Obtaining an MSB license in Canada
Step 1 Company registration
In order to get a license you need to register a local company.
Our company will help you register a Canadian company. You may also consider registering a company in British Columbia, as there is no requirement to have a local director.
There are requirements to appoint a compliance officer. If necessary, we can provide you with this person.
After that we will prepare constituent documents (memorandum and articles of association of the company) for you. Company registration time: 2-3 weeks.
Step 2 Preparation of documents
We will help you with AML/CFT for your company, with technological risk management, cyber hygiene and other documents.
The process will take 3-4 weeks depending on the amount of work required.
Step 3 Applying for an MSB license in Canada
We will prepare a comprehensive business plan for you. This will be necessary to get your license.
After complying with all of the above steps, we will submit the application with a complete set of documents to FINTRAC for review. After that, we will continue to communicate with FINTRAC until we receive an in-principle approval.
After receiving in-principle approval within the specified timeframe, the following requirements must be met: payment of paid-up share capital (not required), posting of liability disclaimers on the website, or having a website ready to go. Upon receipt of an MSB license from FINTRAC.
Timeframe: 3-4 weeks.
Step 4 Open a corporate bank account
We will negotiate with several international banks (in and out of Canada).
Then we will provide you with a list of banks that will be willing to open an account for your company. Once the bank is agreed upon, we will proceed to open a corporate bank account.
Timeframe: 2-3 weeks.