Launch a Montreal Bank Holding Company Office Today
This page guides you through launching an Office of a Bank Holding Company in Montreal. It offers a practical, step-by-step view of what it takes—from incorporation and business registrations to the regulatory approvals and licenses that matter for NAICS 551111. You’ll also get insight into the permits you may need, the typical costs involved, and a realistic timeline from plan to a functioning office.
Nine key requirements guide the process. You’ll get a clear overview of each item, including corporate registration with Registraire des entreprises, governance and board setup, and a capital and funding plan. It covers regulatory approvals (OSFI and Bank Act considerations), licensing and permits, and robust compliance programs for AML and privacy, plus IT security, reporting, and audit readiness. Practical tips help you prepare and stay on track, so you can move from idea to operation with confidence.
Montreal’s strong financial services ecosystem, bilingual talent pool, and comparatively favorable operating costs make it an attractive base for a national or cross-border bank holding company. With the right plan and partners, you can leverage the city’s resources to reach key milestones efficiently.
Requirements Overview
The most critical requirement for operating a business in Montreal is the Business Licence. This license is a legal prerequisite to run an office here, and you cannot legally operate without it. It is non-negotiable: without the licence, you’re not allowed to conduct business activities in Montreal, period.
Next, focus on health, safety, and essential permits. For any employer, staying compliant with worker protections matters: you must register for CNESST Employer Registration to cover workers’ compensation, and you’ll also handle Payroll Deductions Registration so you can properly withhold and remit payroll taxes. Grouping these ensures your employees are protected and that you’re meeting the basic employment-law requirements that keep your operations running smoothly.
On business registration and taxes, you’ll need to sort provincial and federal identifiers. Decide your structure (partnership or Quebec corporation) and register with Registraire des entreprises (REQ) to obtain your Quebec Enterprise Number (NEQ). You’ll also need a federal Business Number (BN) from the Canada Revenue Agency for tax accounts, and you may need GST/HST registration if your taxable supplies reach the threshold. In short, connect the provincial registrations (NEQ/REQ) with the federal BN and GST/HST where applicable to keep all tax accounts in good standing.
You’re on the right track—next steps are actionable and doable. Start by securing the Montreal Business Licence, then complete the Registraire des entreprises registrations (REQ/NEQ) and choose your corporate form. Set up your BN with the CRA and apply for GST/HST if required, plus CNESST and Payroll Deductions registrations. If you’d like, I can map these steps to a simple checklist with deadlines to keep you on track.
Detailed Requirements
Here are the specific requirements for starting a offices of bank holding companies in Montreal:
-
Business Licence RequiredGeneral business licence required to operate a business in Ville de Montreal. Apply to Ville de Montréal 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 Ville de Montréal Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
-
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).
-
Quebec Enterprise Number (NEQ) Registration RequiredRegistration of business with the Quebec Enterprise Registrar. Register with Registraire des entreprises du Québec: 1. Access quebec.ca/entreprises services 2. Complete declaration of registration online 3. Pay registration fee ($38 sole proprietorship, $367 corporation) 4. Receive NEQ (Numéro d'entreprise du Québec) Annual registration fee: $35 (exempt first 2 years). Annual update declaration required. 30-day deadline for changes.
-
Quebec Business Registration (REQ - Registraire des entreprises) RequiredAll businesses operating in Quebec must register with the Registraire des entreprises du Québec (Quebec Enterprise Registrar). This includes sole proprietorships, partnerships, and corporations. Registration provides a Quebec Enterprise Number (NEQ) which is required for all business activities including banking, licensing, and tax purposes. Unlike other provinces, registration is mandatory for ALL businesses in Quebec, not just those with a business name different from the owner. Registration can be completed online. Annual declarations must be filed to keep the registration current. Register with Registraire des entreprises within 60 days of starting business. Required for sole proprietors operating under trade name, partnerships, and corporations. $39 for sole proprietorship, $60 for partnership. Receive NEQ (Quebec Enterprise Number).
-
Partnership Registration ConditionalRequired if operating as partnership. Registration of general or limited partnerships in Quebec. Register partnership with Registraire des entreprises: 1. Complete declaration of registration 2. Provide partner information 3. Submit registration 4. Pay registration fee General and limited partnerships. NEQ assigned upon registration. Annual update declaration required.
-
Quebec Corporation Registration ConditionalRequired if incorporating in Quebec. Incorporation of a company under Quebec law. Incorporate through Registraire des entreprises: 1. Conduct name search (NUANS) 2. Prepare articles of incorporation 3. Submit through quebec.ca or registry office 4. Pay incorporation fee ($367) Annual reporting required. Must file annual update declaration. Federal incorporation alternative available ($200).
-
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.
-
Quebec CNESST Employer Registration (Workers Compensation) ConditionalRequired if you have employees in Quebec. Employers in Quebec must register with the CNESST (Commission des normes, de l'équité, de la santé et de la sécurité du travail) and maintain coverage for workers. CNESST provides insurance coverage for workplace injuries and occupational diseases under Quebec's workers' compensation system. Most employers are required to register within 60 days of hiring their first worker. Employers pay contributions (premiums) based on their business activity classification and assessable payroll. Register with CNESST within 60 days of hiring first employee. CNESST provides workplace health and safety coverage. Premium rates based on industry classification. Annual declaration of wages required by March 14.
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: