Launch a Credit Card Issuing Business in Burnaby Today
This page guides aspiring entrepreneurs through starting a credit card issuing business in Burnaby (NAICS 522210). It offers a practical, no-jargon view of what it takes—from regulatory steps to picking the right business structure. You’ll learn about the 7 requirements, the permits and registrations involved, the typical startup costs, and a realistic timeline to move from idea to operations.
Here’s what you’ll learn next: the seven practical requirements, plus how to secure licenses, approvals, and a bank or network partner. We’ll break down capital planning, risk controls, privacy and security measures, and ongoing reporting so you stay compliant. You’ll also get a blunt look at costs—from incorporation fees to network deposits and initial operating capital—and a clear startup timeline.
Burnaby is a smart launchpad for fintech ventures—close to Vancouver’s talent pool, with lower overhead, a supportive business climate, and easy access to banks and payment networks. The city’s growth and diverse talent mix can help you recruit the people and partners you need, while you build a resilient, compliant credit card issuing operation right in BC.
Requirements Overview
The most critical requirement for operating a credit card issuing business in Burnaby is Business Number (BN) Registration. This BN is issued by the Canada Revenue Agency and is how your business is identified for tax, payroll, and other government programs. You cannot legally operate without a BN, and it is non-negotiable. In addition to the BN, there are other mandatory registrations you must secure early on: Financial Institution Registration with the appropriate regulator, FINTRAC Registration for anti-money laundering, and BC Business Name Registration if you’re operating as a sole proprietorship or partnership. These registrations are non-negotiable and form the foundation of a compliant financial-services operation.
On the operational side, you’ll need to cover health and safety and align with regulatory licensing. This means maintaining WorkSafeBC coverage and keeping up with safety training and reporting for any staff. Grouped with this are critical compliance registrations that support lawful operation: FINTRAC AML registration to meet anti-money laundering rules, and Financial Institution Registration as part of the licensing framework for financial services. Treat these as essential parts of your daily operations, not optional add-ons.
For Business Registration & Tax, prepare the formal business identity and tax numbers you’ll rely on. Use your BN as the central identifier, and if you’re a sole proprietorship or partnership, register a BC Business Name. Plan for GST/HST registration if your revenue meets the threshold or if you choose to register voluntarily, so you can collect and remit tax properly. If you have employees, set up Payroll Deductions Registration with the CRA to manage income tax withholdings, CPP/EI, and reporting. These steps ensure your books are in order and you stay compliant as you grow.
Next steps: map out a realistic timeline, gather the necessary documents, and reach out to regulators or a regulatory advisor to confirm your sp
Detailed Requirements
Here are the specific requirements for starting a credit card issuing in Burnaby:
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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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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 credit card issuing:
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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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