- Canada has a large banking network with various reputed banks present in their eco-system. For maintaining the financial system in Canada banks as well as their financial sector plays an important role. The ecosystem is so vast and developed that many entrepreneurs from all around the world intend to commence their business in the financial market of Canada. The Canada MSB license is one of the many options present at the international level for the registration of the payment business and commencing their operation easily. For attaining licenses if we talk about EMI license which is provided by the European Union (EU) or in the UK. The EMI license is an expensive and long process which can be an additional cost for the customers. Thus, the MSB license cost in Canada is free from any fees for the registration process.
- Canada Money service business (MSB) is a license provided to the financial businesses that provide services to customers which are required to be competent with the Canadian rule of law to help the appropriate authorities to identify and detect any criminal and combat money laundering activity. There presents two kinds of financial business compliances which are Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) obligations which are present in Canada. There present two kinds of licensing provided by the Canadian authorities which are Foreign Money Service Business (FMSB) and Money service business (MSB).
- The authority appointed by Canadian law is the Financial Transactions and Report Analysis Centre of Canada (FINTRAC). The registration process is divided into two parts one is pre-registration which may take around 5 business days to complete depending on the service/s provided. Another is the registration process which takes around 2 months or more and may vary depending on the documentation and the services provided.
- All those businesses which provide services regarding money-related services require an MSB license and must be registered by the Financial Transactions and Report Analysis Centre of Canada (FINTRAC). The businesses regarding which Money Service Business (MSB) licenses in Canada are compulsory to be registered are cryptocurrency exchange services, Cryptocurrency transfer, money transfer services, redemption of traveler’s checks, money orders or bank charges, check cashing, ATM operations, virtual currency transactions, and issuance services.
- If you want to apply for Money Service Business (MSB) you can reach Tetra Consultants for assistance and a better understanding of the licenses and the timeline. We can help you with proper guidance and hassle-free MSB registration in Canada along with various ancillary services.
Ways to reduce MSB license cost in Canada
There present various measures through which the cost of an MSB license can be reduced to cut down expenses. For achieving it various options can be considered which are as follows:
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Choosing the Canadian MSB license:
The cost of obtaining a Money Service Business (MSB) in Canada is an inexpensive option when compared to other licensing options present. Choosing an MSB license in Canada is already a method for cutting down the expenses of the business. Other strategies include operating as an agent or registering as a small payment institution. The cost of an MSB license when compared with other licenses providing similar authority, the MSB license would be inexpensive.
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Comparing service providers:
The MSB license cost in Canada might vary depending on the service provider. Comparing the cost might help the business owner to get the best deals which can help them to cut down the expenses of the business. It might be worthwhile to compare the costs of different prices of different service providers to obtain and find the most affordable option for the business. Tetra Consultants can provide you the MSB Licensing services at an affordable price.
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Registering with FINTRAC:
The Money Service Business (MSB) license is an essential document that must be obtained in order to operate in Canada. The Financial Transactions and Report