Registration of
offshore companies
To obtain a Money Services Business (MSB) license in Canada

MSB License in Canada for International Business

05. 09. 2023

In the modern world, international financial business is becoming increasingly complex and regulated. However, Canada, a country with a long history of financial stability and innovation, offers a simple and attractive solution for international financial companies - licensing as Money Services Business (MSB).

An MSB license allows for various financial operations, including currency exchange, transfers, issuance of payment cards, and more. To obtain this license, a company must meet minimum capital requirements and undergo scrutiny by regulatory authorities.

Advantages of an MSB license:

  • Global Recognition: Canadian MSB licenses enjoy worldwide recognition and trust, making them attractive to clients and partners from different countries.

  • Extensive Markets: Canada provides access to vast global markets, offering opportunities for international business expansion.

  • Faster Licensing Procedures: Unlike European countries where the licensing process can take over a year, in Canada, an MSB license can be obtained in just 3-4 months.

  • Strict Security Standards: The Canadian regulator, FINTRAC, sets high security and compliance standards, enhancing trust among clients and partners.

  • Innovation and Technology: Canada is known for its innovations in financial technology (FinTech), providing access to cutting-edge solutions and technologies.

The Licensing Process:

First, you need to choose the province for registering your business and submitting the application. Popular choices include Ontario and British Columbia. In the chosen province, a legal entity is registered, which can be a corporation, partnership, or sole proprietorship.

The next step is preparing the document package. The prepared document package is submitted to the regulatory authority for review. The review process takes between 3 to 4 months.

The registration fee for application processing ranges from $1,000 to $5,000, depending on the province.

Licensed MSB companies in Canada provide a straightforward and reliable solution for international financial businesses. With global recognition, strict security standards, and access to innovations, Canada remains an attractive location for international financial operations. Several major FinTech companies have already obtained MSB licenses in Canada and are actively using them to expand their businesses. Among them are Revolut, Transferwise,, Payoneer, WorldRemit, and others.

If you are interested in obtaining an MSB license for your company, contact the experts at IT-OFFSHORE. Our specialists have extensive experience in legal services and will develop the best strategies to ensure a successful MSB license application.

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