A Business Name Registration, formerly called a Master Business Licence (MBL), is an official document issued by ServiceOntario. It authorizes business owners to legally operate their business under a chosen name. An entrepreneur just starting a small business or expanding his or her current venture will find this added knowledge helpful in staying compliant and avoiding fines. In the course of this blog, we will be discussing ten key areas of a master business license and answer some of the more common questions asked about its usage, renewal procedure, etc.
What is a Master Business License?
The “Master Business License” is a document issued by the Ontario government to businesses operating under a trade name or partnership. It serves as proof that your business name is duly registered and also permits you to conduct specific business activities legally.
If you have a sole proprietorship or partnership in Ontario and you have not used your name, then you would have to register an MBL.
10 Things You Need to Know About the Master Business License
1. It’s a Necessity for the Majority of Small Businesses
If your business operates under a name other than your legal name, you will have to register for an MBL. Example: If your name is Jane Doe but you operate as “Doe’s Design Studio,” you must file for a MBL.
2. It is unique to Ontario
The MBL applies solely to Ontario. Other provinces in Canada may have their own separate processes for registering a business name and documentation.
3. It’s Not the Same as Incorporation
Remember, an MBL is only for sole proprietors and partnerships, not for incorporated businesses. If you are incorporating, you will receive different paperwork, and registering a trade name may not be required unless you use any business name except your corporate name.
4. It Makes Opening Business Accounts Easier
Most financial institutions and banks require an MBL before the account opening of a business bank. This document will prove that your business is lawfully registered, exists, and is legal.
5. It’s Valid for Five Years
The Ontario government calls for the validity of the master business license for a period of five years effective from the date of application; after this period, renewal is mandatory to operate your business legally.
6. Master Business License Renewal is Easy yet Essential
Failure to timely renew an MBL may, result in interruptions to your business or even penalties. The license can be renewed online, and it is advisable to begin that process before expiration. Learn more about renewed master business license below.
7. You Can Get It Online
You can register for an MBL online through the Incorp Pro. You will have to provide basic information such as a business name, address, and type of business.
8. It’s Required for Business Permits and Licenses
Other industries may require your MBL to apply for additional permits and/or licenses, like a liquor license or zoning permit.
9. The Fees Are Small
It will cost you about $200 to register an MBL, depending on the state – a deal absolutely worth making in the legitimization of your business.
10. You Can Get a Copy Online
Lost your MBL? You can get a copy from the Ontario Business Registry. It’s always a good idea to keep a digital and physical copy of your license on file.
How to Apply for a Master Business License in Ontario
Step 1: Determine Your Eligibility
You need an MBL if you are a sole proprietor or partnership using a trade name. Incorporated businesses seldom need an MBL but may have to register trade names.
Step 2: Select a Business Name
- Make sure that your business name is unique and complies with the regulations set by Ontario.
- Do not use restricted words, like the names of banks and universities unless special permission is given. You will need to obtain a NUANS report in order to register or renew a master business license. Incorp Pro can help you to obtain the NUANS report quickly:
Step 3: Application Submission
- Use the Incorp Pro online portal.
- Provide all details, including your business name, address, and type of business.
- Pay your MBL registration fee Online.
Step 4: Get Your MBL
Once approved, you will receive your Master Business License by email. You’ll want to keep that in a safe location because you’ll need it for business banking, permits, and when renewals come up.
More information about Master Business license registration you can find here.
Why Choose Incorp Pro for the MBL Registration/Renewal?
- Incorp Pro™ is a trusted and experienced incorporation service provider in Canada.
- We offer personalized attention and affordable pricing to help business owners incorporate efficiently.
- Our specialists review submitted forms to ensure correct incorporation, saving time and money by avoiding costly errors.
- Our clients can consult directly with specialists via phone, live chat, or email, receiving tailored support throughout the process.
- Incorp Pro™ offers one of the lowest prices in the industry, making incorporation accessible for new entrepreneurs.
- Our online form allows clients to customize their service bundle, selecting only the services they need.
- Incorp Pro can do a master business license renewal in just 2 business hours.
FAQs About Master Business License
1. How to renew a Master Business License in Ontario?
To renew your master business license in Ontario:
- Go to the Incorp Pro website – Master Business License
- Fill out a simple online form.
- Pay the renewal fee. Your license will be reissued to reflect another five-year term.
- This proactive renewal is important in avoiding lapses in your business operations.
2. How to obtain a copy of Business License Master Ontario?
Lost your MBL? You can get another through the Incorp Pro. Here’s how:
- Go to the Incorp Pro website.
- Locate your business incorporation details.
- Request a physical or digital copy.
3. Do you need a master business license within Ontario?
- Yes, you need an MBL.
- You are a sole proprietor or partnership.
- Your business name is not the same as your legal name.
- Generally, incorporated businesses do not need an MBL unless they are registering additional trade names.
4. How Long Does it Take to Get a Master Business License?
The whole process of applying for an MBL is relatively quick. Applications submitted online usually take 1-2 business days to be processed, while applications sent by mail take longer. Incorp Pro can expedite the process and get the master business license in just 2 business hours.
5. What if my Master Business License expires?
If your MBL expires, then so will your business registration. This can affect any problems with contracts, banking, or permits. Just to firmly avoid anything like this from happening, make sure to renew a license prior to the date of its expiration.
Conclusion
For an entrepreneur in Ontario, the MBL is one of the most important documents. It legitimizes the business, eases banking and licensing procedures, and accommodates compliance with all provincial requirements. From application to renewal, mastery of the fine points of the MBL could save one so much time and evade all possible legal complications. If you are just opening a business or need assistance with the renewal of your master business license, use Incorp Pro’s online services to make the process easier. Operating a business in Ontario is all about being on the right foundation, and that starts with an MBL.