Launch Your Vancouver Trust, Fiduciary, and Custody Firm Now
This page is your practical starter kit for launching a Trust, Fiduciary, and Custody Activities business in Vancouver (NAICS 523991). It gives you a clear overview of the nine requirements you’ll need to meet, the permits and registrations to obtain, estimated start-up costs, and a realistic timeline to move from planning to operation.
On this page, you’ll learn exactly what licensing and compliance steps are involved, how to prepare the core documents, and what prudent systems to put in place for client trust administration. You’ll walk through budget ranges for setup and ongoing costs, a practical timeline from registration to launch, and tips for choosing a business structure, insurance, and internal controls tailored to fiduciary activities.
In Vancouver, you’re within Canada’s dynamic financial services hub, with access to local talent, professional networks, and a well-defined regulatory environment. The city’s growing demand for trusted fiduciary services pairs well with careful compliance and solid client service, making it a strong base for your new trust, fiduciary, and custody business.
Requirements Overview
Among the listed items, the most critical requirement for operating a trust, fiduciary, and custody business in Vancouver is the Business Number (BN) Registration. The BN is issued by the Canada Revenue Agency and you need it to set up tax accounts, payroll, GST/HST, and reporting to government agencies. You cannot legally start or run the business without a BN, so this step should be your first priority.
Mandatory Operational Requirements: Health, safety, and permits. Plan for WorkSafeBC coverage to protect workers and meet BC workplace safety rules. For permits, obtain a Vancouver City Business Licence and, if you’re using a named business rather than your own name, complete a BC Business Name Registration for a sole proprietorship or partnership. Depending on your services, you may also need anti-money laundering controls for securities and, if applicable, MFDA or IIROC membership. In addition, ensure ongoing compliance with tax and payroll needs by securing GST/HST Registration and Payroll Deductions Registration.
Business Registration & Tax: To keep your books and reporting in order, secure your BN with the CRA and complete BC Business Name Registration if you’re operating under a name other than your personal name. Obtain a Vancouver Business Licence to operate locally. Register for GST/HST with the CRA, and set up Payroll Deductions Registration if you have employees. These numbers and licences form the backbone of your legal and tax compliance.
Encouragement and next steps: Start with a simple, logical plan—confirm your business structure, then tackle BN, BC name (if needed), and the Vancouver licence. Add GST/HST and payroll registrations, and check any securities/AML requirements that apply to your activities. If you’d like, I can help map a practical, step-by-step checklist tailored to your exact scope. You’re on the right track—taking these steps now will build a solid foundation.
Detailed Requirements
Here are the specific requirements for starting a trust, fiduciary, and custody activities in Vancouver:
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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 Vancouver. Apply to City of Vancouver 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 Vancouver 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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