Launch Your Markham Lessors of Nonfinancial Intangible Assets
This page is your practical, step-by-step guide to starting a Markham-based business that leases nonfinancial intangible assets (NAICS 533110). You’ll find a clear overview of the nine requirements you’ll meet, plus the permits and registrations you may need as you set up a lease operation. It’s written for action—so you can move from idea to launch with confidence and a concrete plan. It covers compliance, registrations, and ongoing obligations you’ll face.
This page highlights the 9 requirements and explains which permits apply at municipal, provincial, and federal levels. You’ll learn what costs to expect—registration fees, insurance, licenses, and initial setup—so you can budget accurately. We also map a practical timeline with milestones, helping you pace your progress and hit important dates without guesswork. The guidance includes example cost ranges and realistic sequencing of tasks.
Markham’s thriving business ecosystem, strong access to talent, and proximity to Toronto make it a smart place to launch this niche leasing business, with vibrant networking and opportunities for local grants and support.
Requirements Overview
The most critical requirement for operating a business in Markham is Occupational Health and Safety Act Compliance. This is a legal must, and you cannot operate without meeting Ontario’s safety rules, providing appropriate training, keeping records, and maintaining a safe workplace for anyone you employ or contract with. Because this is non-negotiable, make safety policies a top priority from day one and build in ongoing training and inspections before you start leasing or handling assets.
Beyond safety, you’ll need essential permits and licensing and you must respect IP rights. Secure a valid Markham Business Licence to legally operate in the city, and ensure any intellectual property you license or use in your business has the proper licenses and terms. If you have staff, you’ll also need to meet Employment Standards rules (such as fair pay and working hours) and maintain appropriate workplace protections, which help keep operations compliant and your team protected.
Business Registration & Tax: You’ll obtain a Business Number (BN) from the Canada Revenue Agency, register your Ontario business name with ServiceOntario if you’re using a name other than your own, and register for GST/HST if your revenue meets the threshold. If you have employees, you’ll also set up Payroll D deductions and ensure you have WSIB coverage for workplace injuries. These registrations are the backbone of formal, traceable operations and proper tax handling.
Next steps: start with confirming municipal licensing requirements with the City of Markham, then set up your BN and business name registration, and arrange GST/HST, payroll, and WSIB processes. If you’re unsure, speak with a local accountant or business advisor who can tailor a simple compliance plan and keep you moving forward confidently.
Detailed Requirements
Here are the specific requirements for starting a lessors of nonfinancial intangible assets (except copyrighted works) in Markham:
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Business Licence RequiredGeneral business licence required to operate a business in City of Markham. Apply to City of Markham for Business Licence: 1. Determine business category 2. Complete business licence application 3. Submit required documents (ID, lease, zoning confirmation) 4. Pay application and annual fees 5. Await approval and receive licence Contact City of Markham Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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Intellectual Property Licensing Compliance RequiredIP lessors must comply with licensing agreements, trademark and patent registration, royalty reporting, and competition law requirements. Intellectual property licensing compliance. Patent licensing. Technology transfer. Competition Act considerations. CIPO registration. Contact CIPO: 1-866-997-1936.
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Business Number (BN) Registration RequiredA 9-digit Business Number is required for most businesses operating in Canada. It is used to interact with the Canada Revenue Agency and other federal programs. Required for GST/HST, payroll, corporation income tax, and import/export accounts. Register FREE online through Business Registration Online (BRO) at canada.ca. Takes 15-30 minutes. As of November 3, 2025, online registration is MANDATORY for new BNs - phone registration no longer available. You'll need: business name, address, owner SIN, business type, and start date. BN (9-digit number) issued INSTANTLY online. Available 21 hours/day, 7 days/week (closed 3-6am ET for maintenance).
