How to Get Your Master Business License in Ontario? 2022 Guide

by | Jun 2, 2022

To establish any of the three business types (sole proprietorship, partnership, Corporation) in Mississauga, you must register for a master business license.

So before applying for a business license in Ontario, you need to know some essential details. Fortunately, you can get your registration done with Yogi & Associates. Also, the registration procedure is easy and fast when you deal with our experienced team. 

1. What is a Master Business License in Ontario?

It is a document that contains important data about your business. For instance, your business name, company address, business number (BN), type of business you own, and business activities. This license permits business owners to operate their businesses in Canada. 

“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

2. How to Get a Business License in Ontario?

You need to register your business name under Business Corporations Act of Ontario. Registration is necessary if you are operating a business under a different name from the legal name. Thus, 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. 

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 search report shows data of any registered business names like 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.

Tip!

You pay far less when you register your company with Yogi & Associates. And have unlimited access to business name searches. Thus, we help you examine if your initial name is already taken.

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

Master Business Licenses in Ontario are valid for five years. After that, to continue functioning, they must be refreshed. Following the end date, there is a 60-day grace period during which you may still renew the license. Moreover, the Ministry may need 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. So, you should renew your business license in Ontario every five years. Otherwise, your company needs to get registered as new. Businesses registered in Manitoba, Saskatchewan, and British Columbia are valid for three years. So, they should renew after every three years.

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. 

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. You should know a few things while registering for a business license for sole proprietorship, corporation, and partnership. These include:

  • 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.

Trade Name/Corporation

A master business license enables a corporation 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.

General Partnership

When two or more individuals or corporations choose to set up a business, they create a general partnership. The filing fee and other requirements for a general partnership are similar to sole proprietorship and trade name.

Additional Information!

You don’t need a business license if you incorporate your business. But there are some exceptions to this rule. For example, if you want to do business with a different name, you need a business license in Ontario.

Read another interesting article by Yogi & Associates: What is a Master Business License in Ontario? The Ultimate Guide 2022

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 to copy your business license, you can log into the Ontario Business Registry. 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.

8. How to Cancel Your Business License in Ontario?

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

Want Help With Your Books? We Can Help!

Having a bookkeeper to keep your accounts current is very important. But you should also analyze your books frequently to boost your company’s financial health. Also, plan to review your company’s financial reports once a month.

You can also get bookkeeping services from Yogi & Associates. We help to maintain books and tax information for small businesses in MississaugaBrampton, and surrounding areas. So contact us today!

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