Start a Surrey Trust, Fiduciary, and Custody Firm: A Practical Guide
This page provides a practical blueprint to start a Trust, Fiduciary, and Custody Activities business in Surrey (NAICS 523991). You'll get a clear, step-by-step view of what it takes to launch—from regulatory requirements to permits and licenses—plus a realistic cost snapshot and timeline to move from idea to operation. It highlights the nine essential requirements you’ll need to meet and where to focus early on: business structure, licensing, bonding or insurance considerations, data privacy, client disclosures, bookkeeping, and ongoing compliance in BC.
What you’ll learn includes practical next steps and where to apply for permits in British Columbia. You’ll see rough cost ranges for registration, licensing, insurance, and setup, plus expected timelines for approvals, onboarding clients, and getting your first trust or custody engagements in Surrey. This guide gives you an actionable checklist, recommended resources, and tips to avoid common delays, helping you move confidently toward a compliant, successful launch.
Requirements Overview
The most critical requirement for operating a trust, fiduciary, and custody activities in Surrey is the Business Number (BN) Registration. This federal identifier is used for taxes, government filings, and reporting, and you cannot legally start or run the business without it. It is non-negotiable and must be in place before you begin any client work or financial transactions.
Beyond the BN, there are mandatory operational requirements to keep you compliant. You’ll need a City of Surrey Business Licence to operate, and if you’re running as a sole proprietorship or partnership, you should register a BC Business Name. Health and safety matters are addressed through WorkSafeBC coverage, which is required if you have employees or conduct workplace activities. If your services involve securities, you’ll also need anti-money-laundering controls, and depending on your product mix, MFDA membership (for mutual funds) or IIROC membership (for investment dealers). Finally, consider tax registrations: GST/HST registration if you meet the revenue threshold, and payroll deductions registration if you have employees.
On the business registration and tax side, the BN will be used to handle CRA accounts for GST/HST and payroll, and a BC Business Name registration may be needed if you operate as a sole proprietor or partnership. A City of Surrey Business Licence typically accompanies your registration, and ensuring you’re properly set up for payroll and safety requirements helps you avoid surprises later. This is a practical, step-by-step foundation to get your trust, fiduciary, and custody activities off the ground.
If you’re ready to move forward, start with the BN and then map out the licences, safety coverage, and any securities-related registrations that apply to your planned services. Reach out to the City of Surrey, the Canada Revenue Agency, WorkSafeBC, and, if needed, a regulatory advisor to tailor steps to your exact business model. You’ve got this—and taking these steps
Detailed Requirements
Here are the specific requirements for starting a trust, fiduciary, and custody activities 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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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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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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