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Registration vs Incorporation
| COMPARE | REGISTER | INCORPORATE |
|---|---|---|
| Use of a Business Name | ✔ | ✔ |
| Ability to Hire Employees | ✔ | ✔ |
| HST/Payroll Set Up | ✔ | ✔ |
| Import/Export Licence | ✔ | ✔ |
| Set Up Business Bank Account | ✔ | ✔ |
| Sole Foreign Ownership | ✔ | ✔ |
| Continual Existence | ✖ | ✔ |
| Business Name Security | ✖ | ✔ |
| Business Tax Incentives and Reductions | ✖ | ✔ |
| Limited Liability For Owners | ✖ | ✔ |
| Venture Capital/Raise Capital | ✖ | ✔ |
| Structure Changes to Business | ✖ | ✔ |
| Purchase Real Estate/Stock Investments | ✖ | ✔ |
| Flexibility to Alter Business | ✖ | ✔ |
| Extending Business Into Other Jurisdictions | ✖ | ✔ |
The table shows a few key differences between Registration and Incorporation to help you determine which is best suited to your needs.
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Questions About Incorporation
Should I Incorporate? +
There are two options to starting a business in Canada. One is to register a business licence and the other is to incorporate.
There are some easy questions to consider in whether incorporating is right for you.
- How important is name protection for your business?
- How much liability risk is involved in the operation of your business?
- What is your business and personal revenue stream looking like with this business?
- Are you looking for financing or investors for the business?
Do I Need a Lawyer to Incorporate?+
Incorporating a business can generally be done without the assistance of a lawyer, especially if it's a simple incorporation. This typically involves filing the appropriate documents with the federal government or province where the business will be incorporated, paying the necessary fees, and obtaining the necessary permits and licenses. There are also many online resources and services available that can guide you through the process including Ontario Business Central to help you file the necessary paperwork.
It is important to keep in mind that incorporating a business can involve complex legal issues, such as tax implications, liability protection, and compliance with various regulations. If you're unsure about any aspect of the incorporation process or if you anticipate any legal issues, it's advisable to seek the advice of a lawyer who specializes in business law to help ensure that you properly meet all the requirements and to help you navigate any legal issues that may arise.
What Legal Ending Should I Use?+
There is no difference of which legal ending you use. You would simply use the one you prefer the most. In most Jurisdictions in Canada the standard legal endings are as follows:
- INC.
- INCORPORATED
- LTD.
- LIMITED
- CORP.
- CORPORATION
Where Should I Incorporate? +
You have two options when you are incorporating a new business. You can incorporate in the Province or Territory where the business is going to operate (have a physical location) or you can incorporate a federal incorporation and bring the federal incorporated business into the Province or Territory the business operates within.
What is a Nuans Report? +
A Nuans report is a name reservation report required when incorporating or changing the name of an existing Corporation. This report is valid for 90 days. This report must be ordered for the jurisdiction to which the corporation will be in.
Ex: Ontario Corporation requires an Ontario Nuans.
What is a Director? +
A director is typically a person who manages the corporation. Typically, they make the business decisions on behalf of the corporation. Any director must be at least 18 years of age.
Preliminary Name Search
The NUANS preliminary search lets you view existing business names across Canada within one database. If you have a name that you would like to use for your business start up, the preliminary search provides the best view into what business names have been taken.
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NUANS Report
The Nuans report is a 7 page report that provides a listing of similar small businesses, corporations and trademarks to your proposed name. The Nuans databank will accept any name you submit. There are millions of businesses already established in Canada.
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Change a Registered Business
Change current information on your registered business quickly and easily including updates to sole proprietorships, general partnerships and trade names under corporations.
Change Now!
Change a Corporation
If you wish to change the name of your existing corporation, the structure, or the parameters for the minimum and maximum number of directors, the process is very simple to complete.
Change Now!
Cancel Business License
If it's time to move on to something new, an important item is to cancel the existing business. The cancellation will take only a few minutes to complete and cancels the business with the Province of Ontario.
Cancel Now!
Dissolve Corporation
One of the most important elements in winding down your existing corporation is to file Articles of Dissolution for your Incorporation.
Dissolve Now!
Register Your Business Across Canada
Whether you're looking at registering a new business or renewing an existing business, we are here to help! Our online application makes it easy for you to register or renew your business within minutes.
Register Now!
Incorporate Your Business Across Canada
At Ontario Business Central, we make incorporation fast, easy and affordable. Over 250,000 business owners have entrusted us to help them start a business.
Incorporate Now!Why Use Ontario Business Central?
We have been in the business of helping others start their businesses since 1992
250,000+Startups have been helped by OBC
An A+ rating year after year with the Better Business Bureau