Launch Your Offices of Other Holding Companies in Richmond Today
This page helps you plan and launch Offices of Other Holding Companies (NAICS 551112) in Richmond. You’ll find a practical overview of the six requirements, the permits you may need, typical start-up costs, and a clear timeline. Whether you’re forming a new holding company or reorganizing an existing one, this guide gives you a simple checklist and local resources to keep things moving smoothly.
What you’ll learn: the six requirements you’ll need, whether you file provincially or federally. They include: 1) choosing a corporate structure and registering the company, 2) a name search and reservation, 3) obtaining a business number and GST/HST accounts, 4) setting a Richmond registered office and appointing directors, 5) keeping corporate records and filing annual reports, and 6) securing municipal licenses or permits as needed. We cover typical government fees, professional costs, and a realistic timeline, plus tips to speed things up.
Richmond’s proximity to Vancouver, strong logistics, and supportive business community make this a smart place to establish a holding company office.
Requirements Overview
The most critical requirement for operating a business in Richmond is the Business Licence. This is legally required by the City of Richmond, and you cannot legally operate without it. It’s the official permission to run a business in the city, and skipping it can lead to fines, orders to cease operations, or closure. Make obtaining the licence your first step before opening an office or hiring staff; this is non-negotiable.
Next come the mandatory operational requirements that cover health, safety, and basic permits. Health and safety: WorkSafeBC Coverage and Registration is required for any employer with staff to protect workers and meet provincial rules. Payroll obligations: Payroll Deductions Registration ensures you withhold and remit income tax, CPP/QPP, and EI. These items—along with meeting any local permit or registration expectations—form the core of a compliant office operation.
Business Registration & Tax: You’ll need a Business Number (BN) Registration with the Canada Revenue Agency, plus BC Business Name Registration if you’re operating as a sole proprietorship or partnership. GST/HST Registration applies if your revenue hits the threshold or if you choose to register voluntarily. These numbers and registrations are used for taxes, payroll, and reporting to federal and provincial authorities as your business grows.
Next steps and encouragement: Start by confirming your eligibility and gathering the required documents, then apply for the City of Richmond licence, register for a BN, register your BC business name, and set up GST/HST and payroll registrations. If you’d like, I can help map a simple action checklist and timeline to get you compliant quickly and confidently.
Detailed Requirements
Here are the specific requirements for starting a offices of other holding companies 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.
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