Writing a business plan is the first step in starting any new venture - it is a critical tool in managing the operation of your business. The most successful businesses are, more often than not, the ones that plan well and follow their plans. A business plan is a tool that sets both your future direction and your operational mode; it should be completed as accurately as possible, with all underlying assumptions clearly stated. Your plan should be viewed as a living entity and subject to change on a predetermined basis. We recommend that a review should be done at least quarterly, with a complete review annually, or if there is a major change in the direction of your business. Note: A business plan is usually required when requesting financing.

See below, ELNOS resources to assist with creating a business plan.

The Business Plan Guide

The Business Plan Supporting Documentation Package

The Business Plan Supporting Documentation Package - Fillable

OPTION 1: Registering a Sole proprietorship, Partnership, or Trade name

You must register a business name with the Province of Ontario if you plan on conducting business using a business name which is different than your personal name.

Registration for a 5 year period costs $60 and takes about 20 minutes to complete. You will receive your Master Business License and Business Identification Number at the time of registration.

Register online at www.ontario.ca/page/service ontario

1. Scroll down the page and click on Business Services (online)

2. Click on Register a business name

3. Click on the blue button ‘Register Your Business Online’ and follow the instructions for the type of registration you are looking for.

OPTION 2: Incorporation

**It is possible to hire a lawyer to help with the incorporation process, though it is not required. This would provide legal advice relating to corporate structure, shareholder agreements, etc. The average local cost for this service is approximately $600-$2,500

Provincial Incorporation Procedure:

Step 1 - Name Search (not required if incorporating a number company)

A private firm must be used in order to access the NUANS system for a name search. The NUANS report must be submitted with the articles of incorporation within 90 days of the production of the report.

Step 2 - Incorporate Online

The incorporation fee is $300.00 paid online + service provider’s fee (+ NUANS costs if applicable).

There are two service providers under contract with the Ministry of Government Services:

• eCore by Dye & Durham Corporation

  • 1-800-268-7580

  • info@dyedurham.com

• ESC Corporate Services Ltd.

  • 416-595-7177

Step 3 - File the Articles of Incorporation

Click here for the Articles of Incorporation form and instructions for completing the form.

• Go to the Ontario Business Registry website (click here)

• Under Create a new business entity or not-for-profit corporation, click on the blue button Incorporate an Ontario business corporation

• You will need to create a ONe-key ID and a ServiceOntario account

Step 4 - Complete the Process of Incorporation

• Other items that need to be attended to:

  • Registered address for your corporation - how the government and CRA can contact your business (complete on your ServiceOntario account)

  • Board of Directors - people that will direct and make corporate policies for the management of the corporation, they also elect/appoint the officers: president, secretary, treasurer (complete on your ServiceOntario account)

  • Shareholders - the owners of the corporation, own shares in the company’s stock. If there is more than one shareholder, create a Shareholder’s Agreement

  **You need a minimum of one director and one shareholder, but one person can hold both positions

  • Share certificates - provides shareholders with legal proof of their ownership of their shares in the company

  • Minute book - a collection of all important corporation documents (articles of incorporation, who holds what position, share certificates, meeting minutes, etc.). Serves as the official record of the company’s activities (for internal purposes, does not need to be submitted. Cannot be destroyed during records retention)

  • Initial notice - a simple document that confirms the incorporation information, such as directors, officers, and addressses. Mandatory to file in Ontario (you can do it online on the Ontario Business Registry)

  • Tax reporting requirements - for information on corporations tax, click here

NOTE:

• Trade names are for businesses that want to conduct business under a different name than the incorporated name (ie. ELNOS is a trade name for the Elliot Lake and North Shore Corporation for Business Development). The procedure is the same as registering a sole proprietorship. A $60 fee is required to register the trade name under the corporation umbrella.

• Federal Incorporation Procedure applies to corporations intending to operate offices extensively in more than one province. Articles are filed at Corporations Canada (click here for Government of Canada page). The incorporation fee is $200.00 online (+ NUANS if applicable)

For most businesses, it is mandatory to register and collect Harmonized Sales Tax (HST) (13%) when you reach $30,000 in revenue over four consecutive calendar quarters or less. Before this mark, registration is voluntary for most businesses.

For more information about HST, Input Tax Credits or Point of Sale Rebates, please visit Canadian Revenue Agency at www.canada.ca/en/revenue-agency or call: 1-800-959-5525.

To register online: www.canada.ca/en/services/taxes/business-number. You can also apply for a Payroll and Import Number through the online registration system, if required.

Before you start working, you want to obtain liability and loss of income insurance.

Liability insurance will ensure that you are protected should a client/customer injure themselves at your workplace/site or with your product/service.

WSIB protects your employees should they become sick or injured as a result of their job, but this doesn’t apply to employers. You want to ensure that you are protected through loss of income insurance should you become ill or injured and unable to work.

For a list of local insurance options, check out the ELNOS Regional Business Directory

While registering your business name, you can also apply for Workplace Safety Insurance (WSIB) and Employers Health Tax (EHT) - if they apply to your business.

WSIB is required for most businesses planning on hiring employees, while EHT is payable when payroll is greater than $400,000.

To learn more about WSIB and register your business, visit the WSIB website

You can obtain information on any necessary municipal licenses by calling the clerk’s office in the municipality and/or region in which you conduct business. Depending on type of business or location, there may also be zoning implications. It is important to check with the zoning office in your municipality.

City of Elliot Lake - Zoning

City of Elliot Lake - Applications, Licenses and Permits

Town of Blind River - Licenses and Permits

Town of Spanish - Zoning

Township of the North Shore - Zoning

Township of the North Shore - Applications and Permits