Updating corporate information ontario. How are Ontario Credit Unions Regulated.



Updating corporate information ontario

Updating corporate information ontario

Our corporation wants to start doing business in Ontario. When is extra-provincial registration required? An active corporation that was incorporated or continued under the laws of any jurisdiction outside of Canada must obtain an extra-provincial licence to operate in Ontario.

This extra-provincial licence must be obtained before the corporation carries on business in Ontario. Will our corporation need to obtain an extra-provincial licence if it is only conducting a single transaction in Ontario?

If your corporation is considering doing any business in Ontario, then please speak with us before the project or transaction begins. We can help you determine whether a license is required. What are some advantages and disadvantages to setting up a new corporation in Ontario versus extra-provincial registration of an existing corporation? One major advantage of setting up a new corporation in Ontario is that it can help shield other parts of your existing business from claims relating to doing business in Ontario.

There may be other advantages or disadvantages depending on your situation. Please discuss this with us. This applies for all corporations doing business in Ontario. A business name registration is valid for five years. Please bear in mind that there are some words which cannot be used in a name.

If you would like to discuss this further, please let us know. What will happen if our extra-provincial corporation carries on business in Ontario without obtaining an extra-provincial licence? If a foreign corporation that violates extra-provincial registration rules, then it will not be capable of starting or defending a lawsuit or other legal proceeding until the violation has been remedied by the corporation. As well, if a foreign corporation carries on business here but does not have an extra-provincial licence, then it cannot own an interest in or sell land in Ontario except a mortgage.

For Canadian corporations which are not from Ontario: Canadian non-Ontario corporations do not require extra-provincial licences to operate and carry on business in Ontario. However they must do the following: Canadian non-Ontario corporations may be required to pay taxes in Ontario. Other than tax filings, there are no annual filing requirements for Canadian non-Ontario corporations. If a Canadian non-Ontario corporation later decides to stop carrying on business in Ontario, the corporation is required to file a notice with the Companies Branch.

For non-Canadian corporations, registration is more complicated. Non-Canadian corporations will be required to do the following: The Certificate of Status must include: State of Delaware ; and d a statement indicating that the corporation is a valid and subsisting corporation.

If any of that information changes, the corporation must notify and update the Companies Branch within 15 days. If a non-Canadian corporation decides to stop carrying on business in Ontario, the corporation must complete and submit several forms to the Companies Branch. What does it cost to obtain an extra-provincial registration for our corporation? Costs for obtaining an extra-provincial licence will include the name search and the actual filing with the government.

Our legal fees will depend on: How long is extra-provincial registration valid? Can a corporation lose the right to carry on business in Ontario? If a non-Canadian corporation with an extra-provincial licence does not carry on any business in Ontario for a period of two years, then its licence can be cancelled.

Further, if a non-Canadian corporation has failed to amend its licence, has failed to comply with other legislation i. What is an agent for service? All non-Canadian corporations seeking an extra-provincial licence will require an agent for service in Ontario. We can help you find an agent for service if you do not know anyone in Ontario.

Does our corporation need a business address in Ontario? No, but if the corporation for other reasons chooses to have a physical location for its principal place of business in Ontario, you may consider renting a virtual office. Depending on the service package selected, your corporation can rent physical space if desired, have a telephone number, automated call answering, etc.

Whichever address you select as your principal place of business in Ontario, take care to ensure that it is a real address in Ontario, as post office box addresses do not qualify, Are there special rules for limited liability companies LLCs? Yes, there are special rules for limited liability companies LLCs: A limited liability company LLC is essentially a hybrid between a corporation in that it offers limited liability to stakeholders and a partnership for some tax benefits.

LLCs cannot be created under Ontario law. Foreign LLCs are able to carry on business in Ontario, but the requirements seem to be different for them than for foreign corporations. The treatment of LLCs is not always clear.

If you act for an LLC seeking to carry on business in Ontario, please speak with us about your particular situation. In addition to speaking to a lawyer, you should also consult with an Ontario accountant. If no one in your corporation knows an accountant in Ontario, we can recommend an accountant to you.

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Updating corporate information ontario

Our corporation wants to start doing business in Ontario. When is extra-provincial registration required? An active corporation that was incorporated or continued under the laws of any jurisdiction outside of Canada must obtain an extra-provincial licence to operate in Ontario.

This extra-provincial licence must be obtained before the corporation carries on business in Ontario. Will our corporation need to obtain an extra-provincial licence if it is only conducting a single transaction in Ontario?

