Eternity Law International News Canadian MSB licensed companies setup

Canadian MSB licensed companies setup

Published:
October 28, 2022

Our group of experts can help you with setting up a money service business in Canada. It includes a procedure of legal application, regulatory interaction, the creation of required paperwork, and constructing the payment system, we recommend contacting our specialists to deal with it.

Why Canada?

This state encourages trade, and there are several fintech companies there functioning at various levels of blossoming. Canada’s reputation as a reliable jurisidiction is supported by continuous standards. This country continues to be among the most hospitable and lucrative locations in the world for investors and entrepreneurs from abroad.

A large group of the largest fin services corporations in the world are now present thanks to the market’s strength. 300+ MSBs got FINTRAC licenses in 2020. All of them are mandated to enrol with FINTRAC. The country has a lot of benefits, including:

  • political and social harmony;
  • accessibility to the whole US and Mexican markets is maintained because of a strong political stance;
  • a high degree of financial independence;
  • favourable regulatory environment for business;
  • open, transparent, and receptive market;
  • highly qualified personnel;
  • minimal corporation taxes;
  • low costs for regulation;
  • a high degree of openness.

Canada MSB License (Money Services Business)

An MSB is a non-bank finance entity that provides a sizable financial service for such a small business with locations in markets, pharmacies, and shops. MSBs offer these corporations and people a wide range of options that include:

  • foreign currencies dealings;
  • sending or receiving money;
  • producing or exchanging money orders or other comparable marketable securities;
  • trading in e-currencies;
  • providing software solutions for crowd-funding.

The procedure for requesting a Canada MSB License

  • Creating a corporation.
  • Finishing the FINTRAC pre-request and gaining entrance to the MSB enrollment website.
  • Send the application form and the necessary paperwork.

Our experts are open to cooperation and are ready to assist you in this procedure.

Who regulates MSB in Canada?

FINTRAC controls the corporations, which conduct trade in the financial industry.

The PCMLTF Act’s provisions must be followed by MSBs. It supports the investigation, detection, and dissuasion of financial fraud and the funding of terrorism. PCMLTF Act and its rules served as the foundation for FINTRAC’s creation, and it governs how to trade.

Needed data for Canada Money Services Business (MSB) License

  • The enterprise name that will apply for the permit;
  • The enterprise real location;
  • The firm representative’s contact data;
  • A report about business offerings;
  • Info on the business’s banking accounts;
  • Info on your official responsible;
  • Info about workers;
  • Info about your MSB’s founders and executive leaders, such as their names and dates of birth;
  • Aт estimation of the anticipated annual volume of dealings for each MSB service you offer;
  • Info about each MSB’s operator.

Please contact us to get more information.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

You could be interested

Ready-Made Business in Estonia

Establishing business in Estonia gives entrepreneurs opportunities to interact directly with the EU market. Estonia occupies a leading position in the global community in terms of the quality and quantity of evolving technologies for digital management, which are actively used in commercial environments. It’s Estonia founded Digital 5. Ready-made business in Estonia – many variations...

Licenses for e-business in Lithuania, Estonia and the Cayman Islands

The foreign business connected with forex and crypto is growing so quickly due to its confidentiality and independence. Authorities understand the immense prospect of digital commerce and more nations are working to develop legislation for controlling licensing for forex business and cryptocurrency. Forex Incorporation Various nations may grant licenses to new clients, but each one...

Dubai- business hub of the 21st century

Unlocking Business Opportunities in the UAE: A Comprehensive Guide to Commencing Your Entrepreneurial Endeavor Initiating a business venture within the United Arab Emirates (UAE) has undergone a profound transformation, courtesy of the groundbreaking Bashr service, instituted by the UAE Government. This seamlessly integrated eService has heralded a new epoch for entrepreneurs, conferring upon them the...

Saint Kitts and Nevis Forex License

IMPORTANT UPDATE As of February 2023, the St. Kitts authorities have suspended the registration of all new companies.  Due to this policy change, we recommend that you look for an alternative to St. Kitts. Please contact our team of advisors for guidance on choosing an alternative to St. Kitts.  The Federation of Saint Kitts and...

Crypto license in Italy

Crypto-currencies continue to be actively implemented and expanded in the modern world. A lot of capital-holders are interested in joining the crypto-environment and developing their business in this direction. This is due to the fact that this area is quite productive, profitable, effective and rapidly developing. Italy is one of countries supporting crypto-currencies and trying...

Hong Kong in international tax planning

Hong Kong in international tax planning is a popular jurisdiction not only in regions of Asia, but also in countries all around the world. It has reached the title of one of the most prestigious areas for registration of a company and starting of own business. It is a jurisdiction with an honest reputation, one...
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

Washington

1629 K St. Suite 300 N.W.

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7