A Business Licence under the Master Business Licence falls into 3 different categories of registration, Sole Proprietorship, General Partnership and Tradename under an existing corporation. Any of the 3 forms of registration are valid for 5 years. On a current Master Business Licence, the expiry date is on the bottom right of the registration and should be noted by the owner. The Province does not remind business owners of their expiring registration.
At the time the registration is to expire, you can renew the current Master Business Licence for an additional 5 year period. This allows the business to run uninterrupted with the history from the original registration.
What types of Master Business Licences can be renewed?
Each form of registration has the same required information to complete a renewal. The BIN number or Business Identification Number would be required in order to renew a Master Business Licence. This number is located in the middle of a current registration and is used to match an expiry registration with a renewal registration.
When should I renew my Master Business Licence?
It is recommended to complete the renewal close to your expiry date on your current registration. Once the expiry date has passed, you only have 60 days to renew or the registration will automatically expire and be archived.
What information can be changed on my renewal?
The changeable information when you are renewing your registration is the address of the business or owner and the business activity. If the business is a General Partnership, partners can be added or removed when the licence is renewed, as long as the registration remains a General Partnership.
What information cannot be changed on my renewal?
The registration cannot change from a Sole Proprietorship to a General Partnership or vice versa. The business name cannot change and a trade name under an existing corporation cannot change to a new corporation.
What if I missed the renewal date by more than 60 days?
If the registration has expired and has passed the 60 day grace period for renewal, the only option is to complete a new registration. This may affect bank accounts, tax accounts, contracts and agreements.
What information is required to complete my renewal?
To complete the renewal of your Master Business Licence, the same information is required as when you originally registered along with the BIN number from the registration.
- Name of business
- Same or new business activity
- Same name of owner or owners
- Same or new address of owner or owners
- Same or new address of business
How do I complete the registration online?
We can assist you by providing an easy online portal for you to renew your business easily and quickly. Have your current registration handy to match the exact same information for your renewal.
To complete the renewal, here is the link to do so:
The processing of the renewal takes 3-5 business days and the fees are $143.62. There is also a same day rush option available for an additional fee.
Have you considered incorporating your business at this time?
If you have had your business for 5 years, first of all congratulations! It takes lots of hard work and determination to get a business to the 5 year mark.
Over the last 5 years, your business has probably changed considerably from where you originally began and it may be time to think at this renewal time if incorporation is something for you to consider.
The incorporation provides benefits that any of the Master Business Licences do not including:
- Name protection for the business name
- Liability protection for the owners of the business versus the business itself
- Tax advantages if the business is earning more than required by owners
- The corporation is continual where it is not required to be renewed
- Tax planning and income splitting options availability
- Access to capital from investors or partners
This may be something to consider at this juncture in your business.
To gain additional information and to review the incorporation process, here is the link to do so:
If you have any questions related to renewing your business or looking at incorporating your business, we are also here to help.
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.
Laura Harvey is an entrepreneur herself as the owner of Ontario Business Central Inc. Her passion has always been about supporting the entrepreneurial spirit and advancement within Canada.
Laura authors in-depth blogs for Ontario Business Central assisting entrepreneurs and business owners to start, manage and grow their businesses. She has almost 30 years of expertise as a corporate specialist and 25 years of being an entrepreneur. Laura has the unique position of supporting a community that she also belongs to. She walks the walk right along with you.
You can find Laura on Linkedin and Twitter.