Incorporating ONTARIO professional corporation is now much more easy with Business ontario Corporate services. Our website form guides you a simple step-by-Step Process for Creating and Registering a Professional Corporation. No matter whether you are a doctor, CPA or other professional, now you can set up your corporation accuratly with no prior professional knowlegdge on corporation formation. You have option to upload your own prepared article or our legal team may prepare the article as per guidelines of your regulatory body.
According to the law, all professional corporation's names should end with the legal suffix "professional corporation". You can include it in the proposed name. If you do not include it, we will include this phrase after the name of the corporation.
A Ontario
physical address is required to Register Corporation in any Ontario, where the
government will send documents. If you do not have a physical address in Canada,
you can use our Registered Address Service that includes mail receiving and
forwarding.
Note: Our website allows only 5 directors, if you want to
add more than 5 directors, you may call or email us to place a customized
order. But for now, you can place an order with these five directors.
An incorporator is the responsible person for organizing and incorporating a corporate entity. It is typically the head of the organization. An incorporator may be a director or not. Once the filing is complete the incorporator's function is usually finished. After that the management of the corporation is performed by the directors.
If you are doing corporation on behalf of a client, you may mention here their the name. This is for government's records. We only contact the billing person that mention in our website form. We don't contact your clients. You can write your details in the billing.
Minute book is detail records & documents of an incorporated company’s structure and activities. According to corporation act Minute book is MANDATORY. It must be updated every year as part of the incorporation’s Annual Return to maintain its legal structure and include By-laws, Articles of Incorporation Any amendment, Resolutions and minutes, Shareholder and share transfer registers, Directors & Officers Registers, Notices that have been filed. If a business does not have them or keep them up to date, fined by the CRA as part of an audit. Banks might decline to give loans and any potential future sale of their business or assets could be in jeopardy or face extensive and costly legitimate deferrals. This Minute book prepared by our legal and accounting team
An Ontario Professional Corporation is a specific type of business structure that allows regulated professionals, such as doctors, lawyers, accountants, and architects, to incorporate their practices. A Professional Corporation is restricted to offering professional services. Members of a regulated profession must own and operate it.
Types of Ontario Professional Corporations in Ontario
There are different types of Ontario Professional Corporations, based on the professions they serve. Here’s a breakdown:
Single-Professional Corporation: This type of Incorporation is for one regulated professional. Like one lawyer or one CPA etc.
Multi-Professional Corporation: This type of Incorporation is for multiple professionals from the same regulated profession. Like two or more lawyers incorporate one Professional corporation.
Multi-Disciplinary Professional Corporation: This type of professional corporation involves professionals from different disciplines working together. Like lawyer and doctor both together incorporate it. Sometime this corporation also known LLP (limited Liability Partnership)
Benefits of Ontario Professional Corporation
There are several benefits to registering an Ontario Professional Corporation, including:
Tax Advantages: Ontario Professional Corporations in Ontario enjoy a lower corporate tax rate compared to personal income tax. It is allowing professionals to defer taxes and potentially save on income taxes.
Limited Liability: While personal liability for professional malpractice remains, shareholders are generally protected against other business liabilities.
Income Splitting: Professional Corporations can split income among family members.
Retirement Savings: Contributions to a corporate pension plan can help build a retirement fund while reducing the corporation’s taxable income.
Flexibility in Financial Management: Director can decide how to take income (salary vs. dividends). It is optimizing director’s tax situation.
Disadvantages of Ontario Professional Corporation
Professional Liability: Incorporation does not protect professionals from personal liability for their malpractice or negligence.
Complexity and Costs: This corporation has some paperwork monthly, and yearly like maintaining a Professional Corporation involves administrative work, annual filing fees, and legal and accounting costs.
Restrictions on Shareholders: Only licensed members of the profession can be shareholders. That limits external investment opportunities in this corporation.
Limited Business Scope: The corporation can only offer professional services aligned with the regulating body and cannot offer other services.
Requirements to incorporate of Ontario Professional Corporation
To incorporate an Ontario Professional Corporation, you must meet several requirements:
Professional License: To incorporate Ontario Professional Corporation. First of all, shareholders, directors, and officers must be licensed members of the regulated profession.
Name Restrictions: The corporation’s name must include “Professional Corporation”. Also, must comply with the naming rules of the profession’s regulatory body.
Professional Regulation: To incorporate a Professional Corporation, a director must obtain a certificate of authorization from the respective professional regulatory body.
Articles of Incorporation: You must prepare and file articles of incorporation. Business Ontario will help you file your Professional Articles of Incorporation according to your professional regulatory bodies.
Steps to Register an Ontario Professional Corporation
Name Reservation: You must first reserve your business name. If your business name is not available, you need to modify it. No worries; our experts will help you in this regard.
