Eternity Law International News Canadian MSB licensed companies setup

Canadian MSB licensed companies setup

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”.

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