How can financial companies operate legally in Canada?

Canada is a country with one of the most advanced countries in terms of the development of legislation in the field of financial services. It leads to many companies that work in this industry being registered here. To operate legally, they must obtain an MSB license in Canada. It will make it possible to attract new customers and avoid problems with the law.

Who must obtain this license?

Money Service Businesses are non-banking institutions that provide financial services. Such a license must be obtained by all companies that offer such services:

• Currency exchange;
• Transactions;
• Issuance or redemption of traveler’s checks;
• Cash your checks;
• Operation of ATMs;
• Operations with virtual currency.

Thus, various payment systems, exchanges, and electronic wallets must obtain this license. It also applies to those institutions that use cryptocurrencies.

The government of the country cares about protecting its residents from financial terrorism and money laundering, so it monitors all companies that operate illegally and closes them.

How to get a license?

If you want to get a work permit in Canada, you need to apply to FINTRAC. It is a government agency whose duties include checking companies and issuing licenses.

Before you get a crypto license, you have to go through a few steps.

Company registration in Canada

In the first stage, you need to register as a legal entity in Canada. Here you can choose any province, but the best conditions for foreigners are created in British Columbia.

If you think through all the main points in advance, then this stage will take you only a few days.

Pre-registration with FINTRAC

Before you apply for a license, you must complete pre-registration and an interview.
At this stage, you must provide the following information:

• Company name;
• Physical address;
• Contact details;
• Description of the services it will provide.

It is imperative that during the interview, the owner of the company or a trusted person can answer possible questions and feel confident enough. Usually, the meeting takes a few minutes, but this time will be enough for an experienced agent to form an opinion about your company.

Registration in FINTRAC

It is the most challenging and lengthy stage, after which you can get a long-awaited license.

At this stage, you must provide the following information:

bank account;
compliance officer;
number of personnel;
owner and management;
each branch;
MSB agent.

Your company should have a specialist who will monitor how your activities meet regulatory requirements. It is an internal agent who ensures that employees do not exceed their authority and do not conduct fraudulent activities.

The more open your company is and the more information you provide, the better.

How to make getting permission easier?

Obtaining a license in Canada is much easier than in many other countries. However, it will be pretty challenging to do without qualified help. You can contact the specialists of our company, and they will fully manage your order, from registering a company in Canada to obtaining a license.

So, our experts provide full advice and answer all possible questions. They will check how your company meets all the requirements for obtaining a license and help with paperwork. It would help if you issued a power of attorney, and then our company will represent your interests in government agencies.

Conclusion

If you want to get a license, don’t expect it to be easy and fast, but you can enlist the support of our specialists to avoid possible problems. They will fully supervise this process, and your participation will be reduced to a minimum.