Incorporating your company is the first step to building your dreams, but what many founders don't realize is that now your corporation needs mandatory maintenance.

So far in Canada, the popular platform for opening your company has been Ownr. They have built a good platform but we noticed they were missing mandatory items that we offer at Blinc.

Before trying to sell you on why we're better, let's walk through what's needed for opening your new dream Canadian business.

Keep in mind: we're only focusing on the most important features and what's mandatory to stay compliant, resulting in tax savings and not get charged with audits or penalties from the Canada Revenue Agency (CRA). All the other features are just nice to have.

Let's begin.

1) Understand if you need to incorporate (Important)

Many folks jump into the complex world of legal and accounting without understanding if they need to incorporate, or if other affordable business formations will fit their needs. We built the foundation of Blinc with that top of mind.

We created a quick, 10-question quiz to help founders understand what business formation is best for their situation, it's benefits and why. It's based on objective logic, so you'll always get suggested what's right for you based on how you answered the questions.

2) Incorporation (Mandatory)

Once you know that incorporating your company is right for you, that's when you pick a name and incorporate. Blinc and Ownr equally provide a great onboarding experience, so now it comes down to price: Ownr charges $499 and Blinc charges $449 with a limited time promotion: $250 off here.

3) Bank Account (Mandatory)

Think of a corporation as a separate person from you, they have their own name, their own birthday and they are stuck with the consequences of their actions, also known as legal liability. They also need their own bank account, separate from the owner's personal accounts. As a result, you must get a business bank account for your corporation. Ownr offers a $300 discount if you open an RBC only business bank account through them.

4) Annual Filing (Mandatory)

Think of an annual filing like a birthday check-in from the government. Every year a corporation must legally inform the government of their status and update the public registry. Your annual filing is due within 60 days of your corporation's anniversary date. We include it as a part of our package every year, as does Ownr.

5) Online Corporate Book Management (Very Important)

Blinc's main features here include:

• You can instantly update your information online and we take care of all government filings
• We automate unlimited corporate resolutions which are required by the Canadian Business Corporations Act
• All your confidential documents will be stored securely in one place forever
• Unlimited customer support
• Unlimited user accounts can be shared with shareholders and creditors

Blinc includes this with your incorporation for the year, priced at $249 per year.

Additionally, Ownr offers legal agreements (i.e. website terms & conditions, privacy policy, IP agreements, NDAs, Sale of Goods Agreement and Shareholder Loan & Dividend Resolution). Priced at $599 per year.

In the end, we're more affordable and have a focus on financial information vs. legal documents.

6) Corporate Tax Return (Mandatory)

Now this is the crux of where we differ as companies. Even if no activity happens during the year, no sales or expenses, a corporation must complete an annual tax return legally.

It helps that we are fully staffed with professional CPAs who can help you with this process from start to finish and at a competitive and transparent price.

Unfortunately, Ownr does not offer this and alternatively a local accounting firm can cost between $750 to $2,500 on average for a corporate tax return, or you may do it yourself which is time consuming and may increase the chance of getting audited.

7) Bookkeeping (Important)

This century old problem, many entrepreneurs believe they can watch a couple of YouTube videos, use AI or read a few articles and keep their financial books in order.

Majority of the time, at the end of the year they are stuck with a bunch of receipts, invoices, confusing money trail, hundreds of hours lost and hundreds of questions on how to clean it all up.

This is where we come in, proper bookkeeping on average can save you 80 hours a year and we have saved clients up to $7,200 in taxes a year. They say time is money, and for an additional $190 per month paid annually, we'll guarantee to save you a lot of both.

It helps that we're fully staffed with professional CPAs who can help you with this process from start to finish and at a competitive and transparent price.

Unfortunately, Ownr does not offer this service and bookkeeping services charge on average $150 to $500 per month.

Conclusion:

Ownr has experience incorporating, maintaining your corporation, providing legal documents and opening a bank account, however there are still other corporate compliance pieces that you need to do every year. That's why we created Blinc, it's the only full compliance solution from formation to maintenance to accounting, saving you time and money every step of the way.

Feel free to contact us today!

Below is the full service offering for both Blinc and Ownr

Solutions	Blinc	Ownr
Comprehensive Quiz	✅	❌
Incorporation	✅	✅
Minute Book Management	✅	✅
Annual Filing	✅	✅
Secure Document Storage	✅	✅
ISC Registry (Legal req't since Jan 2024)	✅	✅
Company Repository	✅	✅
Amendments	✅	✅
Unlimited Resolutions	✅	✅
Unlimited Support	✅	✅
CPA Consultation	✅	❌
Corporate Tax Return	✅	❌
Bookkeeping	✅	❌
Legal templates	Coming Soon!	✅
Promotions	Limited Offer upgrade to Compliance ($400 off) or Compliance+ ($1000 off) when paid annually	Register bank with RBC ($300 off)