Launch Your Surrey Lessor of Nonfinancial Intangible Assets Business
Starting a Lessor of Nonfinancial Intangible Assets (NAICS 533110) business in Surrey? This page gives you a practical, step-by-step overview to get you started. You’ll find a clear summary of the seven essential requirements, plus the permits and registrations you’ll need at the federal, provincial, and municipal levels. We outline the costs you should budget for and a realistic timeline to move from idea to launch.
What you’ll learn: the seven requirements in plain language, how to register for a Business Number and GST/HST, which local Surrey licenses or permits apply, and how to secure essential protections like insurance and solid contracts. We also break down typical upfront costs—licensing, insurance, basic setup, and minimal marketing—so you can plan your budget, and map out a practical 4–8 week timeline to get your first leases signed.
Why Surrey is a smart fit: Surrey's growing economy and close ties to Vancouver create a solid customer base and convenient access to talent and services. The city supports small businesses with resources and networking, helping you turn your plan into a steady stream of lease agreements.
Requirements Overview
The most critical requirement for operating a business in Surrey is Intellectual Property Licensing Compliance. This is a non-negotiable, legally required baseline if your activities involve licensing or using someone else’s IP rights. Without the right licenses and permissions, you could be infringing and cannot legally operate. Start by listing every IP asset you’ll license or grant to others, and confirm you have valid licensing agreements before you begin offering your services.
Next come the essential operational permits and safety steps. Ensure you have a valid City of Surrey Business Licence to operate locally. If you’re a sole proprietor or in a partnership, you may also need BC Business Name Registration. For any employees, WorkSafeBC coverage is required to protect workers and stay compliant with provincial rules. These items help you operate legally, protect staff, and keep you in good standing with local and provincial regulations.
On the taxes and registration side, you’ll need a Business Number (BN) from the Canada Revenue Agency to handle taxes and payrolls. GST/HST registration is required if your revenue hits the threshold (and you should register when you expect to exceed it). If you hire staff, you’ll also set up payroll deductions registration. Having these registrations in place keeps your financials orderly and helps avoid penalties or delays with government programs.
Taking these steps now will set you up for success. Gather documents, visit provincial and municipal sites to apply, and consider quick consultations with a local accountant or small business advisor. With IP licensing in place and the core registrations checked off, you’ll be ready to launch confidently and grow in Surrey.
Detailed Requirements
Here are the specific requirements for starting a lessors of nonfinancial intangible assets (except copyrighted works) in Surrey:
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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.
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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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Business Licence RequiredGeneral business licence required to operate a business in City of Surrey. Apply to City of Surrey 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 Surrey Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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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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