Ownr Review Nov. 2024: Is It Worth It? Get 100% Cashback

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Ownr Review Rating: 4.3/5

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Ownr will save you the stress and costs of registering or incorporating your business in Canada.

The process of registering or incorporating a business in Canada can be time-consuming, whether at the federal or provincial level.

And if you get stuck in the process, you may have to spend up to $1,500 for a lawyer’s help.

A friend of mine passed through this unfortunate situation a few years ago and I wouldn’t wish myself or anyone to experience that.

So after in-depth research and consultation, I found Ownr to be an alternative option for registering/incorporating a business in Canada. 

Like you, the first set of questions that run my mind was: What is Ownr? How does Ownr work? How much does it cost? How to offset Ownr cost with up to 100% cashback?

These and other questions have been answered in this Ownr review. Keep reading to find out!

Overview of Ownr

Let’s start with an overview of Ownr’s key features for an easy understanding of this detailed review.

Legal name	Ownr
Year founded	2017
Founder	Shadi McIsaac & co
Parent company	RBC Ventures Inc.
Headquarters	Toronto, Ontario, Canada
Services	Sole proprietorship and incorporation registration
No. of clients	175,000+
Email address	[email protected]
Pros	Easy to and cheap to register or incorporate a business with
Cons	Supports few business structures and provinces
Overall rating	4.3/5
Recommendable?	Yes
Alternatives	Government registries (DIY), lawyers, accountants, Law Depot, and MyCorporation etc.

What is Ownr?

Ownr is a fintech company that automates the process of business registration and incorporation in Canada. It also helps you build and manage your business with the right tools and resources.

The company was founded in 2017 by Shadi McIsaac and other financial experts. It is headquartered in Toronto, Ontario with limited provincial availability.

Since its establishment, over 175,000 Canadians have registered/incorporated their businesses through Ownr.

Ownr acquisition of Founded Technologies in 2020 allows it to also deliver its seamless automation to Canadian entrepreneurs.

Through its partnership with leading law firms, accounting, incubators and entrepreneurship centers, Ownr offers a seamless experience to Canadian business owners and entrepreneurs.

Who Owns Ownr?

Although Shadi McIsaac and other financial experts co-founded Ownr in 2017, the company is owned by RBC Ventures Inc.

As you might know, RBC Ventures Inc. is the corporate venture division of the Royal Bank of Canada.

That means Ownr enjoys the full backing of RBC, the leading among the big banks in Canada based on market capitalization.

With this backing alone, you can be sure that you’re dealing with a legitimate and reliable fintech in Canada.

Is Ownr.co Legit?

Ownr.co is legit in the full sense of the term. First, the company is backed by one of Canada’s leading big banks, RBC.

Secondly, Ownr partners with leading law firms in Canada to give its users legal-based solutions.

Also, your information on the Ownr website is encrypted with advanced technology, protecting you against Internet fraudsters.

With more than 175,000 users, you can be sure that Ownr is one of the most legit fintech companies in Canada.

How Does Ownr Work?

Ownr works in a simple way. Once you secure your business name, enter your information, and make payment, the company will automatically handle the registration or incorporation process for you within one business day.

Currently, you can only register a sole proprietorship or corporation through the company.

While the registration or incorporation process may seem the same, it requires different information and documents.

The interesting thing is that Ownr has all the tools you need to manage your business according to federal or provincial laws.

Thus, Ownr has the tools to help you build and manage your business in the long run.

Pros and Cons of Ownr

While Ownr has been an alternative for many Canadians since 2017, it’s essential to weigh its pros and cons to determine if it’s also perfect for you.

Pros of Ownr

Automation: Ownr eliminates the stress that comes with registering or incorporating a business through traditional means. It does all the hard jobs for you so that you can focus on other areas of your business.
All-round tools and resources: You have all the tools and resources you need to build and manage your business according to federal or provincial laws.
Special perks: Ownr helps you enjoy some of the special perks for businesses in Canada. For example, you will get $300 or $49 cashback when you open an RBC Business Bank Account for incorporation or sole proprietorship through Ownr. You will also get discounts on Vistaprint, TELUS Business, HeirLume, Xero, eBay, among others.
Security: Ownr is backed by one of Canada’s leading big banks, RBC. You can be sure that you’re dealing with a reliable and regulated fintech company.
Satisfaction guarantee: Ownr provides 100% satisfaction guarantee that allows you to get your fees back within 60 days of signing up.

