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Information for Licensed Members

Professional Corporation FAQs

What is the difference between a professional corporation and a business corporation?

A professional corporation has restrictions on its activities. The Ontario Business Corporations Act restricts the professional corporation from carrying on a business other than the practice of the profession. Veterinary professional corporations are regulated by the College By-Laws. Business corporations do not have these restrictions and are not governed by the College.

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Can a family member be a shareholder?

No, the Ontario Business Corporations Act requires that all issued and outstanding shares of the professional corporation be owned, directly or indirectly, by a member of the particular profession.

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Can shares be held through a Holding Company?

Yes, according to the College By-Laws, holding companies may own shares of a veterinary professional corporation, so long as all of the shares of the holding company are held by veterinarians holding a valid licence issued by the College.

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How do I change the name of my professional corporation?

All professional corporation name changes must be approved by the College before amending the name with the Ministry of Government and Consumer Services (MGCS). Here are the steps:

  1. Submit a name application to the College for approval of the new name.
  2. Once approved by the College, contact the MGCS to amend the name with the Ministry.
  3. Submit the completed ‘Change of Information to a Professional Corporation’ form, along with the ‘Articles of Amendment’ from the MGCS to the College.
  4. The College will issue a new Certificate of Authorization to the Managing Director.

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Does my professional corporation name need to be on invoices?

As per the Ontario Business Corporations Act, professional corporation names must appear on invoices and consent forms, in addition to the facility name. The professional corporation name does not replace the facility name.

Ontario Business Corporations Act

Legibility (5) Despite subsection (4), a corporation shall set out its name in legible characters in all contracts, invoices, negotiable instruments and orders for goods or services issued or made by or on behalf of the corporation and in all documents sent to the Director under this Act. R.S.O. 1990, c. B.16, s. 10 (5).

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Does my home address have to be posted on the College website?

The College By-Laws state that the address and phone number of the professional corporation must be accessible to members and public during normal business hours. Therefore if you are not an owner of a facility through which the professional corporation practices, then your home mailing address will be used. An alternative is to provide the College with a P.O. Box number.

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Can I give you the accredited facility address as my professional corporation address if I work there but don’t own the practice?

No, the Ontario Business Corporations Act requires every professional corporation to have a registered office, which is the address registered with the Ministry. This information is shared on the Public Registry. If this address is a member's home address, an alternative is to provide a P.O. Box.

The College maintains its Public Register in the public interest. Any request for removal of this information must be submitted in writing to the Registrar.

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How do I request a Certificate of Status through the MGCS?

Please visit the MGCS website or call the toll free number (1-800-361-3223), for more information on obtaining a Certificate of Status. The College is not permitted to contact the MGCS on behalf of members or professional corporations.

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What are the fees for incorporation of a professional corporation?

  • The Ministry of Government and Consumer Services (MGCS) sets fees for its processes.
  • There is currently no fee for the name application with the College.
  • The fee as of October 1, 2014 for the Application for Certificate of Authorization is $400 + HST
  • The fee as of October 1, 2014 for Renewal of your Certificate of Authorization is $150 + HST
  • The fee for making changes to a Professional Corporation is $200 + HST.

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Do I have to post the Certificate of Authorization in my facility?

No, you are not required to post the Certificate of Authorization for your professional corporation. The College does recommend storing the certificate in a safe place, as your professional corporation is not authorized to operate without this. The certificate also indicates the expiry date at which time the Managing Director must apply for its renewal.

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