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Information for Licensed Members

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Professional Corporation FAQs

What are the major changes in the updated professional corporation by-laws?

  • The naming rules for professional corporations have been updated along with the required documentation for issuance of a Certificate of Authorization.
  • By-laws have been updated to simplify the application process for professional corporations and to increase transparency regarding veterinarians associated with professional corporations.
  • Professional corporations have moved from a three-year renewal period to a one-year renewal period. The renewal fee has changed from $150 to $100 (plus HST).

For more information about the eligibility and required documentation of the new professional corporation by-laws, please review the College’s By-Laws.

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Do I need to change my professional corporation name to comply with the new by-laws?

If your professional corporation was authorized under the previous by-laws, the name is considered to be “grandfathered” by the College.
However, updating your professional corporation information may trigger a name change. Here are circumstances where a name change may be required if the current name does not meet the by-law requirements:

  • Purchasing an existing professional corporation that is named after the seller or another member
  • Purchasing an existing professional corporation that is named after a geographical area or an associated clinic
  • Changing the listed Managing Director of an existing professional corporation
  • Amending an existing professional corporation named after two shareholders when one of the named shareholders is removed
  • When amalgamating two existing professional corporations, the name selected for the professional corporation must be approved by the College and comply with the new by-laws
  • Amalgamating an existing professional corporation with a holding company

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

Professional corporations have restrictions on their activities. The Ontario Business Corporations Act restricts professional corporations from carrying on a business other than the practice of the profession and related or ancillary activities. Veterinary professional corporations are regulated by the Veterinarians Act and College By-Laws. 

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Can a family member be a shareholder in a professional corporation or an associated holding company?

No. The Ontario Business Corporation Act and the Veterinarians Act require that all issued and outstanding shares of professional corporations 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 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 licence with the College.

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How do I change the name of my professional corporation?

The steps for a professional corporation name change are as follows:
Apply for a new professional corporation name with the College.
Await name change approval from the College.
Amend the professional corporation name with the Ontario Ministry of Government and Consumer Services within six months of name change approval. 
Submit a Notification of Change to the College and include a copy of the Articles of Amendment.

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Does my professional corporation name need to be on invoices?

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

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

College By-Laws state that the business address and phone number of the professional corporation must be publicly accessible. 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. 

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How do I request a Corporation Profile Report through the MGCS?

To request a copy of your Corporation Profile Report:  

  • You can mail a request form or visit the Ministry (1-800-361-3223) in person; OR 
  • ​You can order the report online at one of the following Ministry service providers: ​

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What are the fees for incorporation of a professional corporation?

  • There is currently no fee for a name application with the College.
  • The fee for an Application for Certificate of Authorization is $452.00 (HST inclusive).
  • The fee for an Application for Renewal of a Certificate of Authorization is $113.00 (HST inclusive).
  • The Ontario Ministry of Government and Consumer Services (MGCS) sets fees for its own processes.

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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, since your professional corporation is not authorized to operate without it. 

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