There are many steps to complete when opening a small business in Ontario. One of the steps which solidify your business operation is obtaining a Business Identification Number (BIN). Depending on a variety of reasons (including your location), many business owners choose to register online. Registering online is a convenient and easy process.
So what is a BIN number and why do you need it?
According to Canada Revenue the Business Identification Number (BIN) is a 9-digit number used by the Ontario Ministry of Consumer and Business Services to identify provincial business accounts and should be used for communications with the Ontario government about your business.
A BIN number is obtained when you register your business name through Service Ontario. Registering a business name is an important step to complete early on. Service Ontario offers an online search and registration function which individuals registering as a sole proprietor or partnership can use. Business Name registration costs $60. At this time you will receive a Master Business License (MBL), which will have the BIN number. A BIN number can be used as proof of a legal business name /operation and will be necessary to open a business bank account.
For more information on BIN numbers or to register, please visit Service Ontario.