MR
  • Insurance
  • Mortgages
  • Debt Management
  • Personal Finance
  • Credit Cards
  • Retirement Planning
  • News
No Result
View All Result
Contact Us
MR
  • Insurance
  • Mortgages
  • Debt Management
  • Personal Finance
  • Credit Cards
  • Retirement Planning
  • News
No Result
View All Result
MR
No Result
View All Result
Home Investing

Best Ownr Review For 2022: Products, Perks, Fees & More

Adeola Adegoke by Adeola Adegoke
January 21, 2022
A A
Ownr Review
616
SHARES
3.4k
VIEWS
Share on FacebookShare on Twitter

Ownr Review Rating:

4.6

Registering or incorporating your business in Canada can be challenging considering the bunch of paperwork and legal procedures.

As a result, it’s easy to get stuck in the process and seek the help of a lawyer, which will cost you an average of $1,500.

With Ownr, you don’t have to worry about the stress and cost of registering/incorporating your business in Canada.

As trusted by over 50,000 businesses, Ownr is a cost-effective alternative to creating, managing, and growing your business without stress.

But what is Ownr? What are the pros and cons of Ownr? How can you register your business with  Ownr? This Ownr review answers these questions and more.

What is Ownr?

Own is a Canada-only company that automates registering, incorporating, managing, and building businesses in Canada.

Established in 2017, Ownr is based in Toronto and is available only in Alberta, British Columbia and Ontario at the moment.

Recently, precisely in 2020, Ownr acquired Founded Technologies to expand its top-notch services to Canadian entrepreneurs.

Furthermore, Ownr partners with various organizations such as accounting firms, law firms, entrepreneurship centers, incubators, etc., to offer perks to its users.

As a result, Canadian entrepreneurs can access the all-round support they need to register/incorporate and manage their businesses cost-effectively.

Who Owns Ownr?

RBC Ventures Inc. owns Ownr. On the other hand, RBC Ventures is owned by the Royal Bank of Canada, one of the five big banks.

That said, Ownr is one out of the several ventures owned and managed by RBC Ventures. Other ventures include Ampli, Arrive, Dipp, Prepped, Wellspent, etc.

Through these establishments, RBC Ventures aims to simplify the business process of Canadian entrepreneurs using industry-leading technology.

How Does Ownr Work?

Ownr does the hard job of registering or incorporating your business in Canada. All you need is to secure a business name, provide your details and leave the rest for Ownr.

Depending on your company structure, Ownr has all the tools to make your business comply with federal and provincial laws.

Furthermore, Ownr helps you manage and grow your business, whether sole proprietorship or incorporation.

Is Ownr Legit?

Yes, Ownr is absolutely legit. Besides being a venture of one of Canada’s five big banks, Ownr has more than 50,000 registered businesses.

Also, Ownr is legit because of its partnership with a wide range of organizations such as accounting firms, law firms, entrepreneurship centers, and incubators in Canada.

Moreover, with advanced encryption that manages your information on its website, you have nothing to lose by registering or managing your business through Ownr.

Pros and Cons of Ownr

Here are some of the good and ugly sides of Ownr as of the time of writing this review:

Pros

  • Tools: Ownr has all the tools you need to register/incorporate and build your business in line with federal and provincial laws in Canada.
  • Perks: Choose from a series of perks to manage and build your business cost-effectively via Ownr.
  • $300 Money Back: You can receive up to $300 money back after registering your Ownr account, which is more than the cost of opening a sole proprietorship account.
  • Resources: Manage and build your business with relevant resources such as the comprehensive guide on starting and running a business in Canada.

Cons

  • Limited Business Structures: Ownr only serves sole proprietorship and corporation businesses at the moment. People looking to run a partnership or cooperative business have to look elsewhere.
  • Limited Coverage: As of the time of writing this review, Ownr is only available in three Canadian provinces: Ontario, Alberta, and British Columbia.

Ownr Range of Services

Here are two major products of the company as of the time of writing this Ownr review:

1. Incorporation

Ownr helps businesses incorporate their new or existing companies in line with federal and provincial laws.

