Launch Your Trusts, Estates, and Agency Accounts in Surrey
This page guides you through starting a trusts, estates, and agency accounts business in Surrey (NAICS 525920). It delivers a practical, step-by-step roadmap with a clear requirements overview, the permits you may need, typical startup costs, and a realistic timeline to get up and running. We break down costs, permit needs, and the steps you’ll take in the first 90 days.
By reading this page you'll learn exactly what you must complete: 8 essential requirements, how to prepare the right documents, who to contact in Surrey for registrations, and the best ways to stay compliant. You'll also see typical permit considerations, estimated fees, and a practical timeline that helps you plan your launch. We spell out milestones and checklists to keep you on track.
Surrey is a growing hub for financial services and estate planning, with supportive local networks and easy access to Vancouver-area clients. Starting here gives you a strong foundation, plus opportunities to collaborate with trusted professionals as you grow. Surrey’s business-friendly climate, strong fiduciary networks, and proximity to Vancouver make it a smart place to launch.
Requirements Overview
The most critical requirement for operating a business in Surrey is the Trust Company License. This license is legally required to provide trusts, estates, and agency account services, and you cannot legally start or run these activities without it. It is non-negotiable and regulated by the provincial regulator, so securing it is your first, non‑negotiable step.
Beyond the license, there are mandatory operational requirements to keep your business compliant and safe. You’ll need to manage workplace health and safety through WorkSafeBC coverage for any employees, and ensure you hold the appropriate permits and municipal business licences for your activity in Surrey. In addition, if you handle securities or other financial services, you must implement robust Anti-Money Laundering controls to meet regulatory expectations and protect clients.
For registration and tax purposes, you’ll typically need a Canada Revenue Agency Business Number (BN) to interact with federal programs. If you operate as a sole proprietor or partnership, you’ll also need BC Business Name Registration. Plan for GST/HST registration if your taxable supplies meet the threshold, and set up Payroll Deductions Registration if you have employees. WorkSafeBC coverage is part of payroll compliance, and should be in place as soon as you hire staff.
Ready to move forward? Start with securing the Trust Company License, then tackle the registration steps in parallel. Gather the needed documents, set a realistic timeline, and consider consulting a regulatory advisor to keep you on track. With clear priorities and a practical plan, you’ll shift from “where to start” to “how to proceed” with confidence.
Detailed Requirements
Here are the specific requirements for starting a trusts, estates, and agency accounts 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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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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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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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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