Incorporation

We assist business from all walks of life, be they start-ups, freelancers, family businesses, or sole proprietorship in their incorporation journey. We have the tools and experience to help your business transition into its own independent company at both the provincial and federal level.

What is it and what are the benefits?

“Incorporation” is the process by which an entity becomes a corporation and consequently enjoys the rights and responsibilities associated with that new status.

1. As a newly founded corporation, you can use your name across the province and country.
2. Corporations gain their own Independent Identity:
   Because the corporation is its own entity, any financial risks will be redirected from you to the corporation. In other words, if any financial hardship were to befall (e.g.., lawsuits or bankruptcy), losses will be incurred onto the corporation, and not on your personal assets.
   This also means that the corporation can be passed down or transferred to ensure its continued existence, and eventually blossom into its own brand!

3. The Government grants numerous Benefits
   Both the federal and provincial governments encourage the formation of corporations and thus dole out positive incentives in the form of tax benefits, grants, and sometimes even subsidies.

4. Greater access to Funds and Capital
   Corporations open up funding in the form of shareholders, directors, and potentially even sponsors.
   Such shares can be held by trustworthy family members, friends, associates, and even visionary investors.
   Reciprocally, you choose the method by which these investors are paid back, be it through salaries, dividends, or loans.

How does the application process look like?

The application process for either provincial or federal incorporation can be tricky if you don’t know what you’re doing. That’s where Prestige Law Firm steps in to help simplify matters and ensure you stay focused on your business’s success, while we handle the behind-the-scenes application.

Here is a quick breakdown of some parts of the application process:

1. Articles of Incorporation
2. Federal or Ontario-Based NUANS (Newly Upgraded Automated Name Search)
3. Covering Letter
4. Fees
5. Other Forms