Start Your Trust, Fiduciary & Custody Business in Richmond, BC
This page offers a practical, step-by-step guide to starting a Trust, Fiduciary, and Custody Activities business in Richmond, BC. It provides a concise overview of the nine requirements (NAICS 523991), what permits you’ll need, typical startup costs, and a realistic timeline to help you move forward confidently.
You’ll learn exactly what documents to prepare, how to structure your business for trust operations, the registrations regulators require, and the minimum capital, bonding, and insurance you should plan for. We outline the security, privacy, and record-keeping standards, plus the application steps and common pitfalls to avoid, all tied to a clear timeline.
Richmond’s growing financial services scene, proximity to Vancouver, and supportive local regulators make it a strong base for fiduciary services. With access to a skilled workforce and professional networks, you can serve local clients efficiently while building long-term trust. You’ll also find tips on building a compliant operations plan, client onboarding, and safeguarding assets.
Requirements Overview
The most critical requirement for operating a trust, fiduciary, and custody activities in Richmond is obtaining a Business Licence. This licence from the City of Richmond is legally required to run your business in the municipality, and you cannot operate without it. It is non-negotiable and serves as the gate for pursuing all other registrations and approvals.
Mandatory operational requirements cover health, safety, and regulatory compliance. Depending on your services, you’ll need Anti-Money Laundering (Securities) controls and, if you handle investments, memberships such as MFDA or IIROC where applicable. You’ll also want WorkSafeBC coverage for workplace safety. On the tax side, GST/HST registration and Payroll Deductions Registration may apply once you have staff or taxable sales.
Business Registration & Tax: To formalize your entity and taxes, you’ll register for a Business Number (BN) with the federal government and, if you’re operating as a sole proprietorship or partnership in British Columbia, register your BC business name. GST/HST registration is required if your taxable revenue meets the threshold or if you choose to register voluntarily. These numbers streamline tax, payroll, and licensing processes.
Next steps: verify your licence requirements with Richmond, assemble your business details, and begin BN and BC name registrations. Confirm which regulatory memberships apply to your exact services with the appropriate bodies, and set up a practical compliance calendar for AML and safety obligations. With clear steps and the right registrations, you’ll be positioned for a smooth start and scalable growth.
Detailed Requirements
Here are the specific requirements for starting a trust, fiduciary, and custody activities 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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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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MFDA Membership (Mutual Fund Dealers) ConditionalRequired for specific regulated activities. Mutual fund dealers must be members of the Mutual Fund Dealers Association (MFDA) and comply with sales practices, proficiency, and compliance requirements. MFDA (now CIRO) mutual fund dealer membership. Capital requirements. Compliance systems. Dealing representatives. Contact CIRO: 1-888-466-6332.
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IIROC Membership ConditionalRequired for specific regulated activities. Investment dealers trading in securities must be members of the Investment Industry Regulatory Organization of Canada (IIROC) and comply with trading rules, capital requirements, and client protection. IIROC (now CIRO) dealer membership. Capital requirements. Compliance systems. Registered representatives. Contact CIRO: 1-877-442-4322.
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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 trust, fiduciary, and custody activities:
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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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