doing business as name under an existing corporation)
The Master Business Licence offers a terrific opportunity for those in Ontario to register a business at a nominal fee but along with the low cost of registering, comes the limited availability of what this set up offers to those who register.
Limited Company is wording associated with incorporating a business and with incorporation comes limited liability where the individual owner is separate from the business and the risk of owning and operated the business.
One of the biggest considerations when starting a new business is to evaluate the risk or liability associated with the operation.
If you have been interested in incorporating in Manitoba, Ontario Business Central offers assistance through this process. The details below provide a general overview of what is required and common questions asked when incorporating. Incorporating in Manitoba offers the availability to submit the Name Reservation and Articles of Incorporation online, however upon completion; the documentation is sent out by mail.
Canada is one of the best places in the world to open a business!!!!
What makes Canada such a great place to do business?
Across all Provinces and Territories of Canada the corporate tax rate is one of the lowest available around the world.
Whether you are a domestic or foreign entrepreneur looking at starting a business, Canada is open for business and offers each and every business owner the availability to establish, operate and grow a business at a resounding low tax rate.