HOW MUCH DOES IT COST TO REGISTER AN ONLINE BUSINESS
How Much Does it Cost To Start and Register a Small Business in Ontario
For aspiring small business owners, the cost to start your business in Ontario can be a little daunting. But there are steps you can take to save money and make the process smoother for you and your future business. In this article, you'll learn all about the cost associated with starting and registering a small business in Ontario and discover ways you can save money.
How Much Does it Cost to Start a Business?
The actual starting cost of a business varies greatly depending on the type of business you're launching. However, there are some basic costs that all small business owners should consider. These include:
- Business fees: Before you can start your business, you must pay fees for registering and incorporating your business. These fees range from $60 for a sole proprietorship to more than $2,000 for a limited liability company.
- Office Space: Whether you run your business out of home or get an office, you must factor in rent, utilities, furniture, décor, internet and phone services and other amenities.
- Insurance: Every business must have insurance to protect itself and its employees. Depending on your business and what you intend to cover, insurance can cost anywhere between $500 and several thousand dollars.
- Website or e-commerce store: Most businesses will require a website or an active e-commerce store. Building a website can cost up to several thousand dollars depending on the complexity of your needs.
- Branding: You will need to consider the cost of professionally creating a brand identity. This includes logo design, printing of business cards, brochures, flyers and other marketing materials. These additional costs can run anywhere from a few hundred to several thousand dollars.
- Supplies and equipment: Depending on your business, you may need to buy equipment and supplies, from computers to printer and scanners, to a large industrial kitchen if you’ll be running a restaurant. This cost will vary greatly depending on your business and the amount of equipment needed.
How Much Does it Cost to Register a Business in Ontario?
The cost to register a business in Ontario varies depending on the type of business and the province or territory you’re registering in. Generally, the cost to incorporate a business in Ontario falls between $60 and $2,000. Below, we’ve outlined the cost of registering three of the most common types of businesses in Ontario.
1. Sole Proprietorship
The cost to register a Sole Proprietorship in Ontario is $60. This includes a filing fee and the cost of registering a business name. After registering your business name, you will need to purchase additional materials like business cards and signs.
2. Limited Liability Companies (LLCs)
The cost to register an LLC in Ontario is $370 plus the $60 fee for registering a business name. This fee is payable to the Ontario Government and will be the same whether you’re registering one LLC or multiple LLCs. You can also opt for a corporate lawyer to handle the paperwork, but this will cost extra.
3. Partnerships
The cost to register a Partnership in Ontario is $2,000. This includes the cost of registering a business name and filing the necessary paperwork. The fee is payable to the Ontario Government and is the same whether you’re registering one partnership or multiple partnerships.
FAQs
How much does it cost to start a business in Ontario?
The actual starting cost of a business in Ontario varies depending on the type of business and the amount of equipment needed. Generally, the cost to start a business in Ontario falls between $60 for a sole proprietorship to more than $2,000 for a limited liability company.
How much does it cost to register a business in Ontario?
The cost to register a business in Ontario varies depending on the type of business and the province or territory you’re registering in. Generally, the cost to incorporate a business in Ontario falls between $60 and $2,000. For sole proprietorships the cost is $60, LLCs cost $370
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