How to Get Master Business License in Ontario: 2022 Guide

by | Jun 2, 2022

As an entrepreneur, you’re setting out to create the best business of your life. Hence, a new business owner has many essential things to consider. Such as from landing your first clients to opening up a bank account. Therefore, it’s essential to ensure that your business operates legally. In addition, registering for a master business license in Ontario is crucial. But don’t worry. Because Yogi & Associates provides the service of the registration process for business licenses in Ontario. We will make things easier for you!

To establish any of the three business types (sole proprietorship, partnership, Corporation) in Mississauga, you must register for a master business license to operate it. A master business license contains important details about a business. Such as the business name, address, type of business, and business registration number. The registration procedure is easy and fast when you deal with our experienced team.

So before applying for a business license in Ontario, you need to know some essential details. Fortunately, you can get our bookkeeping services in Mississauga. Because Yogi & Associates has the best team to assist you in getting your business license. So, CALL US Today!

“To start a business, you need to know your product better than anyone. In addition, you need to know your customer and have a burning desire to succeed.”  -Dave Thomas

1. What is a Master Business License in Ontario?

A Master Business License is a document that contains important data about your business. For instance, your business name, company address, business number (BN), and business activities. This license permits business owners to operate their businesses in Canada. Moreover, a master business license also states the type of business you have, such as:

  • Sole proprietorship
  • General partnership
  • Trade Name/Corporation

2. How to Get a Business License in Ontario?

Under the Business Corporations Act of Ontario, you need to register your business name if you are operating a business under a different name from the legal name of the business owner. Therefore, registration applies to sole proprietorships, partnerships, and trade names/corporations.

You can also register your business license online or by email to Yogi & Associates. Our bookkeeper will check your information before the final submission to the government. For more information about a business license, you can view our article, What is a Master Business License in Ontario? The Ultimate Guide 2022

business license in Ontario

3. How Much Does it Cost to Obtain a Master Business License?

It might be a good idea to run a NUANS report before registration for a business license. This report helps to check if someone else has already established a business in your name. Also, the search report informs you of any registered business names similar to yours.

Depending on the information you include in your search, NUANS reports can cost between $8 and $26. This cost also varies if you select a different registration option. The filing fees are in addition to this. For example, it costs $60 to register your single proprietorship online with the government. At the same time, it costs $80 through Service Ontario in person or by mail.

You pay far less when you register your company with Yogi & Associates. And have unlimited access to business name searches. Thus, we help you to examine if your initial name choice is already taken. So contact us now. Our expert bookkeeper at Mississauga will guide you through the whole process.

4. Do You Need To Renew Your Master Business License?

Master Business Licenses in Ontario are good for five years. After that, in order to continue functioning, they must be refreshed. Following the expiration date, there is a 60-day grace period during which you may still renew the license. Moreover, the Ministry may require 3 to 5 business days to respond to a renewal.

5. How Long is a Business License Valid in Ontario?

In Ontario, you must renew your master business license after five years. In simple words, you should renew your business license in Ontario every five years. Otherwise, your company will need to be registered as new. However, businesses registered in Manitoba, Saskatchewan, and British Columbia are valid for three years. So, they should renew after every three years. But those registered in Alberta and Manitoba do not have an expiration date.

6. What are the Master Business License Requirements by Business Type?

Anyone who owns a sole proprietorship business, Trade name, or General partnership can register for a master business license. 

1. Sole Proprietorship

As a sole proprietor, you can get many advantages by getting a business license. Such as opening a bank account, developing a brand, and attaining a municipal permit. So, in the registration statement, the type of legal entity would be a sole proprietorship. You should know few things while registering for a business license as a sole proprietor. Such as:

  • The individual must be more than 18 years of age.
  • The individual must have an Ontario address.
  • The online filing fee is $29.
  • The Government fee is $60.

2. Trade Name/Corporation

A corporation can also register for a master business license to operate its entire business under a different operating name other than its legal name. These active names are also called Trade Names or fictitious names. For example, a numbered corporation [654321 Ontario Inc.] often registers operating names to have a brand value, published on a business card.

  • The online filing fee is $29.
  • The Government fee is $60.
  • And the individual should be at least 18 years old.

3. General Partnership

When two or more individuals or corporations choose to set up a business, they create a general partnership. The online filing and government fees for general partnership are similar to sole proprietorship and trade name. A business type of general partnership can get a business license keeping in view the following requirements:

  • All individual partners must have an Ontario address.
  • The minimum age should be more than 18 years.
  • The corporations must provide an Ontario address. 
  • The online filing fee is $29.
  • The Government fee is $60.

Additional Information!

You don’t need a business license if you incorporate your business. However, there are some exceptions to this rule. For example, if you incorporate and want to do business with a name different from the corporate name (e.g. trade name), then you need a business license in Ontario.

7. How Can You Get a Copy of Your Master Business License?

If you misplace your business license, then don’t stress. Because you can get a copy of your business license. Therefore, if you need to know your Business Identification Number BIN for copying your business license, you can log into the Ontario Business Registry. So, you can have a copy of your business license from there. You can also get a copy of your master business license by contacting Service Ontario. Hence, you can contact them via phone or email or by logging into the same online registration site.

If you got your business license in Ontario before October 2021, your company data has already been transferred to the new system. Moreover, you must obtain a corporate key to log in for the first time. This company key will be provided to you when you register your firm if you do so anytime after October 2021.

Business License in Ontario

8. How to Cancel Your Business License in Ontario?

Being a business owner, you may cancel your business license for different reasons. For example, you want to operate the business under a different name or want to end your business. In such cases, you can cancel your license either by mail or online through the help of Yogi & Associates. Thus, if you want to cancel your business license in Ontario, you need the following things:

  • Your business name
  • Business Identification Number (BIN)
  • Business type (Sole Proprietorship, General Partnership or Trade name)
  • Business Activity
  • Individual or Corporation listed on the license
  • The person approving the cancellation

We are here to Help You!

If you plan to start your own business, you might ask yourself: “Should I get a master business license for my business name?”. The answer is simple; it depends on your business type and how your name will be used in your business. Therefore, getting a master business licence in Ontario is important for a company. It is the first step in securing your future and protecting the integrity of your business.

However, the registration procedure for a business license in Canada can be a little tricky. And if you feel any confusion about a business license, don’t hesitate to contact Yogi & Associates. Our bookkeeping team in Mississauga will help you get a master business license.

Get in touch with Yogi & Associates!