Launch Your Offices of Bank Holding Companies in Markham Today
This page provides a practical, step-by-step guide to opening Offices of Bank Holding Companies in Markham under NAICS 551111. You’ll find a clear overview of the 9 requirements, the permits and registrations you’ll likely need, plus transparent costs and a realistic timeline. It’s designed for entrepreneurs who want actionable, no-nonsense guidance.
By reading on, you’ll learn the core sequencing you’ll follow: the 9 requirements you’ll meet before launch, the regulatory and municipal permits to secure, typical setup and ongoing costs, and a practical timetable from planning to opening. We’ll share tips to streamline approvals, avoid common delays, and prepare the documentation lenders and regulators expect.
Markham’s blend of quick access to Toronto’s financial ecosystem, a skilled workforce, and a pro‑business climate makes it a smart base for bank-holding offices. With strong local infrastructure and community support, you can build a resilient operation that serves clients across the Greater Toronto Area.
Requirements Overview
The most critical requirement for operating a business in Markham is Occupational Health and Safety Act Compliance. This is a legal obligation in Ontario, and you cannot legally run an office of a bank holding company without meeting its requirements. It is non-negotiable, meaning you must establish safe workplaces, provide worker training, and maintain proper records and reporting as prescribed by the Act.
Mandatory Operational Requirements include health and safety and permits that keep you compliant every day. Alongside OHS compliance, ensure you have WSIB coverage for all employees and maintain a safe work environment with appropriate safety programs. You will also need any local or municipal permits or licences required to operate in Markham, and keep up with ongoing safety training and incident reporting.
Business Registration & Tax: You’ll need to obtain and/or register key identifiers and numbers. Start with a Business Number (BN) from the Canada Revenue Agency, then Ontario Business Name Registration with ServiceOntario if you are registering a named business; set up GST/HST registration if your revenue reaches the threshold; arrange Payroll Deductions Registration for employee taxes and benefits; and complete any Holding and Management Company Registration if your corporate structure requires it.
Next steps and encouragement: Gather documents, map out a compliance calendar, and reach out to a regulatory advisor or the Markham business licensing office to confirm specific local requirements. With a clear plan, you can tick off each step methodically and start your office with confidence.
Detailed Requirements
Here are the specific requirements for starting a offices of bank holding companies 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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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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Holding and Management Company Registration RequiredHolding and management companies must maintain proper corporate structure, comply with securities regulations if publicly traded, and meet governance standards. No special Ontario license for holding companies. Ontario Business Corporations Act (OBCA) or federal CBCA incorporation. Extra-Provincial License if federally incorporated operating in Ontario. Annual returns required. Professional corporations have separate rules. Contact ServiceOntario: 1-888-745-8888.
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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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