Open a Corporation in Ontario
Updated on Friday 20th August 2021
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The procedure of registering a corporation in Ontario generally follows the same requirements that are applicable at a national level. However, investors have to be aware that certain registration procedures may be specific only to Ontario, as certain regulations can apply solely at a regional level.
For instance, the latest modifications of the Company Law have eliminated the residency requirements for the directors of companies in Ontario, but in all other Canadian provinces, this regulation does not apply. Given that there can appear small differences that can have an important impact on the investors, we invite to address your inquiries to our team of consultants in company registration in Canada.
What is the process of registering a corporation in Ontario?
In order to open a company in Ontario, Canada, that will operate as a corporation, investors will need to complete numerous steps. They will have to prepare specific documents that have to be submitted with the local institutions. The filing of the documents can be done through three main methods.
First, the company’s statutory documents and other required papers can be submitted via the online portal of the services providers accredited by the Ministry of Government and Consumer Services. Another option is to file the document in person, at the Service Ontario office (the one that is in the proximity where the company will have its registered address). Investors also have the possibility of submitting the documents by mail.
Our team of consultants in company registration in Canada will present in the following list some of the basic aspects that have to be completed when opening a corporation in Ontario; all of the following are compulsory requirements, but the incorporation procedure is not limited to the aspects presented below, as they represent only a part of the entire process of opening a company in Canada:
- the legal basis when registering a corporation in Ontario is given by the Business Corporation Act;
- the investors will have to select a business name that respects the requirements stipulated by the Business Corporation Act;
- the company name must contain the legal entity of the company, besides its name, and here, investors can select the word Corporation or the abbreviation Corp.;
- the company’s name can be in English, in French, or in a combined version of the two languages;
- the company will be assigned with a company number, which will be maintained throughout the lifetime of the company;
- investors must select the type of corporation they will register – a corporation for business purposes, or one for non-profit purposes, according to Service Ontario.
What are the fees associated with registering a corporation in Ontario?
The process of opening a company in Canada will always imply the payment of various fees with the local institutions; fees can also be requested for company formation services in Canada, for notary services and other services that investors will need for the registration of the company. The fees will vary from a province to another, but differences can appear based on the selected legal entity. When we refer to registering a corporation in Ontario, investors can expect the following fees:
- submitting the company’s articles of association via internet will cost $300;
- a fee of $360 is charged when filing the documents by mail or in person;
- the registration of a non-for-profit corporation is bound by the payment of a fee of $155 for the standard registration services, which can be processed in a period of 35 business days;
- the non-for-profit corporation can benefit from expedite registration services, which can be completed in 7 working days, after the payment of a fee of $255;
- provided that you want to dissolve the corporation that you have set up in Ontario, the fee charged for the procedure is of $25, for voluntary dissolution.
What should the articles of association contain in Ontario?
The articles of association represent the founding document of a corporation in Ontario, regardless of its type. This document sets out the structure of the company, information on the shareholders, the rights and the obligations of the parties, the object of activity and numerous others.
The articles of association can be signed as a pre-determined version of the document, which means that the document will contain the basic legal provisions required for this founding paper, or they can be modified in accordance with the wishes of the investors, but in the limit of the law. They must contain the number of shareholders, the shareholding structure, information on directors and others; for more information and legal representation, please contact our team of consultants in company registration in Canada.