Obtain Approval from the Regulatory Body: You need to obtain approval for your corporation’s name from the relevant professional regulatory body.
Prepare Articles of Incorporation: You must file incorporation articles according to your OBCA and professional regulatory body.
Get a Certificate of Authorization: After incorporating your corporation you now should Apply for a certificate of authorization from your profession’s regulatory body.
Under Which Business Act is the Ontario Professional Corporation Registered?
An Ontario Professional Corporation is registered under the Business Corporations Act (Ontario) and within the professional regulatory body. This Act sets out the legal requirements and regulations governing professional corporations in the province.
Do you need Bylaws and a Minute Book?
A minute book is a detailed record & document of an incorporated company’s structure and activities. According to the Corporation Act Minute book is MANDATORY. If Minute book is not selected, Officer, Share Price, and Shareholder cannot be added. If you want Business Ontario can prepare your Ontario Professional Corporation’s Bylaws & minutes book at a time under one order. You do not need to go somewhere else for this document.
Ontario Company Key is a unique identifier used by corporations in Ontario. It functions similarly to a password. It is required when a corporation wishes to file online future transactions. Every Ontario Professional Corporation must have an Ontario Company key for any kind of future update and to stay up-to-date
How fast can I get my documents?
As an official intermediary, if you place an order for 1 hour we can send you all Ontario Professional Corporation’s Documents in less than 1 hour. Otherwise, you will get all the documents by email in 1 day that are enough to open a business bank account.
Ontario Corporation Number: The Ontario Corporation Number is a unique identifier assigned to each Ontario Professional corporation registered in the province of Ontario. Ontario Business Number: A nine-digit number assigned by the Canada Revenue Agency (CRA) to businesses operating in Canada. Corporate Tax ID (RC0001): Corporate Tax ID is a unique identifier assigned to corporations for tax purposes. It is a 9-digit unique number assigned by CRA. GST/HST Account: GST (Goods and Services Tax) and HST (Harmonized Sales Tax) are taxes that businesses must collect from customers and remit to the government. Payroll Account: If you have an employee including you, then you must register this account. This account is used to manage the deduction and remittance of payroll taxes Import Account: If you import goods into Canada you must register as an RM account number with the CRA. Export Account: if you export goods outside Canada you must register as an RM account number with the CRA. WSIB Account: A WSIB (Workplace Safety and Insurance Board) account is mandatory for most businesses in Ontario that employ workers. This is basically, managing the insurance coverage provided to employees in case of workplace injuries or diseases.
What is Initial Return in Ontario?
𝐈𝐧𝐢𝐭𝐢𝐚𝐥 𝐑𝐞𝐭𝐮𝐫𝐧 must be filed within 60 days of the corporation’s incorporation or continuation. Failure to file 𝐢𝐧𝐢𝐭𝐢𝐚𝐥 𝐑𝐞𝐭𝐮𝐫𝐧 within the specified timeframe may result in penalties (Corporation Dissolution) or other consequences. The initial return provides basic information about the corporation, such as its name, address, directors, and shareholders. An initial Return is not the same as a Tax Return. Both are completely different things. So, every Ontario Professional Corporation also must file it within the 60-day frame.
Why Choose Business Ontario Corporate Services Inc.?
Our goal is to simplify the process of registering with Ontario Professional Corporation and provide customers with the necessary tools and information to start their business successfully. With our support, customers can confidently establish their Ontario Professional Corporation and focus on their entrepreneurial endeavors.
Official Intermediary of Service Ontario: As an official intermediary, we facilitate direct and efficient interactions with government services, streamlining various administrative processes.
Expertise in Local Regulations: Regardless of our intermediary status, we are experienced and specialized in Ontario’s corporate laws, aiding in compliance and legal navigation. Our Ontario Professional corporation expert and in-house team take care of your corporation to comply the Government compliance.
Comprehensive Services: We offer a broad range of services including incorporation, Business Registration, Corporate search, corporate filings, Trademark, copyright, Name reservation, and so on that your business needs.
Convenience: Business Ontario Corporate Services Inc. offers an easy-to-use online filing process to save you time and effort. You just need to fill out our online form and we will do rest of them.
Competitive Pricing: We are here to assist small businesses and entrepreneurs to launch their businesses smoothly. That’s why our fees are the lowest and most attractive compared to other options.
Aftercare Services: We believe in long-term relationships with our all customers and partners. Our work has not been done after filing or registering an order. We offer ongoing support and updates on legislative changes that could impact your business. We send emails and calls to our existing customers frequently to grow their businesses.
NUANS member: We are a registered member of Corporation Canada’s NUANS department. We manage the NUANS name search report necessary for corporate name changes in-house. That’s why you do not need to go somewhere else for nuans name reservation.
