Name of the Corporation
You can choose to incorporate as a named or numbered company. A numbered company (e.g. 1234567 Ontario Inc.) is automatically assigned by the Ontario Business Registry at incorporation and is the simplest option.
If you prefer a specific business name, you’ll need to ensure:
- The name is unique and not confusingly similar to existing names
- It complies with Ontario naming rules
- A NUANS report is generated to confirm availability
A NUANS report is a name search document that lists existing business names and trademarks. It is required when incorporating with a proposed name. If you plan to operate under a different business name later, you can register that name separately after incorporating.
If you are incorporating a Professional Corporation, there are additional naming requirements and restrictions on naming your company. You should refer to your profession’s regulatory body for more guidance. But in any event, you will not be able to use a “numbered” name for a professional corporation.
Check out our blog here on naming professional corporations!
Registered Office Address
A Registered Office Address is the official address of your corporation, as recorded with the Ontario Business Registry. This is where:
- Legal documents are served
- Government notices and correspondence are sent
- Your corporation’s minute book must be kept and made available for inspection (unless stored electronically, where permitted)
Many entrepreneurs default to using their home or other personal address when incorporating. While this is legally permitted, it can come with unintended consequences such as loss of privacy because every Ontario corporation's Registered Office is public.
SkyLaunch’s Complete Compliance Package includes the use of our office as your company’s Registered Office. This helps keep your personal address private and we’ll upload any government mail received to the secure customer portal so you can access it at any time.
Share Capital: Number of Shares and Issue Price
Corporations issue shares to their shareholders as evidence of ownership. Before incorporating, you must decide:
- How many shares to issue at incorporation (1,000 is common)
- The price of each share (typically $0.01 or $1.00 per share)
Shares are often issued for nominal consideration at the outset, and the fair market value (FMV) of those shares may increase as the business grows. These early decisions may have tax consequences, especially if shares are issued or transferred later.
It is recommended to consult an accountant or tax advisor when determining your share structure.
Financial Year-End
You’ll need to set the financial year-end of your corporation. This determines your corporation’s annual tax reporting period and the deadlines for financial statements and annual resolutions.
Many small businesses choose December 31 for simplicity, but you may select any date. An accountant can help determine the best option for your business, especially if you want to defer income or align the year-end with your business cycle.
Other Tax Considerations
Incorporation brings potential tax advantages, but also new responsibilities. Some questions to consider:
- Will you need to register for GST/HST immediately?
- How will you pay yourself: via salary, dividends, or both?
- Do you plan to bring on other shareholders or investors?
Professional tax and legal advice is strongly recommended when you're ready to take the next step after incorporation, in order to avoid complications down the line.
Incorporate with Confidence
Incorporation requires careful planning, but the process itself can be straightforward when you’re prepared. By making the key decisions outlined above, you’ll be ready to begin your business journey with clarity.
Let SkyLaunch help you with your incorporation today!
