Canada MSB
Registering as a Money Services Business (MSB) in Canada provides your company with access to a broad market and regulatory stability, making it ideal for businesses offering currency exchange, money transfers, virtual currency services, and more. With our support, you can easily navigate Canada’s MSB registration and compliance requirements.
1. Year of Licensing: 2023
2. Expiration Date: July 2025 (Easily renewable)
3. Activity Status: Active but no clients onboarded (clean history)
4. Bank Account Status: No current accounts; MSB status aids in easy applications.
5. Permitted Activities:
- Foreign Exchange
- Money Transferring
- Virtual Currency
6. Regulatory Compliance: Fully compliant with Canadian regulations.
7. Opportunity for Growth: Ready for immediate client onboarding.
30,000 USD
- Foreign Exchange Dealing: Offering currency exchange services, including both fiat and virtual currencies.
- Issuing or Redeeming Money Orders: Authorized MSBs can issue or redeem money orders, checks, and similar payment instruments to facilitate various types of domestic and international transactions.
- Money Transferring: MSBs are permitted to transfer funds on behalf of clients, acting as intermediaries for secure money movement.
- Digital Payment Processing: MSBs can serve as digital payment processors, enabling secure, fast payment transactions between multiple parties, such as individuals, businesses, and banks.
- Remittance: MSBs also specialize in remittance processing, offering quick, efficient transfers for clients sending money internationally.
- Dealing in Virtual Currencies: MSBs can offer services that facilitate transactions involving cryptocurrencies and virtual assets, whether through trading platforms or other financial service providers.
- Cost-effective: Canadian MSB registration is straightforward with low application fees, and there’s no requirement for a security deposit or monthly maintenance fees.
- No Local Personnel Requirement: Canadian MSB licensing has simplified personnel requirements, needing only a director and a compliance officer, with no residency requirement for either role.
- No Minimum Capital Requirement: There’s no minimum capital requirement, which allows self-funded businesses to launch operations with minimal setup costs.
- Build Trust: Canada’s strong regulatory framework for MSBs establishes a trustworthy environment for financial services, which attracts global investors and builds customer confidence.
- Market Visibility: MSB registration in Canada is a recognized standard for many financial service providers, particularly for digital currency exchanges and payment platforms.
- Broad Range of Services: Canadian MSBs are permitted to offer a wide range of services, including foreign exchange, fund transfers, issuance and redemption of negotiable instruments, virtual currency transactions, and payment services.
- Canadian Office Address and Registered Agent: A local office address and registered agent are required. We provide these services, ensuring all official mail is promptly forwarded to you.
- Personnel Requirement: Appoint a qualified director and a compliance officer (do not need to be Canadian or based in Canada). The compliance officer must have comprehensive knowledge of Canadian AML/KYC regulations and an understanding of FINTRAC requirements.
- Corporate Bank Account: A business bank account is necessary for MSB operations in Canada. We offer guidance to help you set up a compliant account, including crypto-friendly banking options.
- AML/KYC Compliance: Establish AML and KYC policies that align with Canadian regulations.
- Business Plan: Submit a detailed business plan outlining your MSB services and activities in Canada.
- Compliance: MSB must report suspicious transactions to FINTRAC as soon as possible after they have reasonable grounds to suspect the transaction is related to money laundering or terrorist activity financing.
- Renewal: MSBs are required to renew their registration every two years after the initial registration to maintain compliance.
Step 1: Data Collection
Step 2: Submit Deposit
Step 3: Receive Company Documents for Due Diligence
Step 4: Submit Remaining Payment
Step 5: Changing of Company Name
Step 6: Changing of Directors & UBO
1. Documentation Collection & Processing
We gather, review, and organize all necessary paperwork, ensuring a smooth and compliant license transfer process.
2. Local Representation & Personnel Provision
We help source or appoint resident directors and qualified responsible managers, ensuring you meet FINTRAC’s experience and residency requirements.
3. Bank Account Assistance
If you need, we support you in opening and maintaining the corporate bank account mandated for MSB holders.
4. Ongoing Maintenance
We provide post-licensing support—monitoring regulatory updates, handling annual filings, and guiding you through license renewals to keep your MSB in good standing.
Contact us for more details!
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