Nearly half a million small businesses are operating in Ontario. Many of them enjoy success and just about all of them enjoy the freedom that accompanies being your own boss.
If you have a passion for entrepreneurship and are wanting to open up a business of your own within Ontario’s borders, your first goal should be to get an Ontario business license.
A business license is required to legally operate a new, brick-and-mortar business in Ontario and can be a bit of a process to acquire. Fortunately, as is the case with all processes, taking the right steps is all that’s required which is what we’ve laid out for you below.
Keep reading to discover how to acquire the license you need to get your Canadian company up and running!
Pick a Location
One of the first questions you’ll be asked when obtaining your business is where your business is going to be located. And no, you can’t just say Ontario.
You’ll need an official business address for registration and licensure. Because of that, plan to go location shopping before pursuing your Ontario business license. You’ll likely even want to secure a lease on a spot.
Know Your Business Name
Picking a business name is often a fun process for new entrepreneurs. That is, of course, until they get a better understanding of the restrictions that surround the name picking process.
When you pick your business name, it needs to be approved by your license issuer which means you’ll need a name that’s deemed socially acceptable. If you cross that hurdle, you’ll then need to get over the hurdle of not picking a business name that’s already operating in your industry or one that’s too close to an established name for that matter (to avoid lawsuits).
An attorney can help you through that process as can a professional business registration agency.
Select a Business Structure
Are you a sole proprietor that’s going to file their business taxes as if they were a standard employee? Are you looking for additional liability protection through an LLC?
You’ll want to pick a business structure that best supports whatever your goals are. To that end, we recommend talking to an accountant and/or exploring available structures here.
Even with all of your ducks in a row, the actual application to register a company can be overwhelming. To navigate application pitfalls and reduce the chances of your license being rejected, seek assistance.
With the help of a registration agent or other qualified body, you can streamline your application and get your company up and running much faster!
Your Ontario Business License Is Just a Few Steps Away
Believe it or not, several would-be entrepreneurs get discouraged when it comes to getting an Ontario business license. Our plea to them is to not let paperwork dampen their spirits and to instead, get organized and hire support.
With the right team and a little legwork, anybody can start a business in Ontario or anywhere else! If you find yourself in need of additional help along the way, check out more content on our blog.