Cons of Ownr

Few business structures: Currently, you can only register a sole proprietorship or corporation through Ownr. You have to look for an alternative if you’re looking to establish a cooperative or partnership business in Canada.
Limited provincial access: Currently, only the residents of Ontario, British Columbia, Alberta and Quebec can register or incorporate provincial businesses with Ownr.

Types of Business Structures on Ownr

As mentioned previously, you can only register a sole proprietorship or corporation through Ownr at the moment. Let’s have a detailed view of each of the business structures.

1. Sole Proprietorship Plan

Whether you want to register a new business or an existing one, this plan is perfect for you.

Once you secure your business name, enter your information, and make payment, Ownr will automatically register your business.

The plan costs a one-time fee of $49. However, you can get the complete $49 back when you open an RBC Business Bank Account for sole proprietorship through Ownr.

With this package, you can register your sole proprietorship business on Ownr at no cost.

Key Features 

• Ownr Perks
• Business name searches (no limit)
• Sole proprietorship business registration number
• Sole proprietorship business registration documents and storage
• Chat support

2. Incorporation Plan

Whether you’re looking to incorporate your business at a federal or provincial level, Ownr got you covered.

The registration process of incorporation on Ownr is the same as that of a sole proprietorship but different documents and information will be required.

The cost of incorporating a federal business on Ownr is $499 but the cost of incorporating a provincial business varies as follows:

• Alberta = $599
• British Columbia = $699
• Ontario = $599
• Quebec = $699

If you are looking to establish full incorporation and enjoy additional features, then Managed Corporation Plan will be ideal for you. This costs a one-time fee of $599 plus a $399 incorporation fee, that’s a total of $998 (for federal Incorporation).

The interesting part is that you will get $300 cashback when you open an RBC Business Bank Account for incorporation or managed corporation through Ownr.  

The following is a highlight of the key features of the Full Incorporation and Managed Corporation plan.

Full Incorporation Features (plus one-year Online Minute Book)	Managed Corporation Features
Incorporation plus filings with the government Maximum of three user accounts Registration of company name Documents and Share Issuance of company	Full Incorporation plus additional features Access to government updates and fillings (unlimitedly) Unlimited user accounts Unlimited support Access to Ownr Legal Agreement Library (unlimitedly)

Regardless of whether you’re registering or incorporating your business, the process is almost the same with the major difference in required information and documents.

That said, the following is a step-by-step process of how to register or incorporate your business with Ownr:

• First step: Log in to Ownr sign-up page using this link to get a 15% discount
• Second step: Select Canada as your country.
• Third step: Enter your province (Ontario, Alberta, British Columbia, or Québec).
• Fourth step: Select your business type (new or existing business).
• Fifth step: Select your business structure (sole proprietorship or incorporation).
• Sixth step: Enter your company name and fill in the required information.
• Seventh step: Enter your personal information
• Final step: Make payment

That’s the end of your tasks. Ownr will take it from there to process your application within a business day. You will receive an email confirmation once Ownr is done with the processing.

Ownr Pricing

As you can see above, Ownr pricing varies depending on the plan you choose. But each of the three Ownr’s plans has a one-time fee and tax implications.

However, you can get the fee cut off when you open an RBC Business Bank Account through Ownr.

That said, the following are Ownr plans pricing on federal and provincial levels

Plan	Pricing
New Sole Proprietorship	$49 one-time fee
Full incorporation	•Federal = $499 •Ontario = $599 one-time fee •Alberta = $599 one-time fee •British Columbia = $699 one-time fee •Quebec = $699 one-time fee
Managed Corporation	$599 one-time fee + $499 incorporation fee

Ownr Perks

As discussed above, Ownr helps you enjoy some of the special perks for businesses in Canada.

