The BC Government consulted organizations on a business name renewal process. The deadline was May 13. The consultation focused on a renewal process for business name registrations in BC, including names of sole proprietorships, partnerships and corporations that use a ‘doing business as’ (DBA) name (also known as branding or trade name). It is believed that there are many businesses registered that have not been active for many years. Even though these businesses are likely no longer in operation their names continue to exist in the Corporate Registry. According to the BC Government, this is a challenge for new business owners who may want the same or similar name, and for individuals and businesses seeking up-to-date information on businesses operating in our province.
How would the renewal work?
1. The renewal process for sole proprietors and partnerships would require business owners to file a notice with the Corporate Registry to indicate that the business’s name registration remains current and operational.
2. A renewal fee may be required for these businesses.
3. The renewal process would look different for incorporated corporations using DBA names. For incorporated corporations using DBA names the process could coincide with their existing annual reports.
“After surveying our membership, we found that businesses are in favour of a renewal process with some cost and administrative stipulations,” said Anita Huberman, President & CEO, Surrey Board of Trade. “Businesses do not want excessive red tape or additional costs for a service that will only benefit a few businesses.”
A summary of the findings includes:
– Having the business name renewal process every 3-5 years, not annually.
– If annual, making the name renewal process align with the business license renewal using the same system.
– The name renewal process should not have a cost.
– Allowing businesses to file their renewal late once.
Anita Huberman, 604-634-0342, firstname.lastname@example.org