Register a Personal Real Estate Corporation

If you are a licensed Real Estate professional, you can incorporate a Personal Real Estate Corporation (PREC) to enjoy the tax benefits of a Corporation. A PREC can be formed in Ontario, B,C, Alberta or Manitoba. The Real Estate License will be the sole directors and shareholder of a PREC.

A Personal Real Estate Corporation (PREC) requires articles of incorporation prepared according to the specification of the Real Estate Board/Body of your province. Without a properly prepared articles, it will not be possible to form a PREC. Our articles of incorporation for PREC ensures it complies with the regulations of your regulatory body.

You can propose a name for your corporation according the name rules for your province. Your proposed name may include 'Personal Real Estate Corporation' but it is optional. Most people use their Licensed name followed by 'Personal Real Estate Corporation. For example M. Richards Personal Real Estate Corporation. A NUANS report is also required for this choice. A NUANS report is an official name search report issued by Industry Canada for your name. If you don't have one we will include it in the order.

Note for Name Choices: You can suggest more than one name for your business in the order of preference. We will look up the names for conflicts with existing business names in the order of choice you suggested. If all the names cannot be used, we will contact you.

Note: A Personal Rea Estate Corporation is owned by a sole shareholder who is also the directors and officer of the corporation.

Initial return is a mandatory filing for all corporations in Ontario and Quebec. This filing is to be done within 60 days.

A corporate minute book is a record of your corporation’s By-laws, rules, activities, minutes and such registry and legal documents. Typically, the corporate minute book is accessible at the head office of the Corporation or at the Corporation’s records office address.
What is the use of a minute?
Corporation regulations require that you have a properly maintained minute book with up to date information and changes made to the business. When you visit a bank to open an account for the business, the minute book is accepted as proof of shareholders' names.
What is included in a minute book?

• Articles of Incorporation
• By-laws of the Corporation
• Minutes of the directors’ and shareholders’
• Meetings/Resolutions
• Directors and officer’s registers
• Shareholder register and ledgers
• Share transfer register
• Share certificates

Agent for service: is a contact person for the corporation who resides in Alberta. Usually a director can be an agent of service.

The Board is made up Directors, Officers. & also incorporators. All directors must be professionals and are same with equal status and power. We call them Director 1. Director 2,etc for convenience of filing. Otherwise they all have same role in a corporation. You can add up to 3 directors. All directors are also the incorporators.

Registration and name approval timeline is dependent upon the turn around time of the Government Registries. In rare cases, if there is a delay from the Registries to provide us the name reservation document or registration certificate within the selected timeline, we will do our best to complete in the shortest possible time.