Learning how to get master business license in Ontario is one of the best decisions for a Canadian entrepreneur.
While there are other things you should consider, such as setting up a business account POS systems, getting the best insurance services, and seeking loans, the legality of your business is crucial. The Master Business License ensures that you comply with regulations and that your business is legal in front of the law.
Entrepreneurs who want to learn how to get master business license in Ontario should ensure they follow the right processes. The first process is checking if their business name has been used and registering immediately.
Then, you visit the online portal and complete the MBL application form. An application fee is necessary before this process can be completed. You will get your MBL within 3-5 business days.
This guide will explain in detail how to get master business license in Ontario, the benefits of getting this document, what is required to get the MBL document, and other important information you need.
The Master Business License is a type of document that contains an entrepreneur’s business name, address, business number, and activities done by the business. The master business license will also list the kind of business you are doing and its legality.
In Canada, the primary business structures that require the Master Business License are the sole proprietorship and the partnership. Suppose you have a business in this category.
In that case, knowing how to get master business license in Ontario is sacrosanct in your province. With this document, you will be given a Business Identification Number (BIN), which gives your business an identity.
Note that your business identification number differs from your business number in Ontario. Your provincial government issues the business identification numbers to identify see-through business accounts in the state.
The Canada Revenue Agency issues your nine-digit BN to give your company access to various government accounts, programs, and services.
A key criterion in how to get master business license in Ontario is what it contains. Once you register and obtain the master business license, you are provided with the following:
When you have a perfect understanding of how to get master business license in Ontario, the process mentioned above will be easier.
If you are a business owner in Canada who wants to know how to get master business license in Ontario, here are some reasons to obtain this document:
It is illegal for all businesses in Ontario to operate without this document. This is because the MBL ensures your business has complied with all provincial business regulations. When a client wants to do business with you, they ask for this document because it shows professionalism and credibility.
When you register for a business bank account and seek business financing, the top Canadian banks ask for a Master Business License. This is an integral part of the document required by most lenders, and being unable to provide one can limit your chances of getting business loans.
The MBL is required by the Canada Revenue Agency to process your business taxes. This document aids this agency in calculating your annual business tax. Taxes are crucial for everyone running a business in the country.
If you want to learn how to get master business license in Ontario, here are the steps to follow:
The first step to getting an MBL is to get a unique business name. You can use the Comparewise business name generator to find a distinct name that suits your business.
To know if your desired business name is available, visit the Ontario government online business website. After getting a business name, register immediately at the portal.
After you have registered your distinct business name, fill out the following details:
When you have correctly filled out the form, you should immediately submit it to the relevant regulator. Please ensure you fill the form correctly because if you do, it will affect you in the future.
For your MBL application fee to be processed, you need to make a payment. The MBL processing fee payment is around C$110.00. You will need to generate a NUANS report, the cost of which varies between C$7 and C$26 depending on several factors.
If you register online, it costs C$60 in filing fees. However, if your preferred method is by mail or physically via Service Ontario, the price is C$80. Payment is collected by wire service, credit card, cheque, or money order.
After payment processing and all the necessary details have been inputted, you will get your MBL. The time frame to receive the master business license in Ontario is between 3 and 5 business days.
The learning of how to get master business license in Ontario is not completed without knowing what is required. Here are the requirements:
When you get a master business license in Ontario, here are some benefits you can enjoy:
When you get this document, you are granted an exclusive right to get a business name in Ontario. This document helps guard your business brand from competitor violations.
With the knowledge of how to get master business license in Ontario, you can avoid all the legal pitfalls associated with business operations in Canada.
The Master Business License shows your customers that your business is credible and legal. Because of several cases of illegal business operations in Canada, most clients require a business to have an MBL before they can conduct any business with them.
With this document, you will show your clients they have nothing to fear. Also, it allows you to approach lenders easily for business loans and business bank account registration.
Another necessary piece of information you should understand when you learn how to get master business license in Ontario is that it comes with certain drawbacks. Even with its numerous merits, here are certain risks :
The above reasons are why many entrepreneurs in Canada prefer to incorporate their businesses. When a business is exposed to certain high-risk exposures, it’s important to consider incorporating rather than getting a master business license.
A corporation has a separate legal entity, which means all liabilities and debts can’t be transferred. However, for many small businesses in Canada, registering as a sole proprietorship is an ideal place to start before incorporation.
When learning how to get master business license in Ontario, it’s important to note that people are qualified to get this document. In Canada, the Master Business License is open to all adults.
To register for an MBL, you must be 18 years or older in Ontario. Permanent residency isn’t mandatory for registration. For immigrants, you should seek clarification from Immigration Canada to know if you qualify or not.
As an entrepreneur seeking knowledge on how to get master business license in Ontario, you should know that you can amend or cancel your license. To cancel your MBL registration, you can visit the service Ontario location, send a mail, or use their portal.
Entrepreneurs who seek to change their business name must cancel their former business license and start a new registration.
Moreover, if you decide to close your business operation in the province, you must cancel your master business license. However, if you take this route, ensure the Canada Revenue Agency is informed immediately to avoid an audit problem.
A Master Business License will last for 5 years, and you will have to process a renewal. Even if your license expires, there is a 60-day period in which you must complete the renewal process.
When this time elapses, the MBL will be cancelled, and you will begin a new registration process.
The ideal avenue to renew your MBL in Ontario is via the Service Ontario portal. You can also call them online or send the renewal form by email or mail.
The learning process of how to get master business license in Ontario isn’t completed without ways to get the document. If you misplace your master business license document, immediately log into the Ontario Business Registry for identification.
Also, another way to get a copy of the master business license is by communicating with Service Ontario. There are numerous digital and physical avenues to get your copy where you reside.
You will be provided with a business key to sign in as a new business. For businesses that register after October 2023, you will get a company key immediately after registering.
Business operations in Canada are easy when you comply with all laid down regulations. However, it would be best if you learned how to get master business license in Ontario to have seamless business operations.
With this license, you can operate legally in Ontario and appeal to your clients. The registration process for MBL is simple and transparent if you read this guide.
Suppose you seek to get a master business license in Ontario but are having difficulty with the registration process. In that case, you should speak with experts. You could also talk with other business owners who have completed their registration for more input.
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The quickest way to get your MBL is through the online platform. You can do so by visiting the Ontario Business Registry portal. You can also submit your MBL form by mail or in person at any close Ontario service location around you.
This Document is valid for 5 years from the approval date. Once the validity elapses, you are required to renew the MBL document as soon as possible. There is a grace time frame of two months, which everyone is given.
You must renew your master business license once it expires. The MBL has all the information that pertains to your business. If this is not done on time, your master business license will be invalid.