Eventually, all business licenses expire, and to stay compliant with local and federal regulations, it’s critical that you know how to handle business license renewal. The process is different depending on where your business operates, and in most cases, you need to consult with the authorities in your local area.
For instance, if you run a business in Ontario, your business license is good for five years, and you can renew your business name online at Service Ontario. In British Columbia, businesses must usually purchase licenses through their individual municipalities, but there are some exceptions, such as liquor licenses that are granted on the provincial level through BC Registry Services.
In general, businesses renew licenses through the entity that granted it. Ask about renewal procedures when you get your license, and find out if the licensing authority sends out renewal reminders. Put the renewal date on your calendar immediately, and remember to budget for the renewal fee. As of 2017, the cost of renewing a business license in Ontario, for example, is the same price as getting a new business license.
Keep in mind that you don’t just have to renew business licenses. If the law requires you to have a business permit, you may also need to renew the permit on a regular basis. Whether you’re dealing with permits or licenses, you can get a lot of information from services such as BizPal or the Canada Business Network. These services can help you figure out which licenses and permits you need based on your business type and where to obtain them. Then, you can get renewal information from the relevant provincial or local offices.