In addition to the $300/$49 discount on opening an RBC Business Bank Account, Ownr also helps you enjoy the following discounts:

Service	Discount
Vistaprint	20% off your first order
Haloo	20% off on trademark registration
ShipStation	60-day free shipping
TELUS Business	20% monthly discount for TELUS Business smartphone plan activation or renewal
H&R Block	20% off tax preparation fees
eBay	90-day eBay store
1Password	3-month free access to secure your business data

By claiming these offers and lots of other perks, you will get more than 100% worth the cost of your Ownr plan back. This is one of the highest business offers in Canada at the moment.

Ownr Promo Code

As noted earlier, you will get a 15% discount when you sign up on Ownr with this referral link. An Ownr promo code will automatically apply upon using the link.

When you sign-up on Ownr, you will also be assigned a unique referral link to invite others.

Each person you refer with your referral link will get a 15% discount on registering or incorporating their business on Ownr.

On other hand, you will earn the following bonus for each referral that sign-up with your link:

• $50 per each referral that incorporates their business on Ownr
• $20 per each referral that registers a sole proprietorship on Ownr

Ownr has two options for disbursing the referral bonus, namely, PayPal and Stripe accounts.

Learn more about Ownr promo code and how to get up to 100% cash back.

My Ownr Review Rating

I rate Ownr 4.3 out of 5 stars based on comparative analysis and the total rating of the following features.

Ownr needs to support more business structures and expand to other provinces in order to accommodate more people.

Overall, my Ownr review is positive and I recommend it to people looking to save costs and time on registering/incorporating their businesses in Canada.

Ownr Alternatives

Below is a brief overview of some of the top alternatives of Ownr for business registration and incorporation in Canada.

Ownr vs. DIY

Frankly speaking, Ownr will help you save costs and eliminate stress when it comes to registering or incorporating your business in Canada. 

However, if you have the time or are knowledgeable about the registration or incorporation process, you can save costs by handling everything yourself at the nearest government registry.

Otherwise, you’re likely to get stuck by doing it yourself if you’re not familiar with the processes. This is where a lawyer or account may come in.

Ownr vs. Lawyer/Accountant

If you have a complex situation or want to be confident of getting the best result, a lawyer or accountant may be worthwhile.

A traditional lawyer or accountant can help you navigate the registration or incorporation process regardless of the size and situation of your business.

However, a lawyer or accountant may charge you up to $1,500 to register or incorporate your business in Canada.

In addition to being expensive, registering or incorporating your business through a lawyer can be time-consuming due to the complex paperwork and legal procedures.

Ownr vs. Other Companies 

Before Ownr was established, we already had different companies that helped us register and incorporate our businesses in Canada. Some of these companies include Law Depot and MyCorporation. 

Below is a brief view of how these two companies compare with Ownr.  

Ownr vs. Law Depot

Profile	Ownr	Law Depot
Year founded	2017	2001
Nature	Managed	DIY and managed
Supported registration	Business registration and incorporation	Incorporation
Fees	$49 – $699	$99
Number of partners	75+	N/A
Business tools	Available	N/A
Target clients	Entrepreneurs and small businesses	Businesses of all sizes
Areas covered	Federal, Ontario, Alberta, British Columbia and Quebec	Federal, Ontario Alberta, British Columbia, and Saskatchewan
Sign up bonus	15% discount + $300 cash back	1-week free trial

LawDepot is a Canadian company that provides customizable and printable legal forms for DIY and managed business registration and incorporation. 

With over 150 document templates, Law Depot has attracted over 10 million clients and helped save over $2 billion in legal fees since its inception in 2001.

Ownr vs MyCorporation 

Profile	Ownr	MyCorporation
Year founded	2017	1998
Nature	Managed	Managed
Supported registration	Business registration and incorporation	Business registration and incorporation
Cost	$49 – $699	$299 (for incorporation)
Number of partners	75+	N/A
Business tools	Available	N/A
Target clients	Entrepreneurs and small businesses	Businesses of all sizes
Areas covered	Federal, Ontario, Alberta, British Columbia and Quebec	Federal and all provinces and territories
Sign up bonus	15% discount + $300 cash back	N/A

MyCorporation is a US-based company that also helps Canadians register and incorporate their businesses at a fraction of lawyer/accountant’s fees.

The company has been in existence since 1998 and it has helped over one million clients with different legal functions.

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Should I Use Ownr to Incorporate?

