Registering a Business in Prince Edward Island, Canada
By CO Staff @canadaone | January 31, 2004
The process of registering a business varies from province to province. Here's an overview of how you would register a business in Prince Edward Island
This article was updated January 18, 2016.
STEP 1: SELECTING THE TYPE OF BUSINESS
The first step is to identify what type of business you want to operate, and the type of identity (sole proprietorship, partnership or corporation) that will meet your needs. A lawyer or accountant should be consulted if you are not sure which type of business best meets your needs; for a preliminary overview, consult our previous Ask-an-Expert dealing with forms of business.
STEP 2: REGISTERING YOUR BUSINESS
All businesses in Prince Edward Island are required to have their names registered. The exception being, if the owner chooses to use their own name as the business name.
The process begins with a name search. Once you have decided on the name you would like to use, you need to see if it is available by requesting a NUANS search from the Consumer, Corporate and Insurance Division of the Attorney General. You can do this by phone (902-368-4550), fax (902-368-5283) or email. You have the choice of doing the name search before the registration or as part of a package when the registration is received. If the search is done first, it is valid for a period of 90 days.
If your proposed name is taken or too similar to an existing business you will have to come up with a new name and request another search.
A good starting point in your search is the Corporate/Business Names Registry. This Registry is a listing of all of the businesses operating in the province. This simple and free search can save you time and money before you start the official NUANS search. It can be access here: (http://www.gov.pe.ca/corporations/index.php).
The fee for a NUANS search is $40.00 for each name that is searched, regardless of your business structure (sole proprietorship, partnership, or incorporation). Once you have successfully completed a NUANS search your chosen name will be reserved for 90 days.
The following is an outline of the specific actions and fees for each business structure:
Many sole proprietorships are operated under the owner's name. As is mentioned above if this business carries the name of the owner with no additional words it is not necessary to register. However, if you choose to add an extension to this name, John Smith's Books for example, you are required to go through the registration process.
Following a successful NUANS search ($40.00) you will need to complete the Declaration for Registration of a Business Name (Individual) form. This form, along with the $90.00 fee (registration and publication in Royal Gazette), is then sent to the Consumer, Corporate and Insurance Division office.
This registration must be renewed every three years. The fee for this process is $75.00 for each three year period. Renewal forms can be found here: http://www.gov.pe.ca/forms/pdf/35.pdf.
When the NUANS search is completed, you and your partners must then fill out a Declaration for Registration of a Business Name (Partnership). Once this is done the form is sent to the Consumer, Corporate & Insurance Services Division.
A partnership enables two or more persons to pool resources, raise more capital and divide the duties and functions of the business. Within three months of the formation of a partnership, a statuatory declaration of the partnership must be registered under the Partnership Act. This registration has a total cost of $130.00 ($90.00 registration plus $40.00 for mandatory name search).
The partnership registration is valid for 3 years, at whcih time requires registration renewal (fee of $75.00)
Renewal forms are available here: http://www.gov.pe.ca/forms/pdf/36.pdf.
If you wish to incorporate your business an officer of the Corporation must complete the Declaration for Registration of a Business Name (Corporation). This officer could be anyone with an executive position in the company such as the President, Vice-President, or CEO. This form is then filed with the Consumer, Corporate, and Insurance Division. A $90.00 (registration and publication in Royal Gazette) fee applies. You are required to conduct a computerized name search prior to registration. The fee is $40.00
Registration must be renewed every three years from the date of original incorporation. This process can be completed by filling out the Renewal of Registration of a Business Name (Corporation). The fee for renewal is $75.00.
Publishing Business Name
Having completed these steps you have one last item to attend to. Every registered business must be published in the province's Royal Gazette, which is an official listing of government documents.
The fee for this publication is $15.00 and is included when you submit your business registration application.
STEP 3: FEES
|Registering a Business|
|NUANS Search (per name searched)||$40|
|Publication fee (Royal Gazette)||$15|
|Renewal (covers a 3 year period)||$75|
There is no online registration at this time and cheques are payable to Minister of Finance.
*NOTE: Sole proprietorship, partnerships, and Incorporations all have the same fee structure in PEI.
FINAL STEP: MORE INFORMATION
Consumer, Corporate, and Insurance Division
Fourth Floor, Shaw Building
95 Rochford Street
PO Box 2000
Telephone: (902) 368-4550
Facsimile: (902) 368-5283