Renew Your Ontario Master Business Licence To Keep It Active
Many small business owners are unaware that their Business Name Registration (formally known as a Master Business Licence) expires every five years. If the registration is not renewed, it will automatically expire. Business Name Registrations include Sole Proprietorship, General Partnership and Trade Name registrations.
Why Renew?
Keep The Business Licence Active
If your business is still active, you will want to keep your business licence active in order to comply with the Ministry’s regulations. There are other reasons why you’ll want to renew your business licence and keep it from passing expiry.
Keep Your Original Creation Date
When you renew your business licence, you are able to keep the original creation date of the business as well as the same business name. This allows you to show the history of your business. If you’ve been in business for many years, you might want your business license to reflect that history. Allowing your business license to expire means that if and when you re-register, the new license will show a new creation date, which may not accurately represent the longevity of your business. This may lead to conflicts with businesses that were created after your original registration and your new registration. If your business name didn’t originally conflict with another, letting it expire and re-registering it might create a conflict with an existing business.
Keep Your Original Name
Ministry regulations change over time, and those new changes are grandfathered for current registrations. These could include restrictions or rules around business names. This means that if you registered your business before the change, as long as you keep it active, you wouldn’t be subject to those new regulations. If the business license expires and you have to register a new business license, the new registration would have to abide by any current regulations, regardless of how it was previously registered.
When Do I Need To Renew My Business Name Registration/Master Business License?
In Ontario, Business Name Registrations formerly Master Business Licenses are valid for five years. After this, they need to be renewed in order to remain active. You are able to renew your business licence up to six months prior to the expiry date, and there is a 60-day grace period after the expiration date, during which you can still renew the license.
Renewals take between 3 to 7 business days to receive back from the Ministry. If your registration expired more than 50 days ago, you will need to do a new registration. If you are very close to the expiry date, we can rush your order and have it completed the same day.
What Can I Do With My Business Name Registration?
As of October 19th, 2021, the Ministry updated Master Business Licenses to be called Business Name Registration. This still allows you to operate a business name in Ontario, open a bank account, set up tax accounts, obtain cheques and business cards, and advertise your business. They also introduced a Company Key for all businesses and companies. If you had a Master Business Licence, when you renew, the registration will now be a Business Name Registration.
Renewing Your Business License
When renewing your business license, you are unable to change any information outside of the business activity under the new Ontario Business Registry system.
Can I Change The Business Name When I Renew?
No, you cannot change the name of the business when you are renewing. Historically with the Ontario government ONBIS system you could make a number of changes that are no longer available. The name of the business, whether it is a Sole Proprietorship, General Partnership or Trade Name does not allow you to change the business name. If you wish to change the name of the business, a new Business Name Registration is required.
Can I Change The Address For The Business Or The Registrant?
Within the renewal process, the items you are not able to change include the address of the business, owner or owners address.
If any of these details need to be changed, an amendment to the business registration is now required and should be done prior to renewing so that the most current information on file is the renewal of the business instead of the amendment.
If The Registration Has Expired, What Do I Do?
If the original registration has expired and you need to complete a new Business Name Registration (formerly a Master Business Licence), you can use this opportunity to update the business activity, business name, address for the business or owner details. As a new registration, the ties to the original registration no longer exist so you can update any and all details.
What To Expect After Filing
Once you complete the renewal process with Ontario Business Central, we will send you a reminder email in 5 years when your registration is up for renewal again. We do this as a simple courtesy to our client to ensure you do not miss the renewal date. We understand how operating a business takes priority and it can be very easy to miss required dates for your registration renewal.
It’s important to keep your bank updated with any changes to your Business Name Registration. Banks often verify business registrations and may close accounts with expired registrations. Give your bank a copy of the renewed Business Name Registration to ensure their records are up to date.
Please note that renewing your Business Name Registration does not affect existing tax accounts like HST, or payroll. These accounts remain active as your Business Identification Number (BIN) stays the same.
When Do I Have To Register Tax Accounts?
Businesses are required to register HST/GST accounts if your business revenue exceeds $30,000 per year. If you wish to register HST/GST accounts when you register your business you may do so as a voluntary registration.
Your Business Identification Number BINÂ
When you register a Business Name Registration, your business will be assigned a Business Identification Number (BIN). This is a 10 digit number (that historically was a 9 digit number) provided exclusively to your registration. If you’re looking to amend or renew your business licence, this BIN number is required. If your business licence ends up passing its expiration date and you need to register a new Business Name Registration, you will receive a new BIN.
Getting A Copy Of Your Business Name Registration
Businesses Registered after October 19, 2021
If your business license isn’t ready for renewal but you’ve lost your copy, we can order a copy of your Business Name Registration for you as long as you registered or renewed after October 19, 2021.
Businesses Registered Before October 19, 2021
If your business registration was registered before October 19, 2021, and has not been renewed since before that date, we cannot obtain a copy of the legal business registration. We are able to request a profile report for that registration. The profile report doesn’t look exactly the same as your original Business Name Registration, but it will have the same information, including the BIN.
The BNR copy can be used for anything the original registration could be used for, such as opening a bank account or real estate transactions.
You can request a Business Name Registration copy here, and receive it within a few hours of placing your order.
Which Businesses Need To Be Renewed?
Business names that need to be renewed every 5 years include:
- Sole Proprietorship
- General Partnerships
- Trade Names Under Corporations
Corporations do not expire so they do not need to be renewed.
Renewal Reminders
It can be difficult to remember when your business licence is due to be renewed. In fact, many small business owners don’t even realize that their business licences need to be renewed and unknowingly allow them to expire. One of the benefits of using Ontario Business Central is that we will keep track of your 5-year expiry date and send you a reminder before that date, giving you peace of mind that we are keeping track of your renewal timeframe requirements.
Why Use Ontario Business Central?
Ontario Business Central has a very long history of helping new and existing entrepreneurs to navigate corporate filings and mandatory corporate or registration updates required by the province of Ontario. We can help your business today and keep track of the next required filing at no additional cost to you. There is no subscription with us. We are here to make your business life easier.
It’s important to keep your Business Name Registration active and renew it before it passes expiry. If you have any questions about renewing your Business Name Registration, please feel free to contact 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.
