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Features of obtaining a Canadian financial permit

by KOF
October 3, 2022
in Business

Canada is a large country with a developed economy. A good financial situation has been created here, so many companies strive to enter this market and work legally. Obtaining MSB license in Canada is a good solution for all financial companies that want to develop and operate transparently.

Who should get this type of license?

Today there are quite a lot of companies that need to obtain a license in Canada. These typically include organizations that provide the following services:

  • Currency exchange;
  • Financial transactions;
  • Issuance or redemption of traveler’s checks;
  • Operations with virtual currency, including cryptocurrency;
  • Operation of ATMs and many others.

Thus, almost all organizations provide financial transactions. So, if you own an international company and want to enter the new Canadian market, then you can contact the specialists of our company. They will study the specifics of your organization and tell you whether you need to obtain a license.

Permit Process

Do not think that obtaining a license will be simple and fast. The Government of Canada has developed specific requirements for the applicant, and first, you must make sure that you meet them.

In general, obtaining a license today involves going through 3 main stages:

  • Company registration in Canada;
  • Preliminary registration in specialized state bodies;
  • Full registration.

Each of these stages has its characteristics. First, you need to register your company in Canada. You can choose any province, but foreigners often choose British Columbia, as the cooperation rules here are the most favorable. At this stage, you need to come up with a company name (it should not be similar or associated with other companies), register an address (you must have a physical office, and the premises must be leased for less than 1 year), determine the authorized capital and consider management.

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After you submit the documents for registration, the state authorities have a few days to consider the application. There is usually nothing to worry about at this stage.

Next, you need to pre-register. At this stage, you will schedule an interview. In communicating with a authorities representative, you need to indicate the company’s name, the legal factor, contact details, and a description of the services you plan to provide. In general, by this point, you should decide what functions your company will perform and what tools you plan to use for this. You must be prepared to answer simple questions about the operation of your company.

The last stage is the most complex and responsible. Here you need to collect a large package of documents, including all the basic information about the organization’s owners, work principles, and much more. It is challenging to prepare such a package of documents without the help of a lawyer, so many companies turn to our specialists for assistance. So, you can be sure that all the papers are in order, which means that you will not get a refusal.

In general, obtaining a license from start to finish takes several months if all documents are in order and the regulatory authorities do not have questions about the functioning of your company.

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What services does our company provide?

Gofaizen-Sherle is a large law firm that specializes in obtaining licenses. Our specialists are well aware of the peculiarities of the work of various jurisdictions, which allows them to quickly and easily get a permit for their clients.

The list of services includes:

  • Consultation. Our specialist will tell you what documents you need to prepare, what are the rules for obtaining a license in the selected jurisdiction, answer all possible questions, and much more;
  • Assistance in drafting documents. Our experts will not just tell you what documents are needed. But they will also help to get them, check the correctness of their filling and much more.
  • Verification of your company. Experts will check how your company meets the requirements of regulatory authorities.
  • Representation of your interests in state bodies.

If you wish, you can issue a power of attorney for our specialists, and they will do all the difficult work for you and represent your interests in government bodies.

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