Ontario PREC

Online Business Registry is a registered member of Corporations Canada. We have prepared this simple and easy form in a very step by step method to make it easy for you to incorporate a personal real estate corporation online. Since October 1, 2020, we have incorporated many personal real estate corporations in Ontario and hence, we can assure you, your corporation would be set up correctly by us.

To register a corporation in this province, a local provincial physical address is required where the government will send documents. If you do not have a physical address in this province, our agency provides address and mail scanning service.

3.1. Single Controlling Director: the real estate agent and the overall head of the corporation

As per PREC rules, a personal real estate corporation must have by-laws and share structure where the the Controlling Director MUST hold the equity voting share. The Controlling Director or family members can also hold non-equity non-voting shares. The minutebook is the legal document prepared by lawyer which consists of the by-laws and share structure, shareholders, and officers (president) prepared as per PREC rules. Therefore, either you include it with your order or else, you need to get it done after your corporation registered. It's REQUIRED to register with your brokerage and to open bank account.

As per PREC rules, the controlling director must be the 'controlling shareholder'. you can't add anyone else for in class A equity voting share.

Though in most PREC cases, class B non-voting shares are not issued, yet as per PREC rules, the corporation has choice to issue class B non-equity (non-voting) shares. The controlling shareholder and/or family member (minimum age 18) can hold non-equity class B (non-voting) share.

Note: If you want to add more additional shareholders, you may need to place a customized order. For now, you can place order with these shareholders and afterwards, give us a call to convert it into a customized order.

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