Apart from having a business plan, it is recommended that business owners register their newly-formed venture and get the appropriate permits, licenses, and insurance required in order to do business.
If you’re planning to open a small business as a sole proprietor as a sole business owner or with a partner, as a General Partnership, make it official by registering for a Master Business License, now known as a Business Name Registration.
Throughout this article, we help you to understand exactly what a Master Business License (now known as a Business Name Registration) is, why you should get it, how much you can expect to pay and how to go about doing this.
What Is A Master Business License?
A Master Business License (MBL), which in Ontario Canada, has been referred to as a Business Name Registration (BNR) since October of 2021, is a business permit allowing you to operate a business in Ontario. It contains pertinent information about a registered venture.
Besides the business name and structure, this document lists the address, unique registration number, and a brief description of the business’s activities including the Naics code.
Why Get An MBL/ BNR?
Sole Proprietorships and General Partnerships are often required to get this license, except when the entity bears one of the business owners’ names. An MBL or BNR in Ontario is valid for five years, after which it must be renewed in order for the business to stay active. This permit enables entities to promote their business name, open bank accounts, get an import and export license, register for GST/HST, and have their business name printed on business cards and for other professional use.
Unfortunately, the Master Business Licence/Business Name Search doesn’t offer personal asset protection or business name protection as an incorporated company does.
How Much Do You Have to Pay For A Master Business License In Canada?
The base payment for an MBL in Canada slightly varies from one province to another. An online MBL or BNR application in Ontario starts at around $60 CAD + disbursement fees. Processing time is typically three to seven business days but rush orders can be made if you require your MBL/BNR within 24 hours. The registrations must be renewed before the five-year expiration date and will be subject to renewal fees. Enterprises are advised to prepare for MBL registration and renewal by including it in their business finances.
To register in any of these provinces the fees are $49.99 + Disbursements.
- Alberta
- British Columbia
- Manitoba
- Saskatchewan
Before registration, local governments may require owners to use the nationwide search tool for business names and trademarks, called the Newly Upgraded Automated Name Search or NUANS. If your proposed business title is already taken, think of another name to avoid legal issues down the road.
- NUANS Report: This report can cost anywhere from CAD$24.99 to $44.99, and would usually depend on the details included in the search, such as whether you choose to submit a Preliminary Search or not.
- Business name reservation: Some provinces may require registering businesses to pay for mandatory name reservations.
How To Apply For An MBL/BNR?
In Ontario, the provincial government along with third-party intermediaries manage business registrations for sole proprietorships and general partnerships. As such, the steps involved in obtaining an MBL/BNR require the applicant to fill in the online application form and pay for the filing costs and other fees. Canadian adults over 18 years of age and immigrants or non-Canadian residents are allowed to apply for a business license, some conditions apply so it is recommended that you look into these details.
Conclusion
Registering for a Master Business License, now known as a Business Name Registration, has never been easier. With online applications and support, you can have your business up and running in a few short days. Let this guide help you prepare for the process. Enjoy the journey to becoming an entrepreneur!