Incorporation through FSCO
GUIDELINES ON INCORPORATING AN ONTARIO CO-OPERATIVE
Groups wishing to form a co-operative in Ontario are required to file the appropriate forms with the Financial Services Commission of Ontario (FSCO).
Click here to link to the co-operative section of the FSCO web site.
Always check the FSCO website to confirm documentation, requirements, fees etc. relating to registering and incorporating co-operatives in Ontario.
PROCESS FOR INCORPORATING A NEW CO-OPERATIVE
The process for incorporation of a new Ontario Co-operative is contained in sections 4 through 6 of the Co-operative Corporations Act. The procedural steps for application may be summarized as follows:
(1) Five or more persons, being corporations or natural persons who are of the age of eighteen years or more, and who intend to be members of the co-operative, may incorporate a co-operative with or without share capital by signing and delivering to the Minister of Finance in duplicate articles of incorporation and such other information as may be prescribed.
(1) Articles for worker co-operatives
(1.1) Three or more natural persons who are of the age of eighteen years or more and who intend to be members of a worker
co-operative may incorporate such a co-operative with or without share capital by signing and delivering articles of incorporation to the Minister in duplicate. 1992, c. 19, s.
2 (1). The submitted articles shall set out the particulars described in subsection 5 (2) of the CC Act.
FSCO GUIDES
To facilitate the process of incorporation the following guides are available free of charge from FSCO:
- Filing Requirements and Record-Keeping outlines the routine information that co-ops should send to FSCO, such as annual financial statements. This guide also describes the records that the Co-operative Corporations Act requires co-ops to keep.
- Legal Requirements describes how co-ops can ensure they comply with the Co-operative Corporations Act. It describes such things as how to pass by-laws, and directors' legal responsibilities.
- Incorporating a Co-operative without Share Capital contains brief step-by-step instructions on how to incorporate a
co-operative, as well as forms.
- Incorporating a Co-operative with Share Capital contains brief step-by-step instructions on how to incorporate a co-operative, as well as forms.
- Offering Statements and Material Change Statements can help a co-op determine whether it is required to file an offering statement or material change statement before issuing shares, member loans or other securities. It also contains information on preparing these documents.