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Register money services business (MSB) or foreign money services business (FMSB)

Published:
June 23, 2023

Creating corporations in the field of financial courtesies is extremely profitable business. That is why more and more players are appearing in this market. Each of them seeks to occupy a certain niche. But before you start working and getting the appropriate permission, you need to decide on the place of enrollment.

Many co-founders of corporations choose Canada. This is due to the region’s stable economic performance, developed fintech tools, and very loyal and transparent legislation. Therefore, it makes sense to develop such a business in Canada.

However, not all owners of legal entities comprehend what form of corporation is worth choosing, because there are several options for work in the country. Most do not know that to work with foreign clients, it is necessary to obtain the appropriate permission and it is not enough to pass the Money Services Business (MSB) Registration. There is also a FMSB for such companies and there are significant differences between them.

The procedure for passing the MSB register

This permit is issued by FINTRAC, which is also the supervisory sovereignty. To start working, a representative of a corporation must go through the MSB register procedure. It is quite simple, but it is necessary to observe the following points:

  • fill in the online form with the preliminary registration Money Service Business (after filling it out, the employee of the supervisory body could contact the applicant and tell him about the prerequisites for the corp);
  • it is necessary to enter the registration-system using the unique client ID and entering your password;
  • fill in the appropriate form to conclude the register MSB.
  • This arrangement, the consumer could furnish financial info (availability of bank-accounts), data on the compliance officers of the legal entity, the corporation’s staff, info on the registration and co-founders of the business, separately operating constituent, and agents (if any).

After receiving this packet, representatives of the regulatory agency review the information and may send a notice of license issuance, denial, or request clarification of certain documents. Upon receipt of the confirmation, the data about the open permission willpower be displayed in the corresponding section of FINTRAC .

FMSB registration procedure

Acquiring this permit is somewhat more complicated because corporations that have obtained it have broader rights and can work without having a current office in Canada. Therefore, for such corporations, you need to go through the following steps:

  • filling out an live pre-registration arrangement;
  • visiting the official registration system via FINTRAC using a personal login and password;
  • filling in the enrollment-form with the same info concerning money-services-business enrollment as for MSB registration.

In addition to all of the above documents, corporate representatives are also required to provide:

  • criminal record check info;
  • translations of criminal record;
  • data on the service representatives with whom the corporation cooperates in Canada.

After transmitting the above data, the representatives of the regulator review the info and make a decision concerning the issuance of an appropriate operating permit based on this info. Corporations may be endorsed, denied, or need to make corrections (inaccuracies in the documents or not providing all of the required data).

Who to go to for help

The procedure for obtaining both permits is not the easiest. If you have never encountered Canadian law, you will find it extremely difficult to complete. That’s why you must consult our staff.

We have assembled a team of true experts in the field of registration and obtaining relevant permits. Each of our staff members is familiar with the Canadian regulatory authorities, and all of them are well-versed in their prerequisites. Therefore, during the initial check of your documentation, we will be able to point out the points that need to be corrected, and when you submit your application, you will be sure of a positive outcome.

What is MSB-registration?

It is the enrollment of a non-bank financial legal-entity that will furnish financial-services within Canada.

Do all MSBs have to enlist with FINTRAC?

This enrollment is required for all corporations that plan to do business in this area.

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