Launch a Vancouver Mortgage and Nonmortgage Loan Brokerage Today
This page gives you a practical, step-by-step guide to starting a Vancouver mortgage and nonmortgage loan brokerage. You’ll find a clear overview of the 11 requirements, plus the permits, licenses, and setup steps you’ll need. We map it to NAICS 522310, outline typical startup costs, and lay out a realistic timeline from idea to launch so you can move with confidence.
What you’ll learn includes a Vancouver-specific requirements overview: the permits and licenses needed by the City of Vancouver and the province, essential registrations with FINTRAC and BC financial regulators, and the compliance steps for anti-money laundering. We break down costs—office setup, software, professional insurance, and ongoing licensing—and provide a practical timeline so you can hit every milestone on schedule.
Vancouver is a vibrant market for mortgage and loan brokers, with a strong housing sector and a diverse client base. This makes it easier to grow your client list, access lenders, and build a durable, compliant business under NAICS 522310.
Requirements Overview
The most critical requirement for operating a mortgage and loan broker business in Vancouver is BC Mortgage Broker Registration (BCFSA). This license is mandatory to legally offer mortgage brokering services in BC, and you cannot operate without it. It’s the non-negotiable foundation that lets you legally serve clients and stay compliant with provincial rules, inspections, and ongoing supervision.
For mandatory operational requirements, you’ll want to group these practicality-focused items together. Health and safety and permits include WorkSafeBC coverage for your workers and a valid Vancouver business licence to legally operate in the city. On the regulatory/AML side, ensure you are registered with FINTRAC as a reporting entity and have an Anti-Money Laundering Compliance Program in place. Depending on your services, you may also need Financial Institution Registration. Keeping these elements in place helps you meet day-to-day obligations and avoid penalties.
Business Registration & Tax covers the formal business identity and tax numbers you’ll need. This includes obtaining a Business Number (BN) from the CRA, registering a BC Business Name if you’re a sole proprietor or partnership, and planning for GST/HST registration when your revenues reach the threshold (or choosing to register voluntarily). Don’t forget payroll-related needs: set up Payroll Deductions Registration with the CRA if you have employees.
If you’re unsure where to start, a practical next step is to tackle the non-negotiables first—BC Mortgage Broker Registration (BCFSA) and FINTRAC registrations—then line up your municipal licence, business name, and tax registrations. You’ve got this: with a clear plan and steady progress, you’ll be set up for a compliant, successful brokerage in Vancouver. If you’d like, I can turn this into a simple, actionable checklist and timeline.
Detailed Requirements
Here are the specific requirements for starting a mortgage and nonmortgage loan brokers in Vancouver:
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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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Business Licence RequiredGeneral business licence required to operate a business in City of Vancouver. Apply to City of Vancouver 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 Vancouver 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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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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