Launch a Direct Health and Medical Insurance Carrier in Burnaby
This page offers a practical, step-by-step guide to starting a Direct Health and Medical Insurance Carrier (NAICS 524114) in Burnaby. You’ll get a clear overview of what you need to set up—from business registration to regulatory licensing—and an outline of typical startup costs. We’ll map out the six essential requirements and show you what the journey looks like from incorporation to first policy issuance.
Learn what each of the six requirements involves, including licensing and registrations, capital and solvency planning, governance and officer appointments, a privacy and data security program, and the technology and operations setup. We also cover permits, ongoing regulatory fees, and a realistic timeline so you can budget for each phase and move toward market quickly.
Burnaby offers a strategic base for insurance carriers, with access to Vancouver’s financial services ecosystem, a skilled talent pool, and supportive business networks that can help you grow.
Requirements Overview
The most critical requirement for operating a business in Burnaby is the Business Number (BN) Registration. This is the starter kit you need from the Canada Revenue Agency to handle taxes, payroll, and other government interactions. Without a BN, you cannot legally file taxes, hire staff, or open business accounts, so this is non-negotiable and must be in place before you start operating.
Beyond the BN, there are key regulatory and safety steps you’ll want to address early. FINTRAC Registration (Anti-Money Laundering) is a mandatory compliance measure for financial services activities, including health and medical insurance carriers, to detect and report suspicious transactions. You’ll also need WorkSafeBC Coverage and Registration to protect your employees and meet provincial workplace safety obligations. These items are about staying within the law and safeguarding your team, so they should be set up as soon as practical.
For how your business is officially named and taxed, you’ll also deal with BC Business Name Registration (Sole Proprietorship/Partnership) to legally register the business name in British Columbia if you’re not operating under your personal name. In addition, plan for GST/HST Registration with the Canada Revenue Agency to handle sales taxes as your revenue grows or if you want to claim input tax credits. If you have employees, you’ll need Payroll Deductions Registration to manage withholdings for income tax, CPP, and EI.
Ready to move forward? Start by securing your BN and aligning FINTRAC and WorkSafeBC requirements, then complete the BC name registration if needed. Set up CRA accounts for GST/HST and payroll, and gather your team and financial records. With these foundations in place, you’ll be well on your way to a compliant, smoothly running operation. If you’d like, I can map out a simple, step-by-step checklist tailored to Burnaby.
Detailed Requirements
Here are the specific requirements for starting a direct health and medical insurance carriers 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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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.
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