How to Start a Richmond Mortgage and Loan Brokerage
This page lays out a practical path to launching a mortgage and nonmortgage loan brokerage in Richmond. You’ll find a clear overview of the 11 requirements, the licenses and registrations you’ll need, the permits that may apply, and the startup costs and timeline from idea to opening day.
What you’ll learn: the exact order to tackle the 11 requirements, the documents to prepare, and best practices for licensing and ongoing compliance. We break down key areas—business registration and structure, professional licensing, insurance and bonding, AML and privacy obligations, trust accounts where required, office setup, technology, and marketing—plus practical tips on permits, cost ranges, and timing.
Why Richmond is a smart fit: a growing housing market, close access to lenders, and a supportive small‑business community make it easier to launch a mortgage and loan brokerage. With a solid plan and the right partners, you can open doors in Richmond sooner than you think.
Requirements Overview
The most critical requirement for operating a mortgage broker business in Richmond is BC Mortgage Broker Registration (BCFSA). This license is required by law and you cannot legally operate without it. It is non-negotiable and must be in place before you start offering mortgage brokerage services in British Columbia.
Mandatory Operational Requirements: In addition to licensing, you must meet health, safety, and regulatory obligations. You need FINTRAC registrations as a reporting entity and an Anti-Money Laundering Compliance Program, and you may also need Financial Institution Registration depending on your activities. You must also maintain WorkSafeBC coverage and registration to ensure a compliant and safe workplace for you and your staff. These AML and safety requirements are essential to run your business properly and avoid penalties.
Business Registration & Tax: You’ll also need standard business registrations and tax accounts. This includes obtaining a municipal Business Licence for Richmond, registering a Business Number (BN) with the Canada Revenue Agency, and, if you operate as a sole proprietorship or partnership, registering a BC Business Name. For ongoing taxes, register for GST/HST if you meet the threshold, and set up Payroll Deductions Registration if you have employees.
Encouragement: Take it step by step and use a simple checklist to keep things moving. Start with the mortgage broker registration, then tackle AML and safety registrations, and finally set up your business and tax accounts. If you reach out to the relevant regulators and a trusted advisor, you’ll have a clear path forward and soon you’ll be ready to serve clients in Richmond. You’ve got this.
Detailed Requirements
Here are the specific requirements for starting a mortgage and nonmortgage loan brokers 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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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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FINTRAC Reporting Entity Registration RequiredBusinesses engaged in financial activities must register with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a reporting entity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Register with FINTRAC if you are a Money Services Business (MSB) or reporting entity: 1. Visit fintrac-canafe.canada.ca before beginning operations 2. Required for: MSBs, banks, credit unions, insurance, accountants, real estate, casinos 3. Submit registration form via secure Canada Post Connect 4. Need: Business info, criminal record checks (issued within 6 months) 5. Keep registration current and renew as required 6. Changes to business info must be reported within 30 days Recent changes: Title insurers, payment providers, crowdfunding now included
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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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BC Mortgage Broker Registration (BCFSA) RequiredRegistration for mortgage brokers and submortgage brokers in British Columbia through the Financial Services Regulatory Authority Register with BC Financial Services Authority (BCFSA). Registration fee: $1,500. Pre-licensing education required through approved providers. Must be employed by licensed brokerage. Criminal record check and errors & omissions insurance required. Processing: 10-20 business days. Contact: BCFSA at 604-660-3555.
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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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Anti-Money Laundering Compliance Program ConditionalRequired for FINTRAC reporting entities: MSBs, banks, insurance, real estate, accountants, casinos. Implementation of a comprehensive AML/ATF compliance program including customer identification, record keeping, suspicious transaction reporting, and staff training. Establish AML/ATF Compliance Program under PCMLTFA: 1. Appoint a Compliance Officer responsible for program 2. Develop written policies and procedures for: - Customer identification and verification (KYC) - Record-keeping (5-year retention) - Suspicious transaction reporting to FINTRAC - Risk assessment and ongoing monitoring 3. Implement staff training program 4. Conduct independent effectiveness review every 2 years 5. Report listed persons/entities property to FINTRAC Details at fintrac-canafe.canada.ca/guidance-directives
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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 mortgage and nonmortgage loan brokers:
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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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