Launch a Burnaby Reinsurance Carriers Business with Confidence
This page provides a practical map for starting a reinsurance carriers business in Burnaby (NAICS 524130). You’ll find a clear six‑requirements checklist, the permits you’ll likely need, typical startup costs, and a realistic timeline from idea to licensed operation. It’s designed to be actionable, not overwhelming, so you can move forward with confidence.
What you’ll learn: the six requirements you must meet—corporate setup and ownership structure, regulatory licensing for a reinsurance carrier, capital and solvency planning, registrations and filings, risk management and compliance programs, and ongoing reporting. We break each down into concrete steps, outline permits, estimate typical startup costs (legal and consulting fees, license and filing fees, initial capital), and share a realistic timeline from incorporation to first approval.
Why Burnaby? This city offers a friendly business climate, strong talent pools, and easy access to Canadian insurers and Pacific markets. Lower operating costs than larger hubs, solid infrastructure, and supportive networks make Burnaby a smart base for reinsurance operations, helping you move from startup to scale with less friction.
Requirements Overview
The most critical requirement for operating a reinsurance carrier in Burnaby is the Business Number (BN) Registration. This is the official identifier from the Canada Revenue Agency that you must have to manage taxes and program accounts. You cannot legally operate or hire staff without a BN, and this requirement is non-negotiable—get it in place before moving forward with anything else.
The next area to lock down covers mandatory operational registrations and safety compliance. You’ll need FINTRAC registration to follow anti-money laundering rules, and WorkSafeBC coverage to meet workplace safety obligations. If you plan to register a trade name as a sole proprietor or partnership, you’ll also complete BC Business Name Registration. These items keep your business compliant and protect your employees and customers.
On the business registration and tax front, align your identifiers and thresholds. Ensure your BC Business Name Registration (for a sole proprietorship or partnership) alongside your BN is complete. Register for GST/HST if your taxable supplies hit the required thresholds, and set up Payroll Deductions Registration if you have employees. These registrations and numbers are essential for proper tax reporting, invoicing, and payroll compliance.
With these steps in place, you’ll be well-positioned to move forward confidently. Start with the BN, then tackle FINTRAC, WorkSafeBC, and the business-name registration, followed by any GST/HST and payroll registrations as your operation grows. If you’d like, I can help you build a simple, practical check‑list to keep you organized and on track.
Detailed Requirements
Here are the specific requirements for starting a reinsurance 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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