Obtaining a financial license in Canada (MSB)

Canada is a country with an economy that is the ninth largest. In the context of the international crisis, the Canadian banking system has shown its reliability and stability.

If you are planning to open a company that would engage 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.

Who needs an MSB financial license?

To work in the financial sector, you must get a license MSB (abbreviation for “Money Service Business – a non-bank financial organization that allows companies to conduct certain financial activities):

  • currency exchange;
  • remittance;
  • operations with traveler's checks, transfers, transactions;
  • check cashing service;
  • ATM servicing;
  • rental of space for self-service devices;
  • virtual currency transactions.

When intending to open an enterprise related to monetary services, it is necessary to agree on the issue obtaining a financial license in Canada, in accordance with the current regulatory framework and regulations in the country.

Since June 2020, it has become possible to legally engage in cryptocurrency trading in Canada, since the activities of cryptocurrency exchanges and related payment resources have been permitted.

Now companies involved in cryptocurrency are officially classified as a business related to monetary services, which means that they must comply with all the requirements for financial organizations of this type.

How to obtain a Canadian financial company license?

Obtaining a license in Canada provides several stages of preparation and approval:

  1. Registration of business.

Only an already registered company can be licensed. If an organization is registered in British Columbia, there is no requirement to appoint a person permanently residing in the region where the company is located as a director.

  1. Search and placement of an employee responsible for compliance.
  2. Signing of the memorandum and charter.
  3. Preparation of AML/CFT, business plan and other necessary documentation.
  4. Submitting an application to FINTRAC.

Obtaining in-principle approval, after which all that remains is to deposit the authorized capital and place a disclaimer of liability, or prepare a working website. After the application is approved, the company opens bank details.

Terms of registration

The registration process is quite complex, taking from several weeks to several months, depending on the complexity of the case. FINTRAC takes up to 3 weeks to review a completed package of documents, provided the documentation is correctly completed.

By contacting the E-COMMERCE BROKER Company, an entrepreneur can count on comprehensive assistance in obtaining a Canadian license, or execution of specific instructions at the request of the client - search for personnel, office, registration of legal entities. addresses, assistance in obtaining bank details.

Our company’s employees advise on any issue related to financial licensing, facilitating the speedy receipt of permits.


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