— Incorporating a business in Ontario can be a straightforward process if you’re well-informed about the steps involved. This blog post will walk you through the costs associated with incorporation in Ontario under various applicable acts and regulations. We’ll elaborate on the different methods of payment, service standards and fees under multiple acts, and offer you some final thoughts on the topic. Whether you plan to incorporate online, by mail, or email, this guide aims to provide a comprehensive overview to ensure you have all the necessary information before taking your business to the next level.
Overview
Incorporating a business in Ontario requires adherence to multiple acts and regulations, and the associated costs can vary depending on the business structure and the method chosen for submission. From service fees to regulatory compliance, understanding the financial commitments is crucial for any prospective business owner. This blog delves into the core aspects of incorporation costs, focusing on distinct legislative acts such as the Business Corporations Act and the Not-for-Profit Corporations Act, among others. We will also explore various payment methods that facilitate this process, and outline the fees and service standards, providing a clear-eyed view on what to expect. Whether you’re incorporating a for-profit or non-profit organization, or even a foreign corporation, this detailed guide will help you navigate the complexities of incorporation in Ontario.
Accepted methods of payment
When it comes to incorporating in Ontario, various methods of payment are accepted, making the process convenient for all applicants. Below, we’ll cover the specific options available whether you prefer online submission, mailing your documents, or sending them via email.
Online
Incorporating online is one of the most efficient methods, offering immediate confirmation and a faster processing time. Payments for online incorporation can typically be made using credit cards such as Visa, MasterCard, and American Express. The online platforms interface is user-friendly, guiding you through each step, from submitting necessary documents to making the payment. The cost may slightly differ based on whether additional services like expedited processing are chosen.
By mail
For those who prefer traditional methods, incorporating by mail is another viable option. Payments can be made in the form of cheques or money orders payable to the Minister of Finance. While this method is slower compared to online submissions, it is equally valid and often preferred by those who may need to submit additional supporting documents that are easier to collate and send in a physical package. Always ensure that your payment and documents are securely packaged to avoid any loss or delays.
By email
Email submissions offer a middle ground between the speed of online incorporation and the thoroughness of mail. Typically, this method involves scanning and emailing the necessary forms and documents. The payment methods available for email submissions generally include credit cards and electronic fund transfers. Be cautious to follow the instructions rigorously to ensure successful submission and avoid any delays in processing.
Our service standards and fees
Service standards and fees can vary depending on the specific act under which you are incorporating. The following sections will provide you with detailed information about service times and costs under the relevant acts.
Business Corporations Act: service times and fees
The Business Corporations Act in Ontario stipulates service times and varying fees based on the type of service requested. The standard fee for incorporating a business is CAD 300, with an additional CAD 100 for expedited next-day service. You can expect standard processing to take around 5 business days, whereas expedited services will be completed within 1 business day.
Not-for-Profit Corporations Act, 2010: service times and fees
Incorporating under the Not-for-Profit Corporations Act, 2010, carries different financial implications. The standard fee is CAD 155, with an option to expedite the process for an extra CAD 50, which ensures primary processing within one business day. Standard service generally takes about 10 days, considering additional review times for specific compliance elements.
Co-operative Corporations Act: service times and fees
For those aiming to incorporate under the Co-operative Corporations Act, the cost is slightly higher. The standard incorporation fee is CAD 250, and opt for expedited processing at an extra CAD 100 to receive service within 1 to 2 business days. Standard service times remain around 10 business days due to the thorough review processes involved.
Corporations Act: service times and fees
The Corporations Act governs multiple other forms of business entities in Ontario. The incorporation fee here is CAD 155, with an expedite fee of CAD 100 for next-day service. Standard processing generally takes 7 business days. This act covers a broad spectrum of businesses, thereby necessitating a slightly longer standard processing time compared to others.
