Canada money services business (MSB) and FINTRAC registration
Canada MSB — incorporation and FINTRAC registration
Incorporation of a Canadian corporation and its registration as a money services business (MSB) with FINTRAC.
In short
Incorporation of a Canadian corporation and its registration as a money services business (MSB) with FINTRAC. The price is from €19,500, excluding VAT. How long it takes: several weeks (FINTRAC's processing). It is ordered and paid on micaconsult.com.
Who it is for
Businesses providing money transfer, foreign exchange, virtual currency or similar services to or in Canada.
Price
| Service | Price | Order |
|---|---|---|
| Canada MSB — incorporation and FINTRAC registration | from €19,500 | Order |
All prices are in euros and exclude VAT. VAT is added where it applies under the Estonian Value Added Tax Act.
What the price includes
- Incorporation of a Canadian corporation
- FINTRAC MSB registration
- Mandatory: compliance programme and compliance officer appointment (added automatically)
- Incorporation
- FINTRAC registration
- Compliance programme and compliance officer appointment (required)
Not included in the price
- Provincial licences
- Banking in Canada
State and notary fees
All fees and charges are included in the price — you pay nothing extra.
- Government incorporation fee (federal or provincial)
- FINTRAC charges no fee for MSB registration
- Quebec licence fee where applicable
Requirements
An MSB must implement a compliance programme and appoint a compliance officer; registration must be renewed every two years. In Quebec a separate provincial licence may be required. FIU licence FIU000117 is LexorCorp's own licence for its trust and company services; it does not authorise the client. The authorisation is granted or refused by the competent authority — no service provider can promise it.
Before we start
- Directors and owners not subject to PCMLTFA ineligibility (e.g. certain convictions, sanctions)
- Canadian registered office address
Documents and information we need from you
- Passports and proof of address of directors and 25 % owners
- Criminal record checks where requested
- Description of the services (money transfer, foreign exchange, virtual currency, payment services)
- Bank / payment partners and countries
How long it takes
Several weeks (FINTRAC's processing)
Law and requirements
- Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its Regulations (Canada)
General information about our service, not legal advice.
Cost and time at a glance
| Our fee | from €19,500 — the fee for the standard scope, paid when you order |
|---|---|
| Fee of the authority | included in our price |
| Usual time | Several weeks (FINTRAC's processing) |
| Decision | made by the authority alone; no outcome is promised |
How incorporating and registering a Canadian MSB works
The services of the business
You: You tell us which services the business will provide: money transfer, foreign exchange, virtual currency or payment services.
We: We confirm that these make the corporation a money services business that must register with FINTRAC.
Order with the compliance programme
You: You order incorporation and registration on the Canada MSB page; the compliance programme and officer appointment are added automatically.
We: We verify the directors and owners and check for anything that would make them ineligible under Canadian law.
Incorporation
You: You choose federal or provincial incorporation and give the registered office address in Canada.
We: We prepare the articles of incorporation and by-laws and incorporate the corporation.
The compliance programme is written
You: You appoint a compliance officer and adopt the programme as the corporation's own.
We: We draft the policies and procedures, the risk assessment, the training programme and the plan for the two-year effectiveness review.
The FINTRAC application
You: You tell us your bank or payment partners and the countries you will deal with.
We: We complete the FINTRAC registration application and submit it in full, since incomplete ones are closed.
FINTRAC issues the registration number
You: You receive the registration number and begin operating under your compliance programme.
We: We cannot issue the number ourselves: FINTRAC registers the business, and its processing usually takes several weeks.
Provincial licences and banking
You: You arrange banking in Canada and any provincial licence yourself; Quebec may require a separate one.
We: We tell you at the start that these two matters are outside this service.
Questions and answers
Canada MSB: what does it cost?
From €19,500, excluding VAT. All fees and charges are included in the price — you pay nothing extra.
Canada MSB: who is it for?
Businesses providing money transfer, foreign exchange, virtual currency or similar services to or in Canada.
Canada MSB: how long does it take?
Several weeks (FINTRAC's processing)
What is not included in the price?
Provincial licences; Banking in Canada.
Who makes the decision?
FINTRAC registers the MSB.
Related services and add-ons
- FINTRAC compliance programme and its upkeep — from €3,400