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The NUANS (Newly Upgraded Automated Name Search) Report provides a list of existing corporate names, business names and trademarks that are similar to the one you are going to propose.
An official NUANS Name Reservation Report required to incorporate a Named Corporation in Ontario.
There is no legal difference between a distinctive named and numbered corporation. A “numbered company” is a business corporation that is incorporated without choosing a unique and descriptive name. You can incorporate using a ‘number’ name, e.g. 123456 Ontario Inc. A name search, NUANS report is required for named corporation and it is valid for 90 days.
Incorporation offers many benefits to your company, including:
It is very important to choose the best business structure when starting a business. It depends on a number of factors as well as your personal goals and comfort levels. Whether you are thinking of incorporating or registering a sole proprietorship, a few factors to keep in mind when making your decision:
| Sole Proprietorship | Incorporation |
|---|---|
| One single owner | Owned by shareholders |
| Inexpensive start-up cost | Initial costs are higher than other options available |
| Full decision-making authority | Overall Flexibility with any change of corporation or individual names |
| Easiest way to structure a business | Can be more complex to set up than a business name registration |
| All of the profits or liabilities are yours | Distinct legal entity and limits the liability |
| Simple tax filing | Enhanced tax flexibility |
Federal incorporation can be an excellent choice if your business needs the nation-wide business name protection or will be operating internationally. Moreover, if you are incorporating a federal corporation, you are required to register extra-provincially. If you own a business operating on a local level and have no plans of expanding across provinces, as well as no national customers or suppliers, it may make more sense to incorporate within your province.
A Business Identification Number (BIN) number is a business identification number issued by the Ontario Provincial Government to a Master Business Licence.
It should not be confused with the federal Business Number (BN) assigned by the Canada Revenue Agency (CRA) for federal programs, including Goods and Services Tax/Harmonized Sales Tax (GST/HST), Import/Export Accounts, Payroll Deductions and Corporate Income Tax.
Yes, You can register an official trade name under your legal existing corporate name. A Business Name Registration (BNR) or Trade Name is required if you would like to use any name other than your corporate name. All types of corporations, including named or numbered or professional corporations, have the ability to register trade names.