How to Register for a BIN Number Online

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.


Leave a comment

Filed under Small Business Start-Up

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s