Start Your 522390 Credit Intermediation Activities in Richmond Today
This page guides you through launching a business under NAICS 522390—Other Activities Related to Credit Intermediation—in Richmond. You’ll get a practical, step-by-step plan with a clear overview of the 8 requirements you must meet, plus the permits and licenses you’ll need from the City of Richmond and other government levels. Expect a straightforward checklist, realistic cost guidance, and a practical timeline to move from idea to active operation.
What you’ll learn: a concise requirements checklist that covers city licenses, potential zoning needs, provincial registrations, and federal numbers (GST/HST, business number). We break down costs for start-up and annual renewals and provide a realistic timeline for each step—from name registration to first license issuance. You’ll also get practical tips to gather documents quickly and stay compliant as you grow.
Why Richmond works well: this city’s proximity to Vancouver’s thriving financial services ecosystem, supportive small-business climate, and easy access to lenders and professional services makes it a smart base for 522390 activities. With a solid plan and the right partners, you can move from concept to active, compliant operations faster than you might expect.
Requirements Overview
The most critical requirement for operating a business in Richmond is a Business Licence. This licence from the City of Richmond is legally required and you cannot operate a credit intermediation service without it. It’s non-negotiable and acts as the foundation for all your other registrations and permits, so securing it first is essential.
Mandatory operational requirements: In addition to the licence, you need essential registrations to run legally and manage risk. Grouped together, these include Financial Institution Registration and BC Business Number (BN) Registration, which support banking, reporting, and government interactions; BC Business Name Registration if you’re a sole proprietor or partnership; and FINTRAC Registration to meet anti-money-laundering rules. It’s also important to arrange WorkSafeBC coverage to protect workers and stay compliant with workplace safety standards. These registrations ensure you can operate responsibly and in good standing with regulators.
Business Registration & Tax: You’ll also handle tax numbers and payroll-related registrations. Register for a BC Business Number (BN) to cover taxes and government reporting; register your business name with BC if you’re operating as a sole proprietorship or partnership; and consider GST/HST registration if your revenue meets the threshold or you plan to collect tax from clients. If you have employees, you’ll need Payroll Deductions Registration as well. Ensure WorkSafeBC coverage is in place for your workforce. These steps keep your finances organized and help you meet all ongoing obligations.
Encouragement: Start with the licence application from Richmond, then line up the BN, business name (if needed), FINTRAC, and safety registrations. Plan a realistic timeline and tackle each item step by step. If you’re unsure, reach out to a local business advisor or regulator contact in Richmond to tailor the plan to your exact credit intermediation activities—you’re on a solid path to operate l
Detailed Requirements
Here are the specific requirements for starting a other activities related to credit intermediation 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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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.
Funding & Grants
Available funding programs that may apply to your other activities related to credit intermediation:
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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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