Launch a Direct Life Insurance Carrier in Burnaby
This page offers a practical, step-by-step guide to launching a direct life insurance carrier in Burnaby. Grounded in NAICS 524113, it breaks down the six requirements you’ll need to meet, the permits you’ll apply for, and a realistic view of startup costs and a timeline from company setup to first policy.
This section gives you a clear six-item checklist and practical guidance on what regulators expect, how to structure your company, and the steps to secure licensing for sales channels. You’ll learn about capital and reserves, governance, AML and data controls, regulatory submissions, and the IT and policy administration setup you’ll need. It also outlines typical timelines and cost ranges so you can plan with confidence.
Burnaby’s proximity to Vancouver, access to a skilled financial services workforce, and welcoming business climate make it a smart place to launch a direct life insurance carrier in BC. The city’s ecosystem helps you reach BC policyholders efficiently while keeping startup logistics smooth.
Requirements Overview
The most critical requirement for operating a direct life insurance carrier in Burnaby is Business Number (BN) Registration. This is a legal must-have; you cannot legally operate, file taxes, or open business accounts without a BN. It is non-negotiable and forms the backbone of your ability to interact with the government, banks, and partners.
Mandatory operational requirements include FINTRAC Registration (Anti-Money Laundering) and WorkSafeBC Coverage and Registration. FINTRAC helps ensure your business complies with anti-money-laundering rules and customer identification obligations. WorkSafeBC coverage protects your staff and ensures you meet workplace safety regulations. Both are essential for regulated financial services and must be in place before you operate.
Business Registration & Tax includes BC Business Name Registration (Sole Proprietorship/Partnership), GST/HST Registration, and Payroll Deductions Registration. If you’re operating as a sole proprietorship or partnership, you’ll need to register your business name with the BC registry. You’ll also determine whether you must register for GST/HST depending on your expected revenue and whether you charge customers. If you have employees, set up Payroll D deductions registration so you can remit payroll taxes to the authorities.
Encouragement: you’re already laying a solid foundation by listing these steps. Next, confirm your BN with the CRA, then complete FINTRAC and WorkSafeBC registrations, followed by BC name registration and your tax accounts. Create a simple compliance calendar and tackle one step at a time—with steady progress you’ll move confidently toward launch. If you’d like, I can help you draft a concrete action plan with a checklist tailored to your timeline.
Detailed Requirements
Here are the specific requirements for starting a direct life 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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