The answer is Yes and No!. As noted earlier, you can’t go wrong with Ownr if you’re looking to incorporate your business in Canada.

But to make a cost-effective decision, it’s important to factor in your business size when determining whether is worth incorporating with Ownr or not.

If you have a mid or large-size business, you may want to use an accountant or lawyer to incorporate as your situation may be complex.

Lawyers and accountants have the experience of navigating the process of incorporation for businesses of different sizes. But Ownr clearly identifies entrepreneurs and small businesses as its target clients. 

So if you’re just starting or want to incorporate a small-size business, it may be better to incorporate with Ownr as that would save you costs.

Irrespective of your business size, you may want to consider Ownr if you’re looking for an all-in-one platform for managing your business. As stated above, Ownr partners with different companies to help you manage your business with ease.

From accounting firms, e-commerce platforms, internet providers, and incubators to shipping companies, Ownr provides you access to many complementary service providers that a lawyer or accountant can’t provide.

Overall, you’re in the right position to tell whether it’s worth using Ownr to incorporate your business or not. 

Is it Better to Incorporate or Sole Proprietor in Canada?

There’s no one-size-fits-all answer to this question because different business owners have different resources and risk tolerances.

If you’re on a low budget or have a small business and can take full responsibility for your business liabilities, a sole proprietorship may be ideal for you.

But if you have a mid-large business structure and are looking to share your business liabilities with others, then incorporation may be ideal.

As you can see, the major difference between incorporation and sole proprietorship lies in risks. While you’re liable for all the risks under sole proprietorship, incorporation helps you share your liabilities with business shareholders.

So you can’t make the wrong choice between the two depending on your resources and risk tolerance.

The interesting part is that you can start as a sole proprietor and later upgrade to a corporation when your business grows.

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Verdict on Ownr Review

I still maintain that Ownr is a cost-effective alternative for registering or incorporating a business in Canada. But if you can do it yourself, you can save even more in the long run.

A lawyer should be your last option for registering or incorporating a business in Canada due to their expensive fees and time-consuming process.

Regardless of the option you choose, ensure your business is registered or incorporated based on federal/provincial laws to avoid problems in the long run.

Which option are you going with? Let me know in the comment section below.

All the best!

READ ALSO:

• Is Printify Available in Canada? Find out how to start a print-on-demand business with it
• Deel Canada Review (for global hiring, payroll and HR)
• Here are the most Profitable Food Business Ideas you might be interested in
• Learn How to Start a Cleaning Business in 10 Steps
• Learn how to create customized apps for your business with Glide
• Canada Digital Adoption Program (CDAP) Review: For small and medium-sized business grants and loans.

FAQs on Ownr Reviews

Is Ownr owned by RBC?

The short answer is Yes! However, Ownr is not directly owned by RBC. The company is directly owned by the RBC corporate venture division, RBC Ventures Inc. This adds to the credibility and security of Ownr because its parent company (RBC) is the leading bank in Canada by market capitalization.

Who is the founder of Ownr?

Shadi McIsaac is the co-founder and CEO of Ownr. She founded Ownr in 2017 alongside other financial experts during her tenure at RBC Ventures.

How long does Ownr take to register?

It takes less than 15 minutes to register or incorporate a business with Ownr. However, the registration/incorporation will be processed within 1 to 5 business days. 

Is Ownr Worth it? 

Ownr is worth it if you’re looking to save time and cost while registering or incorporating a business in Canada. But if you have the time or knowledge to register or incorporate a business, you will save costs by doing it yourself. If your business is mid/large-sized with a complex situation, it’s better to employ a lawyer or accountant instead of using Ownr.

Should I use Ownr to register my business?

If you’re looking to save time and cost on registering your business in Canada, you can’t go wrong with Ownr. But if you have the time and knowledge of handling the registration yourself, then Ownr is not necessary.

Does Ownr provide a business number?

Absolutely! Ownr automatically provides business number for sole proprietorship and incorporation in Alberta, Ontario, Québec, and British Columbia. It also provides a business number for federal incorporation in Ontario.

Do I need a business bank account for incorporation?

Based on Articles of Incorporation, you need a business account for incorporation because the business is regarded as a separate legal entity.

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