So if you want to incorporate your business through Ownr, all you need is to search for an available business name, provide your details and make payment.

After that, Ownr will do all the hard job for you by submitting your application and sending your business document within one working day. This saves you the stress and cost of incorporating your business yourself or through a lawyer.

That said, the following are the key features of Ownr incorporation services:

  • Incorporation & filings
  • Registration or company name
  • Company Organization Documents & Share Issuances
  • Maximum of 3 User Accounts

However, if you’re looking for advanced incorporation solutions, Ownr offers managed corporation plan that includes:

  • Basic incorporation features
  • Unlimited company updates
  • Government filings
  • Permanent access to Ownr Legal Agreement Library
  • Unlimited user accounts
  • Unlimited support

2. Sole Proprietorship

If you’re looking to register your new or existing business under sole proprietorship, Ownr is your one-stop shop.

However, the process of registering sole proprietorship on Ownr is the same with incorporation. All you need is to search for an available business name, provide your details and make payment.

After that, Ownr will do all the leg-work for you and have your business registered within one business day.

That said, the following are the key features of Ownr sole proprietorship service:

  • Unlimited business name searches
  • Business registration documents
  • Business registration number
  • Storage of business document
  • Chat support
  • Ownr Perks

How Much Does Ownr Cost?

Ownr has a one-time fee for incorporation, managed incorporation, and sole proprietorship plans.

The following table shows the annual cost of Ownr which apply to Alberta, British Columbia, and Ontario:

Business Structure Cost
Incorporation $499 + tax
Managed Corporation Plan $599+ tax + $399 incorporation fee
Sole Proprietorship $89 + tax

Ownr Perks

Besides the $300 money back, Ownr also offers a series of perks through its partners, such as:

1. Vistaprint

Vistaprint offers 20% off your initial order using your unique Ownr code. This company offers custom marketing products that give your business a professional outlook.

2. TELUS Business

TELUS Business is your one-stop shop for telecommunications products and services. Through Ownr, you will get 10% monthly for activating or renewing your TELUS Business plan.

3. Heirlume

Get 20% off to protect your business trademark on Heirlume through Ownr. This is cost-effective, especially if you calculate the long-term cost of protecting your business trademark.

4. Xero

Stay on top of your business accounting with 3-month off on your Xero subscription. Xero is a reputable online accounting tool that helps you manage your business account in one place.

5. ShipStation

Get 60-day free shipping through your favorite means by registering or incorporating your business on Ownr.

6. eBay

Get a free 90-day eBay store as an Ownr user to showcase your products or services to over 180 million buyers online.

7. H&R Block

Ownr also saves you 20% on your small business or self-employed tax preparation fees on H&R and Block. That said, you can save up to $100 on your tax fees as an incorporated business owner.

View more Ownr perks.

Ownr Review: My 5-Star Rating

Here’s how I arrived at the 4.6/5 star rating of this Ownr review:

Feature Rating
Products ***(3.8)
Coverage ***(3.8)
Perks *****
Costs ****
Customer Service *****
Accessibility ****
Speed *****

 

  • Products: Ownr has few products at the moment (sole proprietorship and incorporation), limiting others from using it.
  • Coverage: Ownr is only available in Alberta, Ontario, and British Columbia at the moment. If you’re not residing in any of these provinces, you have to look elsewhere.
  • Perks: Sole proprietorship and incorporated businesses can benefit from a wide range of discounts offered by Ownr partners.
  • Costs: This is the cost-effective means of registering or incorporating a business in Canada compared to a lawyer’s fees.
  • Customer service: Ownr has a friendly customer service team that responds promptly to inquiries.
  • Accessibility: This company is easy to access by everyone that can operate a smartphone.
  • Speed: It takes 15 minutes to register an Ownr account, and your application will be processed within one business day.

How to Register/Incorporate Your Business On Ownr?

First you need to visit the Ownr sign-up page to register or incorporate your business.