If your corporation is considering doing any business in Ontario, then please speak with us before the project or transaction begins. We can help you determine whether a license is required.

What are some advantages and disadvantages to setting up a new corporation in Ontario versus extra-provincial registration of an existing corporation? One major advantage of setting up a new corporation in Ontario is that it can help shield other parts of your existing business from claims relating to doing business in Ontario. There may be other advantages or disadvantages depending on your situation.

Please discuss this with us. This applies for all corporations doing business in Ontario. A business name registration is valid for five years. Please bear in mind that there are some words which cannot be used in a name.

If you would like to discuss this further, please let us know. What will happen if our extra-provincial corporation carries on business in Ontario without obtaining an extra-provincial licence? If a foreign corporation that violates extra-provincial registration rules, then it will not be capable of starting or defending a lawsuit or other legal proceeding until the violation has been remedied by the corporation. As well, if a foreign corporation carries on business here but does not have an extra-provincial licence, then it cannot own an interest in or sell land in Ontario except a mortgage.

For Canadian corporations which are not from Ontario: Canadian non-Ontario corporations do not require extra-provincial licences to operate and carry on business in Ontario. However they must do the following: Canadian non-Ontario corporations may be required to pay taxes in Ontario. Other than tax filings, there are no annual filing requirements for Canadian non-Ontario corporations. If a Canadian non-Ontario corporation later decides to stop carrying on business in Ontario, the corporation is required to file a notice with the Companies Branch.

For non-Canadian corporations, registration is more complicated. Non-Canadian corporations will be required to do the following: The Certificate of Status must include: State of Delaware ; and d a statement indicating that the corporation is a valid and subsisting corporation. If any of that information changes, the corporation must notify and update the Companies Branch within 15 days. If a non-Canadian corporation decides to stop carrying on business in Ontario, the corporation must complete and submit several forms to the Companies Branch.

What does it cost to obtain an extra-provincial registration for our corporation? Costs for obtaining an extra-provincial licence will include the name search and the actual filing with the government. Our legal fees will depend on: How long is extra-provincial registration valid?

Can a corporation lose the right to carry on business in Ontario? If a non-Canadian corporation with an extra-provincial licence does not carry on any business in Ontario for a period of two years, then its licence can be cancelled. Further, if a non-Canadian corporation has failed to amend its licence, has failed to comply with other legislation i.

What is an agent for service? All non-Canadian corporations seeking an extra-provincial licence will require an agent for service in Ontario. We can help you find an agent for service if you do not know anyone in Ontario. Does our corporation need a business address in Ontario? No, but if the corporation for other reasons chooses to have a physical location for its principal place of business in Ontario, you may consider renting a virtual office.

Depending on the service package selected, your corporation can rent physical space if desired, have a telephone number, automated call answering, etc. Whichever address you select as your principal place of business in Ontario, take care to ensure that it is a real address in Ontario, as post office box addresses do not qualify, Are there special rules for limited liability companies LLCs? Yes, there are special rules for limited liability companies LLCs: A limited liability company LLC is essentially a hybrid between a corporation in that it offers limited liability to stakeholders and a partnership for some tax benefits.

LLCs cannot be created under Ontario law. Foreign LLCs are able to carry on business in Ontario, but the requirements seem to be different for them than for foreign corporations. The treatment of LLCs is not always clear. If you act for an LLC seeking to carry on business in Ontario, please speak with us about your particular situation. In addition to speaking to a lawyer, you should also consult with an Ontario accountant. If no one in your corporation knows an accountant in Ontario, we can recommend an accountant to you.

Updating corporate information ontario

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  1. Provincial incorporation provides corporate name protection only within the province or territory of incorporation. To assist credit unions with the preparation of the required documents, DICO has developed an Application Guide which provides additional information regarding the ICAAP submission requirements, mandatory stress tests and summary key metrics report. Many proposed corporate names are rejected after much time, energy and money has been spent in attempting to have them approved.

  2. Should there be restrictions on the types of activities or type of business that the corporation may conduct? Corporate names can be in either English, French, in both English and French, or in a combined English and French form. Federally incorporated companies must be incorporated at the federal level and then be registered extra-provincially in one or more Provinces.

  3. In deciding which jurisdiction in which to register, prospective incorporators should ask themselves the following questions: Credit Risk Ratings A computer assisted methodology for assigning a risk rating to each commercial loan. Once the articles of incorporation and supporting documents are completed, they must be signed in duplicate by at least one incorporator who is competent, at least 18 years of age and not bankrupt.

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