Launch Burnaby International Credit Intermediation: Start Today for Growth
This page offers a practical, step-by-step roadmap to starting an International, Secondary Market, and All Other Nondepository Credit Intermediation business in Burnaby (NAICS 522299). You’ll get a clear requirements overview, guidance on permits and registrations in British Columbia, and a realistic view of costs and the timeline to launch. We highlight seven essential requirements and where to apply for permits and the forms you’ll need.
You’ll learn how to choose your business structure, register for a Business Number with the CRA, and determine which licenses or provincial permits may apply. We break down typical start-up costs—incorporation fees, insurance, and AML/compliance—as well as a practical timeline from formation to first clients. You’ll also get tips on privacy rules and FINTRAC reporting to stay compliant.
Burnaby’s strong local business networks and proximity to Vancouver’s international markets make it a smart base for a national or international lending intermediary. With solid planning, you can meet the seven requirements, secure the right permits, and begin serving clients within weeks to a couple of months. This is a friendly, actionable path to launching in British Columbia and across Canada.
Requirements Overview
The most critical requirement for operating a business in Burnaby is Business Number (BN) Registration. This BN is issued by the Canada Revenue Agency and serves as the legal ID you need for taxes, payroll, and reporting. You cannot legally run an international, secondary market, or other nondepository credit intermediation activities in Burnaby without a BN. It’s non-negotiable and foundational to everything else you’ll do, from opening bank accounts to filing returns and registering for other programs.
Beyond the BN, you’ll need to cover essential operations and compliance. This includes FINTRAC Registration (Anti-Money Laundering) to monitor and report suspicious activity, and Financial Institution Registration (as applicable to your lending activities) to meet regulator expectations. You’ll also need WorkSafeBC coverage if you hire staff to protect workers in case of injury. Depending on your exact setup, there may be municipal requirements such as a Burnaby business license or other permits—check local rules to avoid gaps.
Business Registration & Tax: If you operate as a sole proprietor or partnership, register your BC Business Name; register for GST/HST with the Canada Revenue Agency if your activity meets the threshold or if you opt to register early. If you have employees, set up Payroll Deductions Registration. Keeping these numbers current ensures you can collect taxes correctly and stay in good standing with both provincial and federal authorities.
Next steps: Start with obtaining your BN, then tackle the AML, regulatory, and safety registrations in parallel. Gather the needed documents, apply online where possible, and build a simple compliance calendar to track renewals and obligations. If you’d like, I can help you create a practical 30-day action plan tailored to your exact business footprint in Burnaby.
Detailed Requirements
Here are the specific requirements for starting a international, secondary market, and all other nondepository credit intermediation 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 international, secondary market, and all other nondepository credit intermediation:
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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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