Launch a Surrey Consumer Lending Business: A Practical How-To
This page helps you plan and launch a consumer lending business in Surrey under NAICS 522291. You'll get a clear, practical roadmap: a focused eight-item requirements checklist, the permits you’ll need from city and province, a realistic view of startup costs, and a practical timeline to get open.
You’ll learn exactly what it takes to meet those eight requirements: how to register your business, obtain a Surrey municipal business license, and navigate provincial licensing or registration where required; stay compliant with privacy and consumer protection rules; set up AML/KYC processes (and FINTRAC reporting if applicable); arrange insurance, accounting, and IT systems; and build a simple, ongoing compliance plan. The guide also highlights where to get permits, typical costs, and a step-by-step timeline for launch.
Surrey offers a growing market, proximity to Vancouver, a diverse customer base, and a friendly small-business ecosystem—making it a strong fit for a consumer lending venture.
Requirements Overview
The most critical requirement for operating a consumer lending business in Surrey is FINTRAC Registration (Anti-Money Laundering). This registration is legally required for financial service providers, and you cannot legally operate without it. It’s non-negotiable and foundational for compliance, so securing FINTRAC registration should be your first milestone.
Mandatory Operational Requirements: In addition to AML rules, you’ll need to cover health, safety, and local permits. Surrey requires a valid Business Licence to run a physical office or operation. If you have employees, you must maintain WorkSafeBC coverage and registration. If you plan to use a trade or business name, you’ll also need BC Business Name Registration (for sole proprietorships or partnerships) to legally operate under that name.
Business Registration & Tax: You’ll also need to sort out key business and tax registrations. Register for a Business Number (BN) with the CRA to handle taxes, payroll, and other government filings. If your business name is registered provincially, you’ll keep that BC registration in place. When you reach the threshold for sales, you’ll likely need GST/HST Registration, and if you have staff, Payroll Deductions Registration becomes part of your obligations.
Encouragement and next steps: Start with FINTRAC and the Surrey Business Licence checklist, then tackle the provincial and federal registrations in parallel. Gather your corporate structure details, names, and ownership information, and map out a realistic timeline for each registration. You’re on the right track—take it one step at a time, and consider consulting a regulatory advisor to keep everything moving smoothly. You’ve got this.
Detailed Requirements
Here are the specific requirements for starting a consumer lending in Surrey:
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Business Number (BN) Registration RequiredA 9-digit Business Number is required for most businesses operating in Canada. It is used to interact with the Canada Revenue Agency and other federal programs. Required for GST/HST, payroll, corporation income tax, and import/export accounts. Register FREE online through Business Registration Online (BRO) at canada.ca. Takes 15-30 minutes. As of November 3, 2025, online registration is MANDATORY for new BNs - phone registration no longer available. You'll need: business name, address, owner SIN, business type, and start date. BN (9-digit number) issued INSTANTLY online. Available 21 hours/day, 7 days/week (closed 3-6am ET for maintenance).
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Financial Institution Registration RequiredFinancial institutions must be registered/licensed with federal (OSFI) or provincial (FSRA) regulators depending on incorporation and services offered. OSFI regulates federally incorporated banks, trust companies, insurance companies. Bank Act, Trust and Loan Companies Act, Insurance Companies Act. Provincial alternatives for credit unions. Minimum capital requirements. Governance requirements. Contact OSFI: 1-800-385-8647.
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FINTRAC Registration (Anti-Money Laundering) RequiredFinancial services must register with FINTRAC and implement anti-money laundering and terrorist financing compliance programs. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Mandatory for: MSBs, casinos, real estate, securities, accountants, BC notaries. Register online. Compliance program required. Suspicious transaction reporting. Large cash reporting ($10K+). Keep records 5 years. Contact FINTRAC: 1-866-346-8722.
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Business Licence RequiredGeneral business licence required to operate a business in City of Surrey. Apply to City of Surrey for Business Licence: 1. Determine business category 2. Complete business licence application 3. Submit required documents (ID, lease, zoning confirmation) 4. Pay application and annual fees 5. Await approval and receive licence Contact City of Surrey Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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BC Business Name Registration (Sole Proprietorship/Partnership) RequiredRegistration of sole proprietorship or partnership business names with BC Registries Register sole proprietorship or partnership at bcregistry.gov.bc.ca. Name reservation: $30 (standard) or $100 (priority 1-2 days). Registration fee: $40. Total: ~$70. Name reserved for 56 days after approval. Registration is continuous (no renewal required). No name protection for sole proprietorships. Personal names operating under own name do not require registration. Contact BC Registries: 1-877-526-1526.
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GST/HST Registration ConditionalRequired if annual taxable revenue exceeds $30,000 (small supplier threshold). Taxi/ride-share drivers must register regardless of revenue. Businesses with gross revenues over $30,000 in any single quarter or over four consecutive quarters must register for, collect, and remit GST/HST. Small suppliers (under $30,000) may register voluntarily. Register FREE online through Business Registration Online (BRO) when your revenue exceeds $30,000 in any 4 consecutive quarters (small supplier threshold). Takes 15-30 minutes. You MUST register within 29 days of exceeding threshold and start charging GST/HST immediately on the sale that made you exceed it. Need your BN (or get one simultaneously). As of Nov 3, 2025, online registration is mandatory. Voluntary registration available anytime for input tax credits.
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Payroll Deductions Registration ConditionalRequired if you pay salaries, wages, or other remuneration to employees. Must register before first pay period. Required if you have employees. You must withhold Canada Pension Plan (CPP), Employment Insurance (EI), and income tax from employee wages and remit to CRA. Register FREE online through Business Registration Online (BRO) when you hire your first employee. Takes 15-20 minutes. You'll need your Business Number (BN) or can get one simultaneously. Payroll account (RP) added to your BN instantly. Register BEFORE your first pay date. Required to deduct CPP, EI, and income tax from employee wages. For 2025: CPP rate 5.95%, EI employee rate $1.66/$100 insurable earnings.
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WorkSafeBC Coverage and Registration ConditionalRequired if you have workers in BC. Workers compensation insurance coverage through WorkSafeBC for employers in British Columbia WorkSafeBC coverage required for most BC employers. Average base premium rate: 1.55% of assessable payroll ($1.55 per $100). Register online at worksafebc.com. Apply 30 days before starting business or hiring workers. Processing: ~10 business days. Premium rates vary by industry classification (514 classification units). COR certified employers eligible for 10% rebate. Contact: 604-276-3100 or 1-888-967-5377.
Funding & Grants
Available funding programs that may apply to your consumer lending:
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The Invest Nova Scotia Payroll Rebate is a negotiated incentive for knowledge-based companies creating at least 20 net new full-time positions in Nova Scotia. The rebate is 5–10% of eligible gross payroll, disbursed annually over a set period (typically up to 5 years), after audited confirmation of job creation. Eligible …
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