Keeping your business in good standing — Part 2
In last week's post, we went through the reasons why it's important to keep your company in good standing. This week, we provide 3 easy steps business owners can follow to make the required changes and keep their company in good standing.
Here's how you can go about updating your company information:
Step 1: Determine where your company is registered or incorporated
If it's been a while since you completed your business registration or incorporation, you might not remember in which jurisdiction you registered or incorporated your business, making it difficult to determine where you're supposed to go to fulfill the requirements to keep your company in good standing.
The following tips may help you:
Your company is either registered with a province or territory or incorporated at the federal or provincial level.
Federal corporations are registered with Corporations Canada and can be found in the Corporations Canada online database. It may also be useful to note that federal corporations with numbered names finish in "Canada Inc.".
Provincial registration or incorporation: Companies registered at the provincial level can usually be found in the company database managed by the province. The various databases can be found on the provincial registrar websites. It may also be useful to note that provincial numbered corporations often finish with the name of the province and Inc. (ex. 1234-5678 Quebec Inc.).
Step 2: Go online to save a dime
Once you've determined which jurisdiction your company is registered or incorporated with, you can go online to make the required updates. Many changes can be made for free, but some jurisdictions may charge you for making changes to information like the company name. Often times, if you're willing to forego the paper forms, changes can be made online at a discounted rate. If your company is a federal corporation, you can use the Online Filing Centre to file most changes. If your company is registered or incorporated at the provincial level, most provinces and territories offer online filing services through their provincial registrar offices.
Step 3: Confirm that the changes have been made (the follow-up)
Look yourself up using the same online database you used to determine where your company is registered or incorporated and confirm that the changes you requested have been made. It is important to note that some change transactions may take a few business days to process.
Keeping your company in good standing with the jurisdiction in which you registered or incorporated; it's as easy as 1, 2, 3!
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