The Ontario Business Registry announced on December 17, 2024 that effective February 1, 2025, a company key will be required in order to conduct transactions for corporations. While this new to Ontario, filing with a company key for Federal Corporations have been required for many years now.
First off, what is a company key? This is similar to a PIN and is a unique code, which is linked to your ServiceOntario account, that allows businesses to access the OBR profile, and allows them to manager their Corporation.
To set up your OBR profile, there are many steps that will need to be completed, such as obtaining the company key, set up a MyOntario Account, and have a ServiceOntario Account.
Some people prefer to have someone manage their Minute Books and have them completed the filing for them.
Professionals, such as lawyers and accountants, are able to register as an intermediary for a Corporation. These intermediaries are required to have an MyOntario Account, and you can give them authority to complete transactions in the OBR on your behalf.
If you use an intermediary to help manage your business, you will need to share your company key a with your trusted intermediary.
As always, we are here to help and if you need us, feel free to reach out.
Christine Allan
Sr. Law Clerk