Registering or incorporating a business is what makes the entity a legally recognized operation. It’s a process that’s legally mandated for companies that earn a certain amount of revenue in any fiscal year. Additionally, there are many business benefits to registering or incorporating your entity with the appropriate regulators.
As legal or tax professionals, registering one corporate entity is fairly straightforward. What happens if you have to register multiple entities and subsidiaries across various jurisdictions? Your team must compile corporate income records, balance sheets, business expenses, shareholder transactions, and other documentation. All these records must be collected from different entities and subsidiaries under the corporate umbrella, which is a taxing affair in itself.
There are two primary ways that corporate registrations can be filed. The first is in the traditional sense, utilizing paper records and in-person visits to tax registrars to complete the filings. The second is through e-filing. We’re going to focus on the second option in this piece.
Why e-file in the first place?
Unlike the traditional workflow, e-filing eliminates the task of compiling binders of physical records from various entities. You don’t have to go visit a government office to complete your registration. All this work can be done online.
So what are the main benefits of e-filing in the first place? In no prioritized order, here are some of the main advantages of e-filing corporate registrations:
Save valuable working time
Eliminate any and all duplicate records
Reduce the likelihood of clerical errors
Prompt notifications and updates
Electronic delivery confirmations
Peace of mind
How do entities e-file their corporate registrations?
Each business entity is entitled to e-file their business registration and digitize minute book records. A business registration is legally mandated wherever an entity registers its corporate headquarters. As a result, the entity must abide by jurisdictional law to remain compliant.
While the process of registering and e-filing with government registries is similar by jurisdiction, there are specific workflows that tax, accounting, or legal professionals must follow. For example, the province of Ontario has created a digitized process for entities to follow when registering within provincial jurisdictions.
The challenge with this approach is that there are a lot of forms and steps included as part of the process. Granted, it is more convenient than compiling records of physical binders and carrying them down to a government registration office. However, it’s still a very outdated digital workflow in the year 2023. E-filing can and should be more simplified.
Use entity management software to streamline e-filing
Here’s where things get a little easier. Instead of registering on government web portals and undergoing multilayered sequences in the filing, you can use entity management software to streamline the entire workflow. Suddenly, the whole process can be completed with a few simple steps, and it can all be finished in a matter of minutes.
When you have an entity management platform, simply log into your account and select the option to file your incorporation with the federal or provincial government. Input the proper credentials and hit submit. The filing is automatically registered with the government, and you can avoid all those unnecessary sequences to complete the registration process.
Not convinced yet? Here are some of the main benefits of e-filing with entity management software and simplifying your workflow:
Speed and precision → spend less time filing and more time on important business
Security → the platform is protected by biometric and hardware key authentication
Digitized archive → all completed records are accessible with the click of a button
No misplaced records → every document is safely secured within the cloud
Ready to e-file your own corporate records? In need of an entity management platform to simplify the whole process? Join the MinuteBox revolution by contacting our team of professionals and create an account that helps you modernize your corporate registrations backed by advanced cloud-based security parameters.