Start Your Open-End Investment Funds Business in Richmond
This page offers a practical, step-by-step guide to launching an Open-End Investment Funds business in Richmond. It breaks down the eight essential requirements, the permits you’ll likely need, and the typical costs involved, so you have a clear path from planning to launch. Along the way, you’ll see a realistic timeline that helps you schedule tasks and avoid delays.
You’ll learn exactly what each of the eight requirements covers—from registrations and compliance programs to ongoing reporting for NAICS 525910 funds. We’ll spell out the permits and licenses involved, the expected fees (setup, registration, and ongoing compliance), and a realistic timeline to go from startup to live fund. You’ll also get actionable tips for budgeting, selecting service providers, and hitting key milestones.
Richmond’s growing financial services scene, plus its proximity to regulators and experienced advisers, makes it a strong place to launch an Open-End Investment Funds business. With competitive costs and a supportive local network, you can move from concept to compliant operation more quickly.
Requirements Overview
The most critical requirement for operating a business in Richmond is the Trust Company License. This license is legally required to run a trust company or open-end investment fund, and you cannot legally operate without it. Securing this license is non-negotiable and should be your first step before pursuing other registrations or compliance tasks.
Mandatory Operational Requirements: In addition to the core license, you’ll need ongoing compliance and safety measures. This includes Anti-Money Laundering (Securities) controls to help detect and report suspicious activity, WorkSafeBC coverage and registration to protect workers, and Payroll Deductions Registration if you have employees. These requirements are standards you must maintain continuously as you run the fund, so set up practical processes now to stay compliant.
Business Registration & Tax: You’ll also need the practical registrations that establish your business identity and tax setup. This includes BC Business Name Registration (for a sole proprietorship or partnership, if applicable), a Business Licence, and a Business Number (BN) Registration. GST/HST Registration will depend on your revenue and activities, but it’s important to plan for this as part of your tax administration.
Encouragement: Start with the Trust Company License as your foundation, then tackle the compliance and registration steps one by one. Gather the right advisors or regulators early, map out a clear action plan, and you’ll move from “how to start” to “how to operate smoothly” with more confidence. You’re on a solid path—take the first step and build from there.
Detailed Requirements
Here are the specific requirements for starting a open-end investment funds 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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Trust Company License RequiredTrust companies must be licensed by federal (OSFI) or provincial regulators and comply with fiduciary standards, capital requirements, and trust administration rules. OSFI Trust and Loan Companies Act licensing. Federal trust company charter. Capital requirements. Contact OSFI: 1-800-385-8647.
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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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Anti-Money Laundering (Securities) ConditionalRequired for securities activities. Securities dealers and fund managers must implement AML/ATF programs, conduct client identification and verification, report suspicious transactions to FINTRAC, and maintain compliance. FINTRAC registration and AML/ATF compliance for securities dealers. Know Your Client (KYC). Customer Due Diligence (CDD). Suspicious Transaction Reporting. Annual review. Training requirements. Contact FINTRAC: 1-866-346-8722.
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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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