Why Ownr Is the Best Option to Incorporate Your Business in Ontario
Jun 17, 2020
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.
Incorporating your business is not a decision you make lightly. The investment of time and money means you’re serious as an entrepreneur. There are different options to incorporate. Regardless of which option you choose, you’ll end up with the same result, which is a fully incorporated business. What makes the real difference is how you get there, and that’s why incorporating with Ownr becomes valuable.
Traditionally there are two main ways to incorporate your business – incorporating by yourself directly with the government, which is very time-consuming (not to mention the errors you might make), or incorporating through a lawyer, which can be excessively costly. Finally, Ownrfilled the gap by reducing both the cost and the effort while delivering the same (or even better) end result.
If you incorporate the business yourself, you will have to do research from various sources to ensure you’re fully informed incorporation, as well the complicated legal jargon in the incorporation documents.
That’s why many people have opted to incorporate through a lawyer to make sure they incorporate correctly with less effort. But lawyers don’t come cheap. As a result, many entrepreneurs have shied away from incorporation, even though that may benefit them more in the long run.
Ownr offers the best of both worlds – quick, easy and affordable incorporation process. All the information you need is in one place, designed in the most human-friendly way and in plain English language, which means no research is needed. The cost is a fraction of the lawyer’s fee, with added benefits.
Comparison of cost and effort of incorporation
We listed key information in terms of your cost and effort for each of the options.
1. Cost and effort of incorporating by yourself
Estimated Total Cost: $383-$618.5 for Ontario provincial incorporation ($283 – $508.5 for federal incorporation. Cost includes:
$8-$26 for pre-search of business names
$25-$82.5 for mandatory NUANS search (the official business name search within the government database)
$300-$360 for Ontario provincial registration ($200-$250 for federal incorporation)
$50-$150 for a mandatory Minute Book (the government does not provide the service; you need to get it from a lawyer or an online provider)
Conduct research on whether incorporation is the right type for you, and requirements of incorporation, along with understanding legal jargon and ensuring you’ve collected all the right documents.
Conduct a pre-search of business names. It’s not mandatory, but it’s smarter to do before getting a NUANS search.
Conduct an official NUANS search via a third party platform.
Fill out a nine-page PDF document called Articles of Incorporationwith your corporate provisions and shareholder information (mostly blank forms with no instruction which is why research is necessary).
Write a cover letter with your name, return address and telephone number.
File application with the three items above and any supporting documents, such as a letter of consent, if needed.
Source a third party provider for the minute book, which is your corporate records (not provided by the government but is mandatory).
2. Cost and effort of incorporating with a lawyer
Estimated Total Cost: $1,500 or more plus HST. Cost includes:
Customized incorporation documents such as Articles of Incorporation
Legal agreements such as contracts or shareholder agreements and business updates
Separate cost for the Minute Book and ongoing maintenance
Lawyers will do the majority of the work. There will be minimal effort on your end. Keep in mind, you will be beholden to the lawyer’s pace of work as they will be responsible for filing on your behalf.
3. Cost and effort of incorporating with Ownr
Estimated Total Cost: $619 plus applicable taxes. Get a $300 refund if you open an RBC business bank account after incorporating with Ownr. Cost includes:
Up to 30 free name searches
Articles of Incorporation
Digital Minute Book
Sign up for a free Ownr account – it only takes a few minutes!
Follow simple, step-by-step instructions for the following:
Business name search
Receive your NUANS report
Fill out your business details (with tips and explainers for all legal terms)
Review your report and submit your incorporation
Incorporate your business with Ownr
Incorporating your business is a significant undertaking. But when you weigh the cost with the effort and support that Ownr offers, we believe we provide the most value of any other option. If you’re ready to incorporate your business, do it with Ownr.
Ready to start your business? Ownr has helped over 40,000+ entrepreneurs hit the ground running quickly—and affordably. If you have questions about how to register or incorporate your business, email us at firstname.lastname@example.org.
This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates.