Are you thinking about starting a business in Ontario? Registering a small business in Ontario can seem hard. But, if you follow the steps, it becomes easy.
Step 1: Choose Your Business Name
The first step is to choose a name for your business. Your business name is important. It should be unique and easy to remember. Make sure no other business is using the same name.
Tips For Choosing A Business Name
- Keep it simple and easy to spell.
- Make sure it reflects what your business does.
- Avoid using numbers or special characters.
Step 2: Search for Your Business Name
After you choose a name, you need to check if it is available. You can do this by searching the business name registry. This ensures no other business has the same name.
How To Search For Your Business Name
- Go to the Ontario Business Registry website.
- Enter your chosen business name in the search box.
- Check the results to see if your name is available.
Step 3: Register Your Business Name
If your chosen name is available, you can register it. This step makes your business name official. You can do this online or by mail.
Online Registration
- Go to the Ontario Business Registry website.
- Fill out the registration form.
- Pay the registration fee.
Mail Registration
- Get the registration form from the Ontario Business Registry.
- Fill out the form with your business details.
- Mail the form along with the registration fee.
Step 4: Get a Business Number
After registering your business name, you need a business number. This number is important for tax purposes. You can get a business number from the Canada Revenue Agency (CRA).
How To Get A Business Number
- Go to the CRA website.
- Fill out the online application form.
- Submit the form to get your business number.
Step 5: Register for Taxes
Your business needs to register for taxes. This includes Goods and Services Tax (GST) and Harmonized Sales Tax (HST). You can register for these taxes through the CRA.
How To Register For Gst/hst
- Go to the CRA website.
- Log in with your business number.
- Complete the GST/HST registration form.
Step 6: Apply for Licenses and Permits
Depending on your business type, you may need licenses or permits. These can be provincial, municipal, or federal. Make sure you apply for all necessary licenses and permits.
Types Of Licenses And Permits
- Health and safety permits.
- Building permits.
- Environmental permits.
Step 7: Open a Business Bank Account
Having a separate bank account for your business is important. It helps keep your personal and business finances separate. You can open a business bank account at any bank in Ontario.
How To Open A Business Bank Account
- Choose a bank that offers business accounts.
- Gather your business registration documents.
- Visit the bank and fill out the account opening form.
Step 8: Set Up Your Accounting System
Keeping track of your finances is crucial for your business. An accounting system helps you manage your income and expenses. You can use accounting software or hire an accountant.
Popular Accounting Software
- QuickBooks
- FreshBooks
- Xero
Step 9: Market Your Business
Once your business is registered, it’s time to let people know. Marketing your business helps attract customers. You can use social media, a website, or traditional advertising.
Marketing Tips
- Create a website for your business.
- Use social media to reach more people.
- Offer promotions and discounts to attract customers.
Frequently Asked Questions
How Do I Register My Business In Ontario?
To register your business in Ontario, visit the ServiceOntario website and complete the online registration form.
What Documents Are Needed For Registration?
You’ll need your business name, address, and owner’s personal information. Proof of identity is also required.
How Much Does It Cost To Register?
The cost to register a business in Ontario starts at $60 for a sole proprietorship and $80 for a partnership.
How Long Does Registration Take?
Business registration in Ontario typically takes one to two business days when done online.
Bottom Line
Registering a small business in Ontario is a step-by-step process. By following these steps, you can make your business official. Remember to choose a good name, get all necessary permits, and market your business well. Good luck with your new business!
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