Registering and Managing Business Operating Names in Ontario
Registering a business operating name (also know as a trade name) in Ontario is straightforward, costs $60 and lasts for 5 years. Any name used by a business, other than its legal name, is required to be registered. It is important to note that registering a business name is distinct from incorporating using a corporate name and doesn't have the same legal protection.
Process to Register a Business Name in Ontario
Step 1: Search for Conflicts
It is important to determine if your proposed business name is already taken. The Ontario Business Registry won't prevent you from registering an already taken name. It is up to the individual registering a name to determine if they are infringing on another business name.
It is highly recommended at a minimum before registering a business name, individuals search the Ontario Business Registry and Canadian Trademarks Database.
Search resources:
Step 2: Create a ONe-key Account
Sign up for Ontario's ONe-key system.
Step 3: Create a Service Ontario Account
Login to your One Key Account and register for a Service Ontario account. Service Ontario is the system you will use to access business registry functions.
Step 4: Attach your Corporation to Your Service Ontario Account
You can attach a corporation to your Service Ontario account. Use the Ontario Business Registry to find and add your company to your Service Ontario Account. You will need access to the corporate key to complete this step.
Step 5: Register Business Name on Service Ontario Account
Once you have access to your company, you can navigate to it and click on "Business Names" as pictured below. Go through the flow to add the additional Business Name to your corporation. It costs $60 per name and each name lasts for 5 years before needing to be renewed.
CRA Notification
Don't forget that any changes to operating names must be reported to the Canada Revenue Agency.
Change a Business Operating Name - Canada Revenue Agency
Managing & Renewing a Business Name
Renewing is the same process and must be completed up to 6 months prior with a grace period of 60 days after the expiry date.
Ribbon can help
Ribbon is a digital platform that makes starting and managing a business easy, including applying for business names. If you have any questions feel free to reach them at support@getribbon.ai.
Conclusion
In conclusion, registering a business operating name in Ontario involves a straightforward process encompassing steps such as name availability checks, creating ONe-key and Service Ontario accounts, linking corporations, and completing the registration itself. It's essential to differentiate this registration from incorporating with a corporate name, as the legal protections vary. Timely reporting of name changes to the Canada Revenue Agency is crucial, and managing and renewing the business name follows a 5-year cycle. Adhering to these steps ensures compliance, proper record-keeping, and a clear framework for navigating business identity regulations in Ontario.