It’s important to keep your business in good standing. For starters, it’s just the right thing to do. Second, it’s also the law, as you agreed to inform the government of changes to your information when you originally registered your business. Third, your bank may require you to update company information before applying for a loan or a business account. Fourth, you never know who’s using these databases to find your product or service.
So, if your business has recently moved or changed in any way, consider updating your information. This includes your mailing address, director name changes, changes in provinces, and changes in your business type or status.
The good news is that the process is painless. There are three main steps to update company information. Determine where you are registered. Go online to make updates. Confirm the changes are made.
Did you forget where to register? If it’s been a while since you updated your company information, you may need to determine where you’re supposed to go first. As a clue, your company is registered with either a province or a territory. It may also be incorporated at the federal level. Companies registered at the provincial level are usually in the company database managed by that province. Federal companies are registered with Corporations Canada.
Once you know where to go, you can make the necessary updates. Most updates can be made for free and online. You can use the Online Filing Centre to file most changes if you are a federal corporation. Likewise, provinces have their own filing centres.
As a final step, and to confirm your updates, look up your business. If you don’t see your changes immediately, don’t worry. Some changes may take time to update.