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Ontario Business Name Registration (ServiceOntario) RequiredBusinesses in Ontario operating under a name other than the owner's legal name must register with Ontario Business Registry through ServiceOntario. This includes sole proprietorships, partnerships, and business names for corporations. Registration provides legal protection for the business name within Ontario and is required for banking, licensing, and business operations. Registration can be completed online through Ontario Business Registry. Business name registrations must be renewed every 5 years. Register business name with Ontario Business Registry: 1. Search Ontario Business Registry (free) for name availability 2. Consider NUANS name report ($25) for thorough search 3. Register online through Ontario Business Registry 4. Pay registration fee ($60 for sole proprietorship/partnership) 5. Receive 9-digit Ontario Business Identification Number (BIN) 6. Registration valid for 5 years 7. Renew before expiry
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Occupational Health and Safety Act Compliance RequiredAll Ontario workplaces must comply with the Occupational Health and Safety Act to ensure safe working conditions. Requirements include workplace safety policies, training, hazard assessments, and incident reporting. No registration - compliance law. Must post OHSA in workplace. JHSC required for 20+ workers (or 6+ in designated industries). Nov 2025: New administrative penalty scheme, defibrillator reimbursement. Telework now covered. Fines: up to $500K individuals, $1.5M corporations. 27 regulations under OHSA. Must conduct safety audits, maintain training records. Contact: 1-877-202-0008.
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Employment Standards Compliance ConditionalApplies if you have employees. Covers minimum wage, hours of work, vacation pay, public holidays, termination notice, etc. All Ontario employers must comply with the Employment Standards Act, covering minimum wage, hours of work, overtime, vacation, termination, severance, and other workplace rights. No registration required - compliance-based requirement. Follow Employment Standards Act (ESA) for minimum wage, hours of work, overtime, vacation, leaves, and termination. Post ESA poster in workplace (free download from ontario.ca). Keep employment records for 3 years. NEW for 2025: Employers with 25+ staff must provide written employment info to new hires by July 1, 2025. Job postings must include salary ranges by Jan 1, 2026. Call 1-800-531-5551 for help.
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GST/HST Registration ConditionalRequired if annual taxable revenue exceeds $30,000 (small supplier threshold). Taxi/ride-share drivers must register regardless of revenue. Businesses with gross revenues over $30,000 in any single quarter or over four consecutive quarters must register for, collect, and remit GST/HST. Small suppliers (under $30,000) may register voluntarily. Register FREE online through Business Registration Online (BRO) when your revenue exceeds $30,000 in any 4 consecutive quarters (small supplier threshold). Takes 15-30 minutes. You MUST register within 29 days of exceeding threshold and start charging GST/HST immediately on the sale that made you exceed it. Need your BN (or get one simultaneously). As of Nov 3, 2025, online registration is mandatory. Voluntary registration available anytime for input tax credits.
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Payroll Deductions Registration ConditionalRequired if you pay salaries, wages, or other remuneration to employees. Must register before first pay period. Required if you have employees. You must withhold Canada Pension Plan (CPP), Employment Insurance (EI), and income tax from employee wages and remit to CRA. Register FREE online through Business Registration Online (BRO) when you hire your first employee. Takes 15-20 minutes. You'll need your Business Number (BN) or can get one simultaneously. Payroll account (RP) added to your BN instantly. Register BEFORE your first pay date. Required to deduct CPP, EI, and income tax from employee wages. For 2025: CPP rate 5.95%, EI employee rate $1.66/$100 insurable earnings.
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WSIB Registration and Coverage ConditionalRequired within 10 days of hiring first employee, including family members and subcontractors. Workplace Safety and Insurance Board (WSIB) registration is mandatory for most Ontario businesses with employees. Provides compensation and support for workplace injuries and illnesses. Sole proprietors and partners can apply for optional coverage. Register FREE online at wsib.ca in 15-20 minutes. MANDATORY for most Ontario employers within 10 calendar days of hiring first worker. You'll need: CRA Business Number, payroll estimate, business activity description, owner/director info. Account number issued INSTANTLY online. Construction industry has expanded compulsory coverage. Premium rates vary by industry classification. Must display WSIB safety poster in workplace.
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