The Master Business Licence Mystery: What You Need to Know!
This Wednesday’s topic is the Master Business Licence. Did your bank ask for a Master Business Licence (MBL) to open a business account, and you’re unsure how to get it? Well, we are here to solve this mystery for you!
What Was the Master Business Licence?
The Master Business Licence was a document issued by the provincial government of Ontario under the Business Names Act. It was available to sole proprietors, partnerships, and corporations operating under a name different from their legal one.
Key Features Included:
- Business name
- Business adress
- Business Identification Number (BIN)
- Brief description of business activities
This document served multiple purposes such as opening bank accounts, applying for licenses, and entering into contracts with suppliers. It essentially provided proof of business registration and existence for many entrepreneurs, such as when opening a business bank account, applying for training programs, seeking grant funding, or establishing relationships with suppliers.
Transition to the Business Name Registration Process
Despite the MBL no longer being in existence, many entrepreneurs are still asked to provide a copy of it. It’s crucial to inform institutions like banks about this change.
In 2021, the Ontario Business Registry transitioned to a new platform and replaced the MBL with a simpler Business Name Registration process.
Current Registration Process:
- Online Registration: Register your business name online.
- Government Fee: Pay a fee for registration.
- Validity: The registration is valid for 5 years and requires renewal.
How We Can Help
We hope this explanation clarifies the transition and what it means for your business.
If you’re unsure about obtaining or replacing your Master Business Licence, don’t worry—our team can complete your new Business Name Registration in as little as 15 minutes to 2 hours, depending on the volume and specific requirements of your business.
Feel free to reach out with any questions or if you need further support with your business name registration.
