Canadian banking field is very solid and meets all global standards. Country’s authorities provided convenient norms for firms wishing to spread services connected with fiscal elements. MSB license in Canada makes it possible to attract investors to progress in sphere.
Money Services Business registration in Canada
MSB is a non-bank enterprise offering:
- currency exchanging:
- transfers of monetary means;
- operations with traveler’s checks, etc.;
- use of ATMs;
- exchanging and purchase and sale of cryptocurrencies.
Since 2020, new laws have come out in Canada that have allowed crypto-currency exchanges and payment-operators working with digital assets to operate.
Money services businesses are next-mentioned organizations:
- have permit for any of payment-services;
- approved as a person who offers payment-services;
- advertise provision of fiscal-services;
- carry out transfers and deals with currencies from $ 1,000 in one operation;
- report profits from financial deals as income from a separate organization to pay taxes.
Procedure of obtaining MSB license in Canada
FINTRAC reviews documentation and decides on getting Canada MSB license.
- Businesspersons need to select any province for organization establishment. Non-residents of country are encouraged to choose British Columbia.
- Then you need to decide on company’s denomination. It consists of 2 or more words, including a description of direction of enterprise: “payments”, “money transfers”, etc. This description cannot be shortened.
- Next, you must register the physical address of the company. To do this, it is imperative to rent an office to demonstrate to regulator a valid lease agreement and office photos.
- Firm needs to have a share-capital. There isn’t minimum amount for such a contribution, but it is better to contribute some funds to prove to regulator you are serious about doing commercials and growing.
- 1 director. He/she needs to possess expertise in field of finance.
At pre-registration, you must provide the exact name of the company, the actual address of the enterprise, the contacts of company’s representatives, as well as a full description of services.
Next, you need to collect additional data and documents:
- bank-account and an extract from it;
- compliance-officer data;
- registration data (corporations);
- data on the proprietors of the company and executives (everyone who holds more than 20% of the shares);
- estimated amounts expected from deals provided by money services businesses in Canada;
- data on each department.
MSB-license Canada compliance service
Businesspersons need to show themselves from the best side – provide correct documentation, professionalism of employees and agents, work and progress plans. ELI Deal specialists have already helped many companies obtain MSB licenses and are able to interact with the regulator. We are ready to take responsibility for the preparation of all paperwork, recruitment and entire procedures of getting MSB license Canada.
We assist to get a physical address, assistance in selecting an office, opening a bank account, selecting directors, authorizing a company, developing basic and additional documents, as well as personal advice on any issue at all stages of licensing.
FAQ
What is an MSB license in Canada?
It allows firms to officially spread various financial-services, in particular, funds-transfers, operations with crypto-currencies, and so on. Such a permit is mandatory.
How long does it take to register as MSB in Canada?
Establishing MSB in Canada can take up to several months, subject to correct accordance with all conditions and norms of jurisdiction. Our experts help you to minimize time and whole expenses.
How do I register for MSB?
You need to establish a firm and fulfill norms that are mandatory for getting permission. Option of buying a ready-made licensed firm greatly simplifies and speeds up this process.
How long does it take to register as an MSB?
Registering an MSB can take up to several months. Our experts are ready to provide you with qualified assistance to launch your commercials as promptly as possible.
