Launch a Trusts, Estates, and Agency Accounts Firm in Richmond
This page offers a practical, no-nonsense guide to starting a Trusts, Estates, and Agency Accounts business in Richmond, BC (NAICS 525920). You’ll find a clear overview of what it takes to operate legally and successfully—from the eight startup requirements to the permits you may need, typical start-up costs, and a realistic timeline to your first clients.
In the guide you’ll learn a concise overview of the eight requirements, how to prepare the necessary documents, and where to file registrations. We cover licensing steps, insurance considerations, client onboarding processes, and essential compliance tasks that align you with provincial rules and fiduciary standards. Expect practical tips on budgeting for fees, professional services, and software, plus a clear sense of the approval timeline from incorporation to opening your doors.
Why Richmond? The city’s close ties to Vancouver’s financial community, a growing trusts and estates market, and a bilingual audience create solid demand for trusted fiduciary services. You’ll benefit from local business resources, networking opportunities, and a supportive regulatory environment that makes it feasible to launch and grow your practice in Canada.
Requirements Overview
The most critical requirement for operating a trusts, estates, and agency accounts business in Richmond, BC is the Trust Company License. This license is issued by the BC Financial Services Authority and you cannot legally operate without it. It is non-negotiable—without this license you cannot provide trust, estate, or agency account services, so securing it comes first.
Beyond licensing, you’ll need solid operational controls to run the business safely and legally. Ensure you have WorkSafeBC coverage for your employees to meet workplace safety requirements. If you handle securities or client funds, you’ll need robust anti-money laundering controls (including proper record-keeping and reporting). If you have staff, be prepared for payroll obligations and deductions as part of daily operations.
On the regulatory side, you’ll also handle business registration and tax numbers. This includes obtaining a City of Richmond business licence, registering a BC Business Name if you’re not operating under your own legal name, and obtaining a Business Number (BN) with the CRA. You’ll likely need GST/HST registration with the CRA, and payroll deductions registration if you employ people. These steps keep you compliant with provincial and federal tax and employment rules.
Starting these steps can feel like a lot, but you can approach them in sequence. Begin with securing the Trust Company License, then set up essential registrations and tax accounts, and finally establish AML, WorkSafeBC, and payroll processes. If you’d like, I can map a practical 90-day plan with concrete actions and checkpoints to keep you on track.
Detailed Requirements
Here are the specific requirements for starting a trusts, estates, and agency accounts 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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Trust Company License RequiredTrust companies must be licensed by federal (OSFI) or provincial regulators and comply with fiduciary standards, capital requirements, and trust administration rules. OSFI Trust and Loan Companies Act licensing. Federal trust company charter. Capital requirements. Contact OSFI: 1-800-385-8647.
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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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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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