Last Updated on November 24, 2020 by Yetunde Akindele
In Canada, Ownr an online platform, has made registration of your business or side hustle much easier than ever. It offers the most convenient and fast way to register your business easily, either as a sole proprietor or as a corporation.
Along with these business registration options, it allows you to access special tools that can help you get your ventures off the ground faster.
With the numerous financial aids provided by the government of Canada for those interested in starting their own business, it is no wonder that the Canadian economy is made up of about 98% SMBs.
Registration of your business name is a must to avail yourself of these aids. To avoid this process becoming a challenge leading to possible procrastination, you might be needing professional help to guide you.
For most people, starting a business can be challenging and expensive. From setting up the company to registering it under an appropriate business name to completing all the legal documentation.
All these startup requirements may warrant seeking professional services from a corporate lawyer which could cost you tons. Hence, it is essential to plan out strategies and opt-out for options that can help simplify your business startup process.
Once you’ve carried out detailed research about your interest and what type of business you want to launch, then Ownr services could help to get you started.
Ownr will not only cut down the expenses of a lawyer but will also help you save time, money, and energy giving a pleasant experience.
What is Ownr?
Ownr, a Royal Bank of Canada (RBC) Ventures company, was founded in 2017 in Toronto, Canada. The Company’s mission is to provide entrepreneurs with tools and resources that can help improve experiences in starting a business.
Ownr is an online hub that provides the simplest way to start your business in Canada. With Ownr, you can register or incorporate your business while enjoying some additional perks.
With their dedicated team, partners, and online community, Ownr has successfully registered over 20,000 businesses in Canada.
Currently, Ownr is functional in three regions; Alberta, British Columbia, and Ontario. The Company is working on plans to include other provinces in the near future.
Ownr has partnered with leading brands like Staples Canada, Shopify, and Moneris to establish a fund named Canada Starts with the aim to overcome the challenges Canadian entrepreneurs face during their start-ups.
Ownr is more like a community for aspiring Canadian entrepreneurs where you can collaborate, connect with suppliers, grow your business with the help of industry experts, and avail exclusive discounts on different services.
It partners with several brands like Geek Squad and ShipStation to help new businesses with their struggles, making their lives easier, and creating tools to expand their business roots.
Business Registration Structure Ownr Offers You
Ownr is a platform that offers two legal business structures to business owners. These are the options to register a business either as a sole proprietorship or a corporation. The 2 main forms of business registration available in Canada.
A sole proprietorship, being the primary form of business ownership, allows you to be the sole owner. You have all rights to make legal and financial decisions regarding the business. You also get to enjoy the tax savings associated with sole proprietorship.
It is quite common to find that most small businesses start their journey as sole proprietorships, considering that it offers some money-saving benefits.
Sole proprietors can over time, with the expansion of the business decide to switch their business to a corporation.
Unlike a sole proprietorship, a corporation could have more than one owner. It has no tax advantage but confers legal coverage on shareholders should the company face a lawsuit. You can read more about how to start a business in Canada.
Business Registration with Ownr
After coming up with an idea to start a business and making it a reality, the next big step is to register your business to get started. Registering your business could be federally or provincially.
For more on the differences between Federal and Provincial registration, you should read this article.
While the registration process in Alberta, British Columbia, and Ontario is similar, all process require some pertinent documentation. The registration process can differ with the type of business structure you choose.
It is crucial to register your business to ensure that you run a business within the legal limits set by the provincial and federal governments.
Additionally, with a registered company, you can file taxes, reap business tax benefits, apply for a business loan whenever needed, and open a business-related bank account to keep your finances in check.
Ownr is currently running a promo with a discount of $50 for all packages. This is applicable to business registration carried out between January 1st 2019 to December 31st 2021.
Register a Sole Proprietorship
Registering a sole proprietorship is easy and hassle-free with Ownr. The first step is to create an account and then check for the availability of your chosen business name.
After reserving a business name, fill out the necessary details of your business, and make payments accordingly. Ownr will send your business application for further processing.
After this, you get your business license through email within one business day if you operate your business in Ontario and Alberta. For British Columbia, it can take up to 15 business days to issue the business name
Incorporate a Business
If you decide to incorporate your business, just as with registering for sole proprietorship, you check the availability of your business name. After reserving a business name, fill in the required business details, and pay the registration fee required for incorporation.
Ownr will send your incorporation application for further processing. Within one business day, you can receive your business documents!
In British Columbia, the process takes between one business day and up to two weeks. The business documents include:
2. Director’s Consent
3. Directors Register
4. First Director’s Resolution
5. First Shareholder’s Resolution
6. Notice(s) of Issuance
7. Officers Register
8. Securities Register
9. Shareholders Ledger
10. Subscription for Shares
Business Registration with Ownr For Alberta
Ownr charges $99 (with tax) and this provides you with 30 preliminary name searches for your business. Interestingly, the cost you are charged covers the registration cost, so you do not have to make extra payments.
