An incorporated business is its own legal entity, meaning that it is separate from its shareholders. There are many advantages of incorporated businesses, including decreased personal risk and liabilities, access to government grants, tax advantages and the ability to obtain the funds in order to further grow your company. An incorporated business also offer the opportunity to provide shares of the corporation to its employees. A name search (A NUANS report is mandatory when completed a named incorporation. Here are the steps to create an incorporated business in Ontario:
What are the Steps for Creating an Incorporated Business in Ontario?
- Prepare the Following Information: The name and address of your business (every corporation must have an Ontario registered address), a NUANS report that is under 90 days old, a description of your business (i.e. its activity), the name and address of every director and the citizenship of the individual directors. Keep in mind that one individual can hold the title of both director and shareholder as long as this individual is either a Canadian citizen or Permanent Resident.
- Complete ‘Articles of Incorporation’ Application. After this application has been approved, you will be sent the official ‘Articles of Incorporation,’ a legal document that provides confirmation that your business has been incorporated by the Ontario government. You will also receive an Official Registration Certificate and completed Articles of Incorporation from the Ontario government.
- File Initial Return. This is a mandatory document that must be completed within 60 days after your business is incorporated. The Initial Notice provides the officer positions such as President, Secretary and Treasurer.
- Apply for Tax Accounts. When the incorporation has been completed, you may apply for HST, payroll, import and export and WSIB accounts if applicable.
How Ontario Business Central Can Help Incorporate Your Business Within three hours, Ontario Business Central can incorporate your business for you. Simply fill out the application online depending on whether you are incorporating a numbered Ontario company or named Ontario company. The application form takes less than 5 minutes to complete. We will take care of the rest for you, making the process easy, quick and hassle-free.
Our team of professionals is available to provide both email and telephone support during any point of your application.