After visiting the sign-up page, follow these steps:

  • Enter your country (Ownr is only available in Canada at the moment)
  • Select your province (remember Ownr is only available in Alberta, Ontario, and British Columbia)
  • Choose whether you’re registering a new business or onboarding an existing one.
  • Choose your business structure (incorporation of sole proprietorship)
  • Provide your company name (your company name must be unique, that’s, not used by anyone).
  • Fill in your business details
  • Provide your personal details
  • Pay the required fee

After providing all the required information and making payment, Ownr will do the hard job of sending your application for processing.

Finally, you will have to wait for an email confirming your registration typically within one business day.

How Long Does Ownr Take to Register?

It takes 15 minutes to register your business on Ownr. However, your application will be processed and completed within one business day.

Frankly speaking, Ownr registration process is more speedy compared to DIY or using a lawyer.

How to Contact Ownr?

Ownr customer service team is available to respond to your questions or questions from Monday – Friday (9.00am – 5.00pm EST).

That said, you can contact Ownr customer service team through 1-800-766-6302 (phone), support@ownr.co (email), or the chat button on its website.

Based on experience, Ownr customer service team is friendly and responds to questions quickly. This justifies my 5/5 star Ownr customer service rating.

Should I Incorporate or Sole Proprietorship?

It depends on your resources and your choice. Most businesses start as sole proprietorships before upgrading to incorporations. This is because it’s easy to start with a low budget.

However, as a sole proprietor, you are liable for all the risks associated with your business, unlike incorporation, where risks are shared.

On the other hand, you enjoy all your business profits as a sole proprietor while you share your profit with your partners under incorporation.

Incorporating a business is risk-saving, but it can be complex compared to a sole proprietorship. As a result, you can start as a sole proprietorship and upgrade later when your business grows.

Thus, incorporation could be your ideal option if you’re looking to limit your liability and make your business transcend your lifetime.

Overall, your choice of incorporation vs. sole proprietorship should reflect your budget, choice, experience, and business objective.

That said, the following table highlights the key differences between incorporation and sole proprietorship.

Factor  Incorporation Sole proprietorship
Liability Limited Unlimited
Business name protection Yes No
Tax structure Complex Simple
Tax and grant programs eligibility Yes No

 

Note: If you are still unsure which business structure is right for you, consult with a financial expert or lawyer.

Ownr vs. DIY vs. Lawyer

There are two major alternatives to using Ownr to register or incorporate your business in Canada: DIY and lawyer.

However, doing it yourself can be stressful and time-consuming since you need to research and follow the applicable business registration or incorporation laws.

As mentioned previously, you may get stuck in the process of Doing it Yourself and seek the help of a lawyer.

While a lawyer can save you the stress of registering or incorporating your business, you should be ready to spend an average of $1,500.

This is way more expensive than registering a sole proprietorship or incorporating a business on Ownr.

But remember, Ownr gives you $300 back when you open an account which is more than the cost of registering a sole proprietorship.

While Ownr is better than DIY and lawyer, I suggest you go with an option that suits your current situation.

Verdict on Ownr Review

At the beginning of this review, I stated that registering or incorporating a business in Canada can be challenging.

Why? The paperwork and legal procedures are time-consuming and costly, especially if you decide to Do it Yourself or seek the help of a lawyer.

But after comparing the different processes of registering or incorporating a business in Canada, you can see that Ownr is a cost-effective alternative.

Besides simplifying and automating the application process, Ownr is a low-cost means to register or incorporate your business in Canada.

As a result, my Ownr review is positive, time-consuming and I recommend it to everyone looking to register or incorporate their business in Canada.

If you’ve any questions or concerns about this Ownr review, let me know in the comment section.

RECOMMENDED READINGS

  • Why You Need Personal Insurance as a Self-Employed Canadian
  • Disability Insurance for Self-Employed Canadians: The Ultimate Guide
  • Income Protection Insurance in Canada: The Ultimate Guide

Author Profile
Adeola Adegoke
Co-founder/CEO at The SEO Hive Digital Solutions | Website

Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.

Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.

The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.

