Start Your Nonfinancial Intangible Asset Leasing Business in Burnaby
This page offers a practical, step-by-step blueprint to launching a Lessors of Nonfinancial Intangible Assets (NAICS 533110) business in Burnaby. It presents a clear six-step plan—from setup to ongoing compliance—and highlights exactly what you need to start licensing intangible assets. You’ll see a concise requirements overview, the permits you’ll need, typical startup costs, and a realistic timeline to get your first leases signed.
Inside you’ll learn how to: choose a business structure, register with BC Corporate Registry, clear and register a business name, obtain a Burnaby municipal business license, register for GST/HST, and draft licensing agreements with the proper protections and insurance. We also break down expected costs and the timeline so you know when approvals come through and revenue can begin.
Burnaby’s proximity to Vancouver, affordable office options, and a growing tech and manufacturing base in British Columbia make it a smart spot to start this niche. The city’s streamlined licensing process and vibrant business resources help you move quickly from idea to signed licensing agreements.
Requirements Overview
The most critical requirement for operating a business in Burnaby is Intellectual Property Licensing Compliance. This is a legal must-have: you must have the rights to any IP you lease or use, and you must honor licensing terms. You cannot legally operate without proper licenses or ownership rights, so start by reviewing every IP asset you’ll handle and securing clear, enforceable licenses or ownership documentation. Keep records and consult an IP professional if needed. This non-negotiable requirement protects you from costly disputes.
Mandatory Operational Requirements: In addition to licensing, there are health, safety, and permit considerations. If you have employees, you’ll need WorkSafeBC coverage and registration. You’ll also manage payroll deductions for your staff, and you should register for GST/HST as applicable to collect and remit taxes. If Burnaby requires city permits for your activity, obtain them before you begin operating.
Business Registration & Tax: To operate legally in BC and with the federal system, you’ll need a Business Number (BN) with the Canada Revenue Agency. If you’re a sole proprietor or partnership, register a BC Business Name. Plan for GST/HST if your revenue crosses thresholds, and set up payroll deductions if you hire staff. These registrations keep taxes and reporting straightforward and help you stay compliant across jurisdictions.
Encouragement: Use this as a practical starter map. Start with a quick IP licensing audit, then tackle the registration steps one by one. Consider a short consult with a local business advisor or lawyer to tailor these steps to Burnaby and your IP portfolio. With a realistic timeline and simple checklists, you’ll move confidently from setup to steady, compliant operations.
Detailed Requirements
Here are the specific requirements for starting a lessors of nonfinancial intangible assets (except copyrighted works) in Burnaby:
-
Intellectual Property Licensing Compliance RequiredIP lessors must comply with licensing agreements, trademark and patent registration, royalty reporting, and competition law requirements. Intellectual property licensing compliance. Patent licensing. Technology transfer. Competition Act considerations. CIPO registration. Contact CIPO: 1-866-997-1936.
-
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).
-
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: