Congratulations! If you’ve clicked on this article you have shown interest in
joining in the large numbers of successful people who own their own business! The
process of registering a business is easier than you think and we have broken it down
into easy small steps.
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#1 Choosing a Name
To start off if your business name is nothing more than your full name then it
doesn't have to be registered and you can click off this article right now. For the rest of
you still around it's important to note that registration of a business is valid for 5 years
before it needs to be renewed. While just registering a business name doesn't mean the
you are the only one who can use it, under Ontario's Business Names Act, fines of up to
$2,000 can be levied against individuals and up to $25,000 for those who fail to register
or for registering false or misleading information. One last tip, your name can’t imply
that incorporation, such as Limited or Inc... or words that imply the business is associated
with any branch of government.
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#2 Search for businesses with the Same Name
While it is agreed that great minds think alike, having the same name as another
business isn’t the greatest move. The Business Names Act doesn't prohibit businesses
registering of identical names however it causes confusions and may even lead to a
lawsuit so it's best to do your research beforehand.
Service Ontario provides an Enhanced Business Name Search. At a fee of $8-$26
depending on the types of records you want to include in your search, they can locate
records in the Ministry of Government Services database of business names registered
within the past five years (remember that registration only lasts five years).
ServiceOntario Search and registration:
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#3 Register your business name.
Registrations can be completed through multiple approaches. One way is through
Serviceontario directly. However below there is a list of the Service Providers under
contract with the Ministry of Government and Consumer Services who will help you
complete the process for an additional fee.
The costs of Registration is $80 if you choose to do it by mail or $60 if you register
online or in person at a ServiceOntario workstation, it also good to know there is an
online guarantee that if you don’t receive your Master Business Licence within two days
you may request a refund! For registration you will need to provide the business name
and address, a description of what the goods or services are being provided as well as the
names and home addresses of all business owners. Once completed, you will receive a
Master business license a profile summary, receipt of payment and an Enhanced Business
Names Report.
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#4 Registering for other licenses that pertain to your specific business
This one is more general and will require more research on your part. Depending on the
type of business you choose to run you might need a variety of licences. Food vendors
require a different license than a car dealership. Do extensive research and to find out
what your niche needs to operate in accordance with the law. If you know people in the
field you may ask them or you may have to invest a little in a lawyer. Remember that it's
always better to take the precaution beforehand to avoid hefty fines.