Licensing Requirements

"No extra-provincial corporation within class 3 shall carry on any of its business in Ontario without a licence under this Act to do so, and no person acting as representative for or agent for any such extra-provincial corporation shall carry on any of its business in Ontario unless the corporation has a licence under this Act. R.S.O. 1990, c. E.27, s. 4 (2).

(1) Every person who, without reasonable cause,
(a) contravenes this Act or the regulations;
(b) contravenes a condition of a licence; or
(c) fails to observe or comply with an order, direction or other requirement made under this Act or the regulations, is guilty of an offence and on conviction is liable to a fine of not more than $2,000 or if such person is a corporation to a fine of not more than $25,000. R.S.O. 1990, c. E.27, s. 20 (1).

For the purposes of this Act, an extra-provincial corporation carries on its business in Ontario if,
(a) it has a resident agent, representative, warehouse, office or place where it carries on its business in Ontario;
(b) it holds an interest, otherwise than by way of security, in real property situate in Ontario; or
(c) it otherwise carries on its business in Ontario. R.S.O. 1990, c. E.27, s. 1 (2).

Various factors are considered in judging a bank application under the Ontario Bank Act."

" 2. Incorporation A foreign corporation can also choose to incorporate a subsidiary, either federally or provincially. If a subsidiary is incorporated provincially in Ontario, it may have to obtain an extra-provincial licence to carry on business in other provinces. An Ontario-incorporated company does not have to obtain a licence to carry on business in Quebec but does have to make annual information filings."