To incorporate your business in Alberta, the first thing you have to order is a NUANS name search for your business name. Then, the government will hire a corporate lawyer to register your business, charging you with a certain amount to pay.
With Ownr, incorporating your business can be easy. Ownr’s incorporation package, applicable for Alberta, gives you a name search report (NUANS report), Articles of incorporation, formation documents, and a business number.
All this at a cost saving you hundreds of dollars in lawyer fees. Don’t forget there is also a $50 off all packages.
Business Registration with Ownr For British Columbia
There are steps to follow while you register for a sole proprietorship or corporation in British Columbia. The first thing you need to do is seek approval from the government for your business name at a certain fee.
To register as a corporation, you will need to get your corporation name approved and then create a corporate online account. You will need to create articles and incorporation agreements that need to be submitted to the government. The government will charge you a filing fee in addition to the name reservation fee.
Ownr offers an all-inclusive Business registration package making their platform more cost-effective. Ownr will charge $120.50 plus GST to register a sole proprietorship in British Columbia.
The fee charged includes the registration cost and provides you with around 30 preliminary name searches.
With this time-consuming and confusing procedure, corporations ought to hire lawyers to help them. But with Ownr, it is different.
To incorporate your business, you will receive an incorporation package that isn’t heavy on your pockets and help you incorporate your business easily in British Columbia.
Business Registration with Ownr For Ontario
To register as a sole proprietorship in Ontario, you can do it online, in person, or through the mail. The process involves you providing detailed information as well as making payments with an additional charge for name searches.
The process can be more cumbersome. Hence, businesses usually seek help from legal professionals to help them with the registration procedure.
However, with Ownr your Business registration as a sole proprietorship is easy, using their affordable all-in-one package, you will be charged a specific fee that includes the cost of registration and provides you with 30 name searches.
Ownr’s Pricing Plans
Ownr offers three pricing structures:
1. Sole Proprietorship
2. Provincial Incorporation
3. Federal Incorporation (not applicable in Alberta and British Columbia)
1. Provincial Incorporation: Ownr fee of $319, and Government filing fee of $275, adding up to $594 plus tax in total. This structure offers 30 unique name searches, name search report, Incorporation documents, Digital Minute book, Ownr perks, and chat & phone support.
2. Sole Proprietorship: Ownr fee of $49, and Government filing fee of $50, adding up to $99 plus tax. It offers 30 unique name searches, Business registration number (BIN), business registration documents, Ownr perks, and chat & phone support.
1. Provincial Incorporation: Ownr fee of $319 and a Government fee of $381.50, it costs you $700.50 plus tax in total. This plan offers you 30 unique name searches, name search report, Incorporation documents, formation documents (Digital Minute book), Ownr perks, and chat &phone support.
2. Sole Proprietorship: Ownr fee of $49, and Government fee of $71.50, totaling $120.50 plus tax. This plan offers you 30 unique name searches, Business registration number, registration documents regarding your business, Ownr perks, and chat & phone support.
1. Federal Incorporation: Charges you with $619 plus tax with the breakdown as Ownr fee of $419, and a Government fee of $200. It offers your business with 30 unique name searches, name search reports, business name approval support, incorporation documents, formation documents, Ownr perks, and chat &phone support.
2. Provincial Incorporation: Charges you the same as Federal incorporation. It differs in the breakdown with Ownr fee being $319 and Government Fee being $300. This structure includes everything from the federal incorporation plan except business name approval support.
3. Sole Proprietorship: Billed at $89 plus tax. The cost breakdown includes an Ownr fee of $29 and a Government fee of $60. It offers 30 unique name searches, business registration number, business registration documents, Ownr perks, and chat & phone support.
The Best Part – Ownr Perks
Registering your business with Ownr and setting up a RBC business bank account, makes you eligible to receive cashback up to $319. This amount is dependent on the business structure type registered.
In case of a sole proprietorship, RBC will repay your cost for registration. The only condition required is you should open your RBC business bank account before December 31st, 2020. The cashback amount depends on how much you paid and the province.
In the case of incorporations, you can claim $319 cashback in all provinces.
To claim your cashback, you have to log in to your account and click on ‘Refund Me’ appearing on your dashboard. The process can take up to 7 to 10 days. Additionally, you have to make sure your business bank account is functional for one year, or you might lose your claim on the cashback.
Get exclusive offers up to a value of $2500 when you register your business with Ownr. These offers are from renowned business brands. The images below show these added bonus offers;
Whether you choose to register as a sole proprietorship or to incorporate your business, Ownr is currently one of the best choices to help you save potentially hundreds of dollars for legal fees.
It not only helps you save money and time but also offers you extraordinary services and tools that can help manage your start-up smoothly and efficiently.