How To Start Accounting Firm In Ontario?

Introduction:

To start any business, you need a license or registration from an authorized department. Starting and maintaining a business can be difficult. Here we get acquainted with 3 types of company registries, the process of its registration, and how to obtain a license.

Why do I have to register a firm?

Registering a firm in Ontario is mandatory if your firm is falling under the definition of Practice of public accounting or providing accounting services by law then we have to register the firm. For more information, you can visit the link https://bit.ly/3x3nt91.

You can register your company in 3 statutes as the sole owner, a limited liability partnership, and a professional organization:

The first step will be the same for all constitutions with partial inclusion in the form.

Step-1. Request a pre-approved firm name:

The registrar has the right to reject your proposed name. It is best to get prior confirmation before proceeding with the registration process. There are no conditions for an individual owner. The words “Limited Responsible Company” or “LLP”, “LLP” for a limited passive name or “LLP” or “S.R.L.” Like the last words or letters of the company’s name and the words “professional company” or “professional community”, its name should be as the name of a professional organization.

You can request a pre-approval by logging in to My Portal, then selecting Obligations and Requests >> Applications >> Start New Application >> Firm Name Pre-Approval Application.

The application must contain all the related information:

• The proposed name

• The Nature of the services being provided

• Practice structure

• Number of members, students, and not-members involved in the practice of members

• Names of the member(s) involved in the practice

 After the application Responses will be sent by email to the registered mail address. Prior approval is valid for 180 days and does not mean that you have reserved the proposed name.

Step-2. Register with the Ministry:

Step 2 is only for the limited liability partnership and Professional corporation it is not relevant for the Sole Proprietorship.

First, contact the Government and Consumer Section and make sure you have a copy available when completing the applications or requests.

The limited liability partnership firm will have a Business Identification Number stamped on the Ministry-certified form which will be required for your registration application. Professional Corporation requires an Ontario Corporations Number to be registered with CPA Ontario.

Step-3. Obtain professional liability insurance:

Step 3 is the same irrespective of the constitution where any firm engaged in the practice of public accounting or providing accounting services to the public have to maintain professional liability insurance. The key person of the firm has to provide proof of insurance to CPA Ontario in the circumstances given below:

• When registering a company

• To the anniversary of the annual insurance

• Within five working days after the expiration of the policy

• Upon termination of general accounting activities or provision of accounting services to the public

For more information on professional liability insurance, you can visit this link https://bit.ly/3m7c8Qs.

Step-4. Register with CPA Ontario:

You can Register your firm with CPA Ontario by logging in to My Portal, selecting Obligations and Requests >> Applications >> Start New Application >> Firm Registration Application.

Applications are usually processed within four to six weeks of receiving all the necessary information by the CPA Ontario.

Source:

https://www.cpaontario.ca/members/regulations-guidance/accounting-firms/register-firm

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You can register your company in 3 statutes as the sole owner, a limited liability company, and a professional organization:

The first step will be the same for all constitutions with partial inclusion in the form.

Step-1. Request a pre-approved firm name:

The registrar has the right to reject your proposed name. It is best to get prior confirmation before proceeding with the registration process. There are no conditions for an individual owner. The words “Limited Responsible Company” or “LLP”, “LLP” for a limited passive name or “LLP” or “S.R.L.” Like the last words or letters of the company’s name and the words “professional company” or “professional community”, its name should be as the name of a professional organization.

You can request a pre-approval by logging in to My Portal, then selecting Obligations and Requests >> Applications >> Start New Application >> Firm Name Pre-Approval Application.

The application must contain all the related information:

• The proposed name

• The Nature of the services being provided

• Practice structure

• Number of members, students, and not-members involved in the practice of members

• Names of the member(s) involved in the practice

 After the application Responses will be sent by email to the registered mail address. Prior approval is valid for 180 days and does not mean that you have reserved the proposed name.