Are You a Master of Business?

A Master Business Licence won’t make you a master of business, but it is a legal requirement for most businesses operating in Ontario, regardless of size. An MBL is proof that your business name has been registered with the government.

Do you need an MBL?

You need to register your business name if you operate under any name other than your legal name (or your corporation’s legal name). For example, you don’t need to register if you operate your business as Dr. Jane Smith, N.D.. But if your business is called Dr. Jane’s Downtown Naturopathy or Smith Holistic Acupuncture or anything other than your legal name, then you are legally required to register your business name.

How do I get an MBL?

The easiest way to get an MBL is to apply online, which takes just a few minutes. It costs $60 and is valid for 5 years, after which you’ll have to renew your registration. Before you register your business name, you should do a search (free through Google and $8 through the government’s registry) to make sure your business name isn’t already being used.

What else should I know?

When you apply for your MBL, you’ll also have the option of registering for the Employer Health Tax (“EHT” - mandatory if you have payroll over $450K) and Workplace Safety and Insurance Board (“WSIB” – mandatory if you have any employees). Be sure to keep a copy of your MBL, as most banks will require it to open an account or apply for a loan under your business name.