Extra-Provincial Corporations Act: foreign corporation service times and fees
When it comes to establishing a foreign corporation under the Extra-Provincial Corporations Act, the fees begin at CAD 330 for standard processing which typically takes about 15 business days. Expedited services can be availed for an additional CAD 100, reducing the service time to 5 business days. Such services are aimed at external corporations planning to expand into Ontario.
Corporations Information Act: service times and fees
The Corporations Information Act focuses on the registration and annual information filing for corporations. A simple filing usually costs CAD 25, and expedited processes are available at an extra CAD 50. The standard processing time is around 5 business days, ensuring that your information remains up-to-date with minimal delays.
Business Names Act: registration and filing service times and fees
Under the Business Names Act, registering a business name costs CAD 80, with an option to expedite for an additional CAD 50, which guarantees next-day service. Standard processing generally spans from 7 to 10 business days. This act is vital for businesses looking to operate under a name other than their owner’s full legal name.
Limited Partnerships Act: registration and filing service times and fees
The Limited Partnerships Act incorporates partnerships that consist of one or more general partners and one or more limited partners. The filing fee for a declaration or renewal is CAD 210, with the option to expedite for an additional CAD 100. Standard processing times usually take about 15 business days, given the complexity of partnership agreements.
Corporate Search: products and service times and fees
Corporate searches provide vital information about corporations registered in Ontario. The fees for corporate search products begin at CAD 12, depending on the depth and range of the search requested. Standard processing for these searches generally takes between 1 and 2 business days, with options to expedite for an increased fee.
Business Name, Limited Partnership (BNLP): search products service times and fees
Search products under the Business Name and Limited Partnership Act provide critical business information. They start at CAD 8, with average service times ranging from several hours to two business days depending on the complexity and depth of the search. Expedited services may also be sought for a premium fee, delivering results within the same business day.
Applicable acts and regulations
Understanding the applicable acts and regulations is imperative for smooth incorporation. For-profit businesses usually fall under the Business Corporations Act, while nonprofit organizations are governed by the Not-for-Profit Corporations Act, 2010. Each act lays out specific requirements and standards that must be followed for compliance and successful incorporation. Regulations for co-operatives differ, governed by the Co-operative Corporations Act, which lays out distinct procedures and fees. For businesses planning to operate in Ontario but are based elsewhere, the Extra-Provincial Corporations Act is most relevant. The Corporations Information Act ensures ongoing compliance and regular updating of corporate information, essential for maintaining good standing with the provincial database.
Contact us
For further information or personalized assistance, feel free to contact us. Our customer service team is equipped to help you make sense of the incorporation process and can address any specific queries you might have. Whether it’s understanding fee structures, processing times, or applicable legislations, we’re just a call or email away. —
| Act/Regulation | Standard Fee | Expedited Fee | Standard Service Time | Expedited Service Time |
|---|---|---|---|---|
| Business Corporations Act | CAD 300 | CAD 100 | 5 business days | 1 business day |
| Not-for-Profit Corporations Act, 2010 | CAD 155 | CAD 50 | 10 business days | 1 business day |
| Co-operative Corporations Act | CAD 250 | CAD 100 | 10 business days | 1-2 business days |
| Corporations Act | CAD 155 | CAD 100 | 7 business days | 1 business day |
| Extra-Provincial Corporations Act | CAD 330 | CAD 100 | 15 business days | 5 business days |
| Corporations Information Act | CAD 25 | CAD 50 | 5 business days | 1-2 business days |
| Business Names Act | CAD 80 | CAD 50 | 7-10 business days | 1 business day |
| Limited Partnerships Act | CAD 210 | CAD 100 | 15 business days | 5 business days |
| Corporate Search | Starting at CAD 12 | – | 1-2 business days | Same day |
| BNLP Search Products | Starting at CAD 8 | – | Several hours to 2 business days | Same day |
— By understanding the costs and requirements associated with incorporating in Ontario, businesses can make informed decisions and avoid potential delays. With various acts and payment methods available, there is flexibility to suit most needs. This guide provides a comprehensive view, ensuring you are well-prepared for the incorporation journey.
