Many businesses were forced to shut down operations during the pandemic due to financial losses. It was a time when economies experienced a recession, so businesses were hurt. But recently, the business world has regained its strength and experienced significant growth. This growth was mainly noticed after the COVID-19 pandemic, when most people lost their jobs and had to find other ways of earning a living. As a result, many opted to start businesses. We shall discuss how the Ontario business registry can help you start on a good footing. Keep reading.
The more businesses there are in the market, the more intense the competition. Therefore, for your business to thrive, you can find ways to make it stand out. For instance, you can have a unique trade name that your customers or target market can use to differentiate your business from the rest.
Ontario is known to be the home of many thriving businesses. One contributing factor is the Ontario business registry which offers ways that you can use to build a unique trade name. This paper discusses three ways the Ontario business registry helps you build a unique trade name. Continue reading to learn more.
What Is A Trade Name?
A trade name is a name used to identify your business or corporation. It’s also referred to as ‘doing-business-as name’ or ‘operating-as name.’ At times, you may confuse a trade name for a trademark. But to clarify things, a trade name is simply an official name, whereas a trademark includes other distinctive elements, such as your logo.
When registering a trade name, you may want a unique one to avoid business confusion and trademark infringement. Luckily, if you reside in Ontario or have a business, the Ontario business registry may help you build a unique trade name.
How To Build A Unique Trade Name Through Ontario Business Registry
Below are some ways the Ontario business registry can help you come up with a unique trade name:
1. Offers Pre-Search For Names
Because many businesses and corporations operate in Ontario, you may find ones with the same trade name as yours. As previously mentioned, sharing a trade name with another business may confuse the market, especially your customers. Therefore, to avoid such cases, take advantage of the pre-search of trade names offered by the Ontario business registry.
By pre-searching, you can find out how many businesses or corporations have the same trade name you want to register for your business. Using the results you get, you can settle on a name that other businesses haven’t registered yet.
Apart from looking for shared names, you can also pre-search for other reasons. Some of these reasons include knowing the businesses with bad license reputations and avoiding advertising for a business with a similar trade name. As a result, you avoid putting in hard work to promote another business that isn’t yours.
2. Allows You To Register Many Names
Despite pre-searching trade names and settling on a unique name, other businesses may later register your trade name before you do. Therefore, your name will no longer be unique. Luckily, the Ontario business registry permits corporations to register several trade names. This way, you can use a different trade name if one becomes unavailable.
Moreover, these trade names are valid for five years. After this period, a trade name becomes inactive. However, if you wish to continue using the same trade name, you can opt to renew it, so it becomes active again.
3. Asks For Requirements That You May Use To Come Up With A Name
When registering a trade name, there are requirements you must provide. For instance, you provide your business’s name, location, main branch address, and mailing address. Further, you must also give a name that will be listed in the files.
Using these requirements, you can come up with a name. For instance, if you have a gift shop, you can come up with a trade name, such as Maureen’s Gift Shop Ontario. Also, you may have various business branches and don’t want your customers to be confused. In such a case, you may come up with different trade names for your other stores. Let’s say for a branch in town. You can name it Jane’s Cleaning Services Aurora, Jane’s Cleaning Services Deep River, etc.
Steps Involved In Registering A Trade Name
After building a unique trade name, you can proceed to register it. The following are steps you can follow when registering a trade name:
– Start With A Registration Application
It must be exciting to settle on a trade name different from the existing ones. Once you have such a name, proceed to file a registration application. This process is easy, as you can do so in person, online, or through the mail. Also, this ease is promoted because you don’t have to incur any costs. Trade names have no name protection, explaining the no-cost factor.
If you successfully register your trade name, you’ll receive a BIN (Business Identification Number) and an MBL (Master Business License). MBL proves that you’ve registered and provides relevant information about your business.
– Maintain Your Trade Name
A successful registration isn’t the last thing you deal with regarding a trade name. After that, you must ‘maintain’ it to ensure it’s up-to-date. You can do so by renewing the expiration and amending any changes.
– Renewing Trade Names
As earlier mentioned, a registered trade name expires after five months. At this point, if you want to continue using this trade name, you’re expected to renew it to avoid cancellation. Unfortunately, you don’t receive any notifications concerning your expiration period. Therefore, you must ensure that you renew your trade name on time. If you fail to do so, you’ll have to register a new trade name.
– Amending Any Changes
As it’s said, change is inevitable. Over time, you may change your business’s address, partners, or other relevant information. It’s your responsibility to ensure that the information in your registration is updated. Therefore, file for an amendment within 15 days when you make any changes.
However, not all changes are updated through an amendment. For instance, changing your business name and type of organization requires a new registration.
Wrapping It Up!
The increasing number of businesses has resulted in increased competition in the market. For your business to survive and grow, you must figure out ways to help it stand out from the rest.
One way to stand out is by providing a way for your customers to identify your business. For instance, you can build a unique trade name. If you have a business in Ontario, Canada, you can get help from the Ontario business registry.
You’re in the right place if you’re unfamiliar with how the Ontario business registry can help you. You can use this article to understand how the Ontario business registry can help you build a unique trade name. All the best in your business!