Professional Corporation

Related FAQs

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  Does the College provide any legal or accounting advice regarding incorporation for members?

  No. The College does not provide legal or accounting advice. The College recommends that members consult a lawyer or accountant for advice regarding incorporation.

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  Who can be shareholders in an Optometry Professional Corporation (OPC)

  Only optometrists who are registered in Ontario and members of the College may be shareholders in an Optometry Professional Corporation (OPC). This applies both to voting and non-voting shares. Holding/numbered companies may not own or be shareholders in an OPC. Family members cannot be shareholders in an OPC, unless they are also optometrists and licensed in Ontario (NB: currently only dentists and physicians are allowed to have family members as shareholders in their professional corporations).

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  Does the Corporation Profile Report need to be certified?

  No. The corporation profile report does not need to be certified and may be obtained from the Ministry of Government and Consumer Services. For additional assistance, contact the MGCS’s Companies Branch Help Line at 416-314-8880 or toll-free at 1-800-361-3223 or online at www.mgs.gov.on.ca.

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  How long will it take to issue my certificate of authorization?

  If all application requirements have been met, the processing time for both new and renewal certificates of authorization is approximately one to three weeks.

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  Will the College back-date a certificate of authorization?

  No. The effective date of the certificate will be the date a completed application is reviewed and approved by the College.

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  Are the names and addresses of shareholders public information on the College website?

  Yes. This is in accordance with Section 23(2)3. of the Health Professions Procedural Code. Accordingly, members are recommended to use their practice address as their Registered Corporate Address.

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  The renewal date of my certificate has passed. What should I do?

  Submit your renewal application immediately with the appropriate payment, including late payment fee. If the College has not received a renewal application by the renewal date, it will issue a notice of revocation to the Optometry Professional Corporation, which gives the corporation 60 days to submit a completed renewal application. If the renewal application is not received or is incomplete by the imposed revocation date, the certificate of authorization will be revoked. No further extensions will be provided.

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  Is my Certificate of Authorization still valid when my corporation amalgamates?

  Upon amalgamation with another corporation, an optometry professional corporation ceases to exist as an entity separate from the newly amalgamated corporation, and its certificate of authorization becomes invalid on the date of amalgamation.

  The amalgamated corporation must apply for and obtain a new certificate of authorization before it may practise as a professional corporation. The amalgamated corporation must meet all of the eligibility conditions and requirements for issuance of a certificate of authorization.

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  What is meant by “a copy of every certificate endorsed under the Business Incorporations Act”?

  If changes, such as a name change, have been made to the corporation since incorporation or the last renewal and articles of amendment were filed with the Ministry, then a copy of the articles of amendment must be submitted with the renewal application. For renewal applications, do not submit the original articles of incorporation copies or originals of certificate of authorization originally sent by the College.

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  Can my practice name that is advertised to the public (e.g., on signage, website, prescriptions, etc.) be different than the name of my OPC?

  Yes. While the Business Corporation Act specifies how OPCs must be named, the choice of practice name is comparatively more flexible. Practice names must comply with advertising standards and may differ from the name of your OPC.

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  I am a member with non-practising status. Can I be a shareholder in an OPC?

  Yes, you can.

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  Can I be a partner in an optical retail business with non-optometrist partners (e.g., with an optician or a family member)?

  Yes, however optometrists must not provide optometric services (either diagnostic or dispensing) under an optical business with non-optometrist partners. Under the Optometry Act, optometrists are prohibited from sharing fees related to the practice of optometry with non-members (the only exception being physicians), therefore practising optometry within this type of arrangement is not allowed.

  Optometrists wishing to practise with such a corporation must do so as independent contractors.

  Reminder: The College does not provide legal or accounting advice to members. Questions such as this one should be directed to the appropriate professional for advice.