According to statistics, Toronto is home to 93,581 businesses. However, although Toronto is a business hub, Ontario laws have been preventing businesses from embracing digital trends.
Fortunately, new legislation changes are now making it possible for Toronto businesses to digitize certain processes.
If you're eager to bring your business firmly into the 21st century, you must know about these changes and how a business lawyer in Toronto can help you take advantage of them.
Bring your business up to date with the latest digital trends and keep reading to find out how the new Ontario law changes are making this possible. Keep reading!
The Ontario Bill 190 Broken Down: What This Means for Businesses
In response to the pandemic, last year saw the state of Ontario make amendments to its laws surrounding various business processes.
The name of the bill is COVID-19 Response and Reforms to Modernize Ontario Act, 2020, or "Bill 190" for short.
The bill was a response to the unique restraints of the pandemic on in-person activities. However, its aim is not only to provide temporary measures. Some of the new regulations are permanent.
The aim is to allow Ontario businesses to be able to adopt current technological and business trends.
Under the new bill, changes include the allowance of:
• Digital submissions of things like company articles, applications, etc.
• Electronic signatures for official filings
• Electronic document transfer (e.g., email)
• Temporary allowance of virtual AGMs
• Remote notarization
• Remote document commissioning by a paralegal
While these allowances might not sound like a big deal, if you're a business owner, you know what an impact something like remote notarization can have.
Instead of having to manually carry documents to your notary, you can send them over in just a few clicks using virtual channels.
These measures are helping to bring us up to speed with digital trends across the continent. For example, in the USA, 43 states have already authorized notaries to do RONs on either a permanent or a temporary/emergency basis.
How Toronto Businesses Benefit From the Bill
Bill 190 benefits most businesses in Toronto and Ontario. It streamlines a lot of the processes that had to be done physically.
Now you can save time and hassles by taking advantage of digital submissions, using electronic signatures, and choosing remote notarization and commissioning.
Why You Need a Business Lawyer to Help You Leverage These New Digital Channels
There are many reasons why entrepreneurs and business owners should hire a business lawyer.
If you're still getting to grips with things like remote notarizing and electronic submissions, you're in double need of a good law firm in Toronto.
Besides being able to provide you with some of the newly allowed virtual services, a corporate lawyer will also be able to guide you on how to safely implement things like electronic signatures.
If legislation should change, they will also be able to warn you. This is important, as some aspects of the new bill are temporary.
Whether you're a big or small business, a lawyer in Toronto will be able to help you stay compliant.
Do You Need a Business Lawyer in Toronto?
Thanks to Bill 190, businesses in Ontario can now start fully embracing digital trends.
Are you looking for a good business lawyer in Toronto to help you navigate these new virtual waters?
If so, you are in the right place. Picov & Kleinberg Law is a family-run law firm in Toronto. As a family business, we are dedicated to our client's success.
Contact us to speak to a Toronto business lawyer today.