Start Your Lessors of Other Real Estate Property Business in Richmond
This page helps aspiring landlords understand what it takes to start a Lessors of Other Real Estate Property business in Richmond. You’ll find a clear overview of the six requirements you’ll need to meet, plus practical notes on permits, licenses, and registrations. We break down what to prepare now and what to expect next, so you can move forward with confidence—and skip guesswork.
Here’s what you’ll learn: the six core requirements (business registration, municipal license, GST/HST registration (where applicable), insurance, lease contracts, and zoning checks), the permits you may need, and sensible cost ranges. Costs can vary by property type and setup, but you should plan for initial fees in the low to mid four figures and ongoing expenses manageable for a small business. You’ll also get a practical timeline—from paperwork to opening—so you know when to expect milestones and how to plan your budget.
Why Richmond? The city offers a strong rental market, supportive small-business programs, and proximity to Vancouver’s demand, making it a smart place to start a property leasing business. Plus, Richmond’s local resources and streamlined permit processes can help you move faster from plan to keys.
Requirements Overview
The most critical requirement for operating a business in Richmond is Business Licence. In British Columbia, you must have a valid City of Richmond business licence to legally run a rental business. This is non-negotiable—you cannot operate without it, and attempting otherwise can lead to fines, orders to close, or other legal trouble.
Mandatory Operational Requirements: health, safety, permits. In addition to the licence, you need to meet basic health and safety standards. The cornerstone is WorkSafeBC Coverage and Registration: if you have employees or contract work, you must be registered and maintain coverage to protect workers and comply with provincial rules. Also, ensure tenant safety and general property safety practices (smoke detectors, exits, and compliance with any city-by-law requirements that apply to rental operations).
Business Registration & Tax: You’ll typically need a Canada Revenue Agency Business Number (BN) for tax matters, and a BC Business Name Registration if you’re operating under a name other than your own. GST/HST registration applies if your revenue crosses the threshold or you choose to register voluntarily. Payroll Deductions Registration is required if you have employees, to manage payroll remittances and related obligations.
Encouragement: Ready to move forward? Start by applying for the City of Richmond licence, then set up your BN and business name, and register for GST/HST and payroll if needed. If you’d like, I can tailor a simple, step-by-step checklist for your exact situation and help you map out the exact documents you’ll need.
Detailed Requirements
Here are the specific requirements for starting a lessors of other real estate property in Richmond:
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Business Licence RequiredGeneral business licence required to operate a business in City of Richmond. Apply to City of Richmond 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 Richmond Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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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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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 lessors of other real estate property:
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MLI Select is Canada Mortgage and Housing Corporation's multi-unit mortgage loan insurance product that uses a points-based scoring system to offer enhanced financing terms to borrowers who commit to affordability, accessibility, and/or energy-efficiency outcomes. Projects earn points across three pillars — affordability (rents at 30% of median regional renter income), …
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The Housing Accelerator Fund is a $4.4 billion CMHC initiative running to 2027–28 that provides non-repayable contributions to local governments. Funding is calculated per projected new housing unit enabled by the applicant's action plan, with per-unit amounts varying by housing type (approx. $12,000–$20,000+ per unit). Payments are delivered in four …
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$300M program that ran five competitive rounds (2019-2025) through Impact Canada and CMHC, each targeting different supply barriers. Round 5 (Level-Up, $65M) focused on transforming housing production at scale via skill enhancement, automation, and supply chain improvements. All five rounds are now completed with prize recipients announced.
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The $1.5B CHDP provides up to 100% of project costs via forgivable loans (up to 1/3 of costs, forgiven over 20 years) and repayable loans (up to 2/3 of costs, amortized up to 50 years at below-market rates). First intake ran July–September 2024; additional rounds planned through 2027. Third intake …
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The FLI is a $318.9M fund that makes surplus federal properties available to eligible housing providers at below-market or no cost. The level of discount depends on social outcomes committed to in the approved proposal. Over 90 properties are listed on the Canada Public Land Bank. Budget 2024 added $112.6M …
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