Launch Your Other Insurance Funds Business in Surrey
This page offers a practical, step-by-step guide to starting an Other Insurance Funds business in Surrey, aligned with NAICS 525190. It includes an actionable checklist, a clear overview of the eight requirements, and a realistic path from idea to launch. You’ll find what to prepare, the sequence of activities, and which permits and registrations you’ll encounter as you move toward a compliant operation.
You’ll learn exactly what the eight requirements cover, including the permits, licenses, and registrations you’ll need. We outline typical start-up costs—from government fees to potential fund-specific expenses—and provide a practical timeline—from filing to approval to opening your funds to clients. The guide also offers tips for gathering documents, avoiding common delays, and staying on track so you can launch with confidence.
Surrey’s growing business scene and supportive local services create a welcoming backdrop for new insurance funds, with easy access to partners, talent, and clients as you scale.
Requirements Overview
The most critical requirement for operating a business in Surrey is the Business Number (BN) Registration. This government identifier is how your business is tracked for taxes and programs, and you cannot legally operate without it—this is non-negotiable. In addition, Surrey-based funds and insurers typically need several other registrations to operate legally, including a Trust Company License, a City of Surrey Business Licence, and BC Business Name Registration if you’re running as a sole proprietorship or partnership.
Mandatory operational requirements include licenses, permits, and health-and-safety responsibilities. Make sure you have the Trust Company License and the Business Licence, so you’re authorized to operate in the province and municipality. If you’re a sole proprietor or partner, you’ll also need BC Business Name Registration. On the health-and-safety side, ensure WorkSafeBC coverage and registration so you meet workplace rules and protect employees. There are also compliance requirements around anti-money laundering (if you handle securities), which means putting in place appropriate policies and procedures.
For business registration and taxes, your BN ties into your tax accounts, and you’ll likely need GST/HST Registration with the Canada Revenue Agency and Payroll Deductions Registration if you hire employees. These numbers help you collect and remit taxes properly and handle payroll legally.
Next steps and encouragement: start by securing your BN with the CRA, then reach out to the provincial regulator for the Trust Company License, and apply for a Surrey Business Licence. If you’re operating as a sole proprietor or partnership, complete BC Business Name Registration. Don’t forget AML controls if applicable, and set up GST/HST and payroll registrations along with WorkSafeBC coverage. You’re taking practical, concrete steps toward a solid, compliant foundation.
Detailed Requirements
Here are the specific requirements for starting a other insurance funds in Surrey:
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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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Business Licence RequiredGeneral business licence required to operate a business in City of Surrey. Apply to City of Surrey 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 Surrey Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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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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