Start Your Sales Financing Business in Surrey: A Practical Guide
This page walks you through starting a sales financing business in Surrey (NAICS 522220). It’s a practical, friendly roadmap from idea to launch, with an honest overview of the eight essential requirements you’ll need to meet, plus what permits may be required, typical startup costs, and a realistic timeline.
You’ll learn exactly what to prepare, including the eight requirements, the permits and registrations you may need (business registration, tax numbers, consumer financing disclosures, insurance), and a ballpark of startup costs. We’ll also outline a step-by-step timeline—when to file, obtain approvals, set up accounting and insurance, establish lender relationships, and how to start offering financing to clients.
Surrey’s growing small-business scene, access to lenders, and supportive local resources make this a smart place to launch. Plus, Surrey's diverse business ecosystem, access to local mentors, and proximity to suppliers can accelerate growth. This guide is tailored to Surrey’s rules and timing, helping you move confidently from plan to launch.
Requirements Overview
The most critical requirement for operating a sales financing business in Surrey is the Business Number (BN) Registration. The BN is your essential government identifier used for taxes, payroll, and regulatory reporting, and you cannot legally operate without it. Getting a BN sets the foundation for every other registration and filing you’ll need, so treat this as your first non-negotiable step.
Next, focus on mandatory operational requirements that keep the business compliant and safe. This includes obtaining a City of Surrey Business Licence to legally run your operations from a physical or virtual location. If you have employees, WorkSafeBC coverage is required to protect workers and meet provincial rules. You’ll also need to address AML and financial-regulatory obligations: FINTRAC registration is necessary for businesses that fall under anti-money-laundering rules, and in some cases you may also need provincial or other Financial Institution Registration depending on how you operate.
For registration and taxes, you’ll need to complete BC Business Name Registration if you’re operating as a sole proprietorship or partnership under a name other than your own. Plan for tax numbers and filings by securing GST/HST Registration if your revenue reaches the threshold or if you choose to register voluntarily. If you hire staff, you’ll also set up Payroll Deductions Registration to handle income tax, CPP/EI, and related obligations.
You’re taking a great, practical step forward. To move ahead, assemble your checklist and start with the BN, then apply for the Surrey Business Licence and FINTRAC (and any Financial Institution Registration if required). Don’t hesitate to get a local regulatory adviser or business counselor involved to tailor these steps to your exact business model, timelines, and how Surrey and BC apply to your plans. You’ve got this.
Detailed Requirements
Here are the specific requirements for starting a sales financing 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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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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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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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 sales financing:
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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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