As part of SkyLaunch’s curated incorporation package, we will create a digital “Minute Book” for you which contains everything you’ll need to get your corporation up and running after you incorporate. The Minute Book will contain all the necessary documents to get you appointed as a director and officer of your corporation and have your shares issued to you. But just like an automobile, a corporation must be regularly maintained, and you will also need to make certain filings each year. If you opt-in to our SkyLaunch Membership Program, we’ll help look after that for you.

Here’s some more information about what happens after incorporating a business that you may find helpful:

What's in the Minute Book?

Your corporation’s Minute Book contains your corporation’s articles of incorporation and by-laws, as well as the minutes of meetings and resolutions of shareholders and directors (more on that below).

Your Minute Book must also have a record (known as a “register”) of the directors, officers, and shareholders of your corporation. These registers include details such as dates of election, appointment, and resignation, and the number of shares held by each shareholder.

Under corporate transparency rules, you will also need to have a register of “individuals with significant control” over the corporation, which will initially just be you. This register is generally kept private and is not filed with the Ontario Ministry. Take a look at our blog for more in depth information.

All of these will be created for you as part of SkyLaunch’s curated incorporation package, and will be accessible through our secure portal.

In addition to the aforementioned personnel registers, OBCA corporations must also maintain a register of ownership interests in land. SkyLaunch's incorporation package will not initially include such a register because we believe specific legal advice from a lawyer should be sought regarding land transactions. For more information, take a look at SkyLaw's blog on this topic.

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What Does Minute Book Annual Maintenance Involve?

At the end of each financial year, the shareholders and directors of a corporation need to approve certain key matters. These approvals are recorded in documents called annual resolutions, which you will sign as the director and shareholder of the corporation.

In your corporation’s annual resolutions, you will:

- approve your own election as the director of your corporation for the following year;

- approve your corporation’s financial statements for the prior year; and

- confirm that your corporation does not need to engage an auditor for the following year.

If you are a SkyLaunch Member, we will prepare these annual resolutions for you to sign each year, and if you make any changes to your corporation during the financial year (e.g., add a new shareholder, director or officer), let us know and our team of experienced law clerks will help make sure it is done properly. We can also connect you with a SkyLaw lawyer if legal advice is needed.

When you add new shareholders, you should make sure that you have a shareholders' agreement in place. Click here to learn about shareholders' agreements. Since every situation is unique, make sure you seek proper legal advice! Experienced lawyers at our sister law firm, SkyLaw, will be able to help you put one together.

What Government Filings Will I Need to Make?

An Ontario corporation must file an initial return with the business registry within 60 days after incorporation date. The initial return contains general information about the corporation and its directors and officers, including the names and address for service of the corporation’s directors and officers, and the date on which they assumed those roles. As part of SkyLaunch’s incorporation package, this will automatically be filed for you after incorporation to ensure this is done on time.

Additionally, after each financial year, a corporation must make certain filings with the government, including:

- an annual corporate return with the Ontario government, and

- an annual tax return with the Canada Revenue Agency.

The annual corporate return is mandatory and is not the same as a tax return; it notifies the government that the corporation is still active, and confirms who the directors are. If you do not file the annual corporate return, you could face financial penalties or your corporation could be dissolved by the government.

With a SkyLaunch Membership, we can take care of preparing and submitting your corporation’s annual corporate return to the Ministry, so that you can focus on growing your business.

For tax returns, an accountant will be able to help you.

Click here to incorporate your business today!