Related Posts
  • Adeola Adegoke
    https://www.moneyreverie.com/author/adeola-adegoke/
    How To Register and Open A CRA My Account in 2023
  • Adeola Adegoke
    https://www.moneyreverie.com/author/adeola-adegoke/
    Property Taxes in Canada: Everything You Need To Know (2023)
  • Adeola Adegoke
    https://www.moneyreverie.com/author/adeola-adegoke/
    A Simple Guide To Sales Tax Canada 2023
  • Adeola Adegoke
    https://www.moneyreverie.com/author/adeola-adegoke/
    FHSA Canada: An Overview of Tax-Free First Home Savings Account 2023
Previous Post

15 Best Weekend Part Time Jobs That Pay Well (No. 7 Is Uncommon)

Next Post

20 Practical and Proven Ways to Make Money Online

Related Stories

zsp etf review
Investing

ZSP ETF Review

by Adeola Adegoke
November 26, 2022
0

If you want to gain exposure to the US stock market without spending time deciding and picking stocks, then you should consider this BMO ETF. BMO S&P 500 Index ETF...

Read more

XUS ETF Review

6 Best S&P 500 ETFs in Canada 2022: Invest in the U.S. today

VFV Vs VSP 2022: Should I Hedge My Investment?

VFV ETF Review 2022: Vanguard S&P 500 Index ETF

Next Post

20 Practical and Proven Ways to Make Money Online

Best Dividend ETF in Canada

12 Best Dividend ETFs in Canada For 2022

How to Sell on Amazon Canada

How to Sell on Amazon Canada: A Step-By-Step Guide

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Recommended

How to Start a Farming Business

How to Start a Farming Business in 2022: A Beginner’s Guide

November 10, 2022
How to Buy Cardano(ADA) in Canada

How to Buy Cardano in Canada in 5 Simple Steps

November 25, 2022
foresters life insurance review

A Comprehensive Foresters Life Insurance Review 2022

November 25, 2022
Scotia Rewards Points Review

Scotia Rewards Points – Overview, Reward, Redeem

November 25, 2022

Popular Story

  • Websites Where Men Give You Money

    12 Legit Websites Where Men Give You Money in 2022

    9735 shares
    Share 3894 Tweet 2434
  • 20 Best Performing Mutual Funds in Canada for 2022 [Updated]

    5528 shares
    Share 2211 Tweet 1382
  • 12 Top Safe Investments With High Returns in Canada for 2022

    4259 shares
    Share 1704 Tweet 1065
  • Best RESP Canada: 10 High-Performing RESP Providers of 2022

    3440 shares
    Share 1376 Tweet 860
  • What Is Canada PRO Deposit and How Do You Apply in 2023?

    2808 shares
    Share 1123 Tweet 702
  • Is World Financial Group (WFG) a Scam? An Unbiased Review 2022

    2572 shares
    Share 1029 Tweet 643
  • E-Transfer Payday Loans Canada 24/7

    2303 shares
    Share 921 Tweet 576
  • GST Payment Dates for 2023: Eligibility & How to Apply

    2249 shares
    Share 900 Tweet 562
  • 10 Best Investment in Canada for 2022: ETF’s, Stocks, Real Estate & More

    2100 shares
    Share 840 Tweet 525
  • How Much Does it Cost to Have a Baby & Raise a Child in Canada?

    2080 shares
    Share 832 Tweet 520
Facebook Twitter Instagram

Money Reverie

Adeola Adegoke

Owner/Founder

Money Reverie is a top personal finance and finance blog in Canada. We share finance tips & self-help to live a rewarding life.

Categories

  • Benefits
  • Business
  • Credit Cards
  • Cryptocurrency
  • Debt Management
  • Insurance
  • Investing
  • Mortgages
  • News
  • Personal Finance
  • Product Reviews
  • Retirement & Estate Planning
  • Reviews
  • Tax
  • Uncategorized

© 2021 Money Reverie

No Result
View All Result
  • Contacts
  • Contributors
  • Disclaimer
  • Newsletter
  • Personal Finance & Debt Management Blog in Canada – Money Reverie
  • Privacy Policy
  • Super Visa Insurance Quote
  • Terms and Conditions

© 2021 Money Reverie

Need Help With Anything Finance?

Enter your email address to get valuable personal finance & small business tips from top experts delivered to your inbox weekly.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.