Launch a Direct Property and Casualty Insurance Carrier in Burnaby
Welcome to your starter guide for building a direct property and casualty insurance carrier (NAICS 524126) in Burnaby. This page lays out a practical, six-step path from idea to operational company. You’ll find a clear overview of the six requirements, plus what permits and licenses you’ll need, typical startup costs, and a realistic timeline to help you plan without guesswork.
By reading on, you’ll understand exactly what the six requirements cover—from company structure and capitalisation to regulatory approvals, governance, and risk management. We break down permits, licensing steps, and ongoing compliance you’ll face with BC Financial Services Authority (BCFSA) or OSFI depending on your setup. You’ll also get a sense of startup costs (licensing fees, legal and consulting, technology and reserves) and a practical timeline from registration to market-ready operations.
Burnaby offers a growing talent pool, close ties to Vancouver's financial services ecosystem, and supportive local services for insurers. With a favorable business climate and access to regional markets, Burnaby is a smart launchpad for a direct P&C carrier with national potential.
Requirements Overview
The most critical requirement for operating a business in Burnaby is Business Number (BN) Registration. This BN is your unique identifier with the federal government and is needed for taxes, payroll, and licensing. You cannot legally operate a business in Canada without it, so this is non-negotiable. Along with the BN, two other registrations you’ll likely encounter early are FINTRAC Registration (anti-money laundering) and BC Business Name Registration if you’re running as a sole proprietorship or partnership.
Mandatory Operational Requirements: Health, safety, permits. WorkSafeBC Coverage and Registration is required if you have employees, and you’ll need to implement basic safety policies, training, and incident reporting. This is the core health and safety obligation that protects workers and helps you stay compliant as you grow. Grouped with these are general operational protections and compliance practices that support a safe, lawful workplace.
Business Registration & Tax. Beyond obtaining your BN, you’ll likely need BC Business Name Registration if you’re using a trade name; FINTRAC Registration for anti-money-laundering controls; GST/HST Registration if your revenue hits the threshold (or if you choose to register voluntarily); and Payroll Deductions Registration if you have employees. These numbers and registrations are essential for proper reporting, remittance, and keeping your business compliant.
Encouragement: Next steps. Start by mapping your structure and timelines: decide your business structure, apply for BN, consider BC Business Name if applicable, and complete FINTRAC registration. Then assess GST/HST and Payroll Deductions needs, and set up WorkSafeBC coverage if you’ll hire. If you’re unsure, consider a quick consult with an accountant or small-business advisor to build a simple compliance plan and keep you on track. You’re taking the right steps—persevere and you’ll be well prepared.
Detailed Requirements
Here are the specific requirements for starting a direct property and casualty insurance carriers in Burnaby:
-
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).
-
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.
-
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.
-
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.
-
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.
-
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.
Ready to Launch Your Business?
Starting a business can be complex, but you don't have to do it alone. Our AI-powered business matcher can help you understand exactly what you need for your specific situation.
Try Our AI Business Matcher Get Expert Help
No credit card required • Takes 2 minutes
Browse Other Business Sectors
Explore business requirements in other industries: