Launch an International Credit Intermediation Firm in London
This page is your practical, step-by-step guide to launching an International, Secondary Market, and All Other Nondepository Credit Intermediation business in London (NAICS 522299). It breaks down the regulatory path so you know what to file, who to contact, and what it takes to stay compliant. You’ll get a clear 11-step requirements overview, plus a straightforward permits and registrations checklist, estimated upfront costs, and a realistic timeline to plan with confidence.
What you’ll learn: a practical path through the 11 requirements, including which permits you must secure in London, how to file with provincial and federal agencies, and what records you’ll need. We’ll share typical processing timelines and milestones, plus a transparent cost snapshot—licensing fees, registrations, insurance, and ongoing compliance—so you can budget from day one.
Why London? This city combines proximity to international markets with a growing finance ecosystem, skilled talent, and a business-friendly environment. Starting here sets you up for easy access to partners, clients, and regulatory support, while keeping operations efficient and compliant.
Requirements Overview
The most critical requirement for operating a business in London, Ontario is Occupational Health and Safety Act Compliance. This is a legally required standard you cannot opt out of and you cannot legally operate without meeting. It means putting safe work practices in place, providing training, keeping records, and promptly addressing hazards. This requirement is non-negotiable and forms the essential foundation you must have in place before you begin any international or nondepository credit intermediation activities.
Mandatory Operational Requirements include health, safety, and necessary permits. Grouping these together, you must have Occupational Health and Safety Act compliance and WSIB coverage for all employees to handle workplace injuries. You also need to meet Employment Standards Compliance and set up Payroll Deductions for tax and benefit withholdings. Ensure you have a valid Business Licence where required and carry Professional/General Liability Insurance to protect the business, staff, and clients.
Business Registration & Tax covers the official business identifiers and tax obligations. You will typically need a Business Number (BN) registration with the Canada Revenue Agency and Ontario Business Name Registration (ServiceOntario). You should also obtain GST/HST Registration and Payroll Deductions Registration. Depending on your activities, FINTRAC Registration (anti-money laundering) is required, and Financial Institution Registration may apply if you operate under a regulated financial services path. The exact registrations depend on your licensing route and jurisdictional rules.
Encouragement: Start by checking with ServiceOntario, the CRA, WSIB, and FINTRAC to confirm the exact registrations you need. Build a simple compliance calendar, gather the necessary documents, and consider consulting a local regulatory advisor to keep you on track. With clear next steps and the right registrations in place, you’ll be well positioned to pursue internatio
Detailed Requirements
Here are the specific requirements for starting a international, secondary market, and all other nondepository credit intermediation in London:
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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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Business Licence RequiredGeneral business licence required to operate a business in City of London. Apply to City of London for Business Licence: 1. Determine business category 2. Complete business licence application 3. Submit required documents (ID, lease, zoning confirmation) 4. Pay application and annual fees 5. Await approval and receive licence Contact City of London Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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Ontario Business Name Registration (ServiceOntario) RequiredBusinesses in Ontario operating under a name other than the owner's legal name must register with Ontario Business Registry through ServiceOntario. This includes sole proprietorships, partnerships, and business names for corporations. Registration provides legal protection for the business name within Ontario and is required for banking, licensing, and business operations. Registration can be completed online through Ontario Business Registry. Business name registrations must be renewed every 5 years. Register business name with Ontario Business Registry: 1. Search Ontario Business Registry (free) for name availability 2. Consider NUANS name report ($25) for thorough search 3. Register online through Ontario Business Registry 4. Pay registration fee ($60 for sole proprietorship/partnership) 5. Receive 9-digit Ontario Business Identification Number (BIN) 6. Registration valid for 5 years 7. Renew before expiry
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Occupational Health and Safety Act Compliance RequiredAll Ontario workplaces must comply with the Occupational Health and Safety Act to ensure safe working conditions. Requirements include workplace safety policies, training, hazard assessments, and incident reporting. No registration - compliance law. Must post OHSA in workplace. JHSC required for 20+ workers (or 6+ in designated industries). Nov 2025: New administrative penalty scheme, defibrillator reimbursement. Telework now covered. Fines: up to $500K individuals, $1.5M corporations. 27 regulations under OHSA. Must conduct safety audits, maintain training records. Contact: 1-877-202-0008.
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Employment Standards Compliance ConditionalApplies if you have employees. Covers minimum wage, hours of work, vacation pay, public holidays, termination notice, etc. All Ontario employers must comply with the Employment Standards Act, covering minimum wage, hours of work, overtime, vacation, termination, severance, and other workplace rights. No registration required - compliance-based requirement. Follow Employment Standards Act (ESA) for minimum wage, hours of work, overtime, vacation, leaves, and termination. Post ESA poster in workplace (free download from ontario.ca). Keep employment records for 3 years. NEW for 2025: Employers with 25+ staff must provide written employment info to new hires by July 1, 2025. Job postings must include salary ranges by Jan 1, 2026. Call 1-800-531-5551 for help.
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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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WSIB Registration and Coverage ConditionalRequired within 10 days of hiring first employee, including family members and subcontractors. Workplace Safety and Insurance Board (WSIB) registration is mandatory for most Ontario businesses with employees. Provides compensation and support for workplace injuries and illnesses. Sole proprietors and partners can apply for optional coverage. Register FREE online at wsib.ca in 15-20 minutes. MANDATORY for most Ontario employers within 10 calendar days of hiring first worker. You'll need: CRA Business Number, payroll estimate, business activity description, owner/director info. Account number issued INSTANTLY online. Construction industry has expanded compulsory coverage. Premium rates vary by industry classification. Must display WSIB safety poster in workplace.
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Professional/General Liability Insurance RecommendedService businesses should maintain liability insurance appropriate to their risk profile. Not provincially mandated but industry standard. CGL minimum $1M for small businesses. Required by contracts, landlords, clients. Covers bodily injury, property damage, personal injury. E&O insurance for professional services. D&O for directors. Cyber insurance increasingly required. WSIB separate requirement. Contact licensed insurance broker (RIBO-regulated).
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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