Venn launches online incorporation for Ontario businesses
Venn has launched a service enabling Ontario entrepreneurs to incorporate their businesses online.
The financial platform, formerly known as Vault, has unveiled a new product that allows business owners to complete federal or provincial incorporations in Ontario within minutes. At the same time, applicants can open a Venn business account, consolidating a process that typically involves several steps and different providers.
Traditionally, incorporating a business in Canada involves name searches, various legal filings, and then arranging for business banking, often incurring costs and administrative hurdles. According to the Government of Ontario, direct incorporation costs upwards of CAD $300. Venn's offering aims to simplify and reduce these barriers by providing a single, digital application workflow for both incorporation and banking requirements.
The new product supports both federal and Ontario provincial incorporation. For federal incorporation, there is a CAD $199 government fee with a bonus of CAD $250. Provincial incorporation involves a CAD $299 government fee and a CAD $350 bonus. In both cases, Venn covers the service fees and conducts the necessary name search and reservation (NUANS), as well as managing the legal filings and preparing Articles of Incorporation. Bonus compensation is contingent on meeting account funding requirements after business launch.
Entrepreneurs can expect results within one to two business days, depending on whether they opt for federal or provincial incorporation. Once approved, founders receive their incorporation documents electronically and gain access to a dedicated Venn business banking account-without any need for branch visits.
Venn's approach is intended to address some of the key obstacles faced by startups and small businesses across Canada, particularly as access to affordable and efficient business formation tools becomes a priority in a fluctuating economic environment.
The platform is designed for small business owners and aspiring entrepreneurs across Ontario who wish to incorporate either federally or provincially. The goal is to ensure that legal and financial foundations are set up from the start, easing compliance and regulatory headaches later on.
"From coast to coast we've heard rallying cries for more Canadian entrepreneurs," said Ahmed Shafik, Co-founder of Venn. "We're excited to be stepping up and helping to build the next generation of entrepreneurs."
Beyond incorporation, Venn's platform provides Canadian businesses a digital banking service. With features to keep business and personal finances separate through CDIC-protected accounts, the service is already reportedly used by more than 5,000 businesses across Canada.
The initiative from Venn comes amid broader calls for reforms in support structures for Canadian businesses. Various business associations and policymakers have advocated for measures to make it easier for entrepreneurs to formalise businesses and access financial tools, especially when starting out. This includes advocacy from the Canadian Federation of Independent Businesses, as well as various local Chambers of Commerce.
Venn's digital-only process reflects an increasing trend towards paperless business operations in the finance sector. The company enables users to submit their business and ownership details entirely online, after which it manages the filing of all required documents and sets up business banking services.
Image courtesy of Venn. From left: Venn co-founders Ahmed Shafik and Saud Aziz.
