Canada is the ninth largest economy country. In the context of the international crisis, the Canadian banking system has shown its reliability and stability.
If you are going to open a company that would be engaged in financial services, investment or banking products, you should carefully study the issue obtaining a financial license in Canada.
The Canadian government has set the lowest possible requirements, which especially attracts business representatives from different countries.
To work in the financial sector, you need get a license MSB (abbreviation for "Money Service Business" - a non-bank financial institution that allows companies to conduct one or another financial activity):
When intending to open a business related to monetary services, it is necessary to agree on the issue obtaining a financial license in Canada, according to the legal framework and regulations in force in the country.
Since June 2020, it has become possible in Canada to legally engage in cryptocurrency trading, since the activities of cryptocurrency exchanges and related payment resources have been allowed.
Now cryptocurrency companies are officially listed as a monetary services business, which means that all requirements for financial institutions of this type must be met.
Registration of a license in Canada provides for several stages of preparation and approval:
Only a registered company can be licensed. If the organization is incorporated in British Columbia, there is no requirement to appoint a director with a resident of the region where the company is located.
Obtaining in-principle approval, after which it remains to deposit the authorized capital and place a disclaimer, or prepare a working website. After approval of the application, the company opens bank details.
The registration process is quite complicated, it takes from several weeks to several months, depending on the complexity of the case. It takes FINTRAC up to 3 weeks to review the finished package of documents, subject to the correct documentation.
By contacting the E-COMMERCE BROKER Company, an entrepreneur can count on comprehensive assistance in obtaining a Canadian license, or execution of specific orders at the request of the client - search for personnel, office, registration of legal entities. addresses, assistance in obtaining bank details.
Employees of our company advise on any issue related to financial licensing, contributing to the prompt receipt of permits.