Launch a Direct Insurance Carrier in Burnaby — Step by Step
Starting a Direct Insurance Carrier (NAICS 524128) in Burnaby is doable with a clear six-step roadmap. This page gives a practical, at-a-glance overview to take you from concept to licensed carrier, including licensing basics, the permits you’ll need, and upfront setup costs. You’ll find the six requirements spelled out in plain language and a simple sequence to keep filings and approvals on track.
What you'll learn here: the six core requirements you must meet to launch in BC, plus the documents to assemble and the expected timeline. We cover regulatory licensing with the BC regulator, minimum capitalization and solvency planning, corporate governance and structure, product approvals and pricing, risk management and internal controls, and ongoing compliance and reporting. You’ll also get a realistic sense of costs and the typical order of steps for permits, registrations, and approvals.
Burnaby is a smart base for this venture. Its proximity to Vancouver's talent pool, professional services, and business networks makes it easier to access underwriters, actuaries, and regulators. With supportive infrastructure and a cost-efficient setting, Burnaby helps you accelerate from idea to an operating insurance carrier.
Requirements Overview
The most critical requirement for operating a business in Burnaby is the Business Number (BN) Registration. This government-issued ID is how the Canada Revenue Agency and other agencies recognize your company for taxes, payroll, and reporting. Without a BN, you cannot legally operate, open bank accounts, or file returns. This is non-negotiable and should be your first step as you start building your insurance carrier.
Mandatory Operational Requirements: In addition to the BN, you’ll need to meet ongoing rules that keep you compliant and safe. WorkSafeBC Coverage and Registration is essential to protect employees and meet BC workplace safety laws. For financial compliance, FINTRAC Registration (Anti-Money Laundering) is required if your business handles money or large transactions. If you hire staff, you will also need Payroll Deductions Registration to manage employee withholdings and remittances.
Business Registration & Tax: If you operate under a name other than your own, you must complete BC Business Name Registration (Sole Proprietorship/Partnership). GST/HST Registration is required for tax purposes when your business meets the supply thresholds, and you’ll handle these through the appropriate tax authority. These steps help you bill customers correctly and stay on top of tax filings from day one.
Encouragement: You’re off to a strong start by listing these essentials and planning your next steps. A practical pathway is to secure your BN, register your business name if needed, then set up GST/HST and payroll accounts as your staffing plan evolves, while keeping WorkSafeBC and FINTRAC requirements in view. If you’d like, I can turn this into a simple week-by-week action plan to keep you moving forward.
Detailed Requirements
Here are the specific requirements for starting a other direct insurance (except life, health, and medical) carriers in Burnaby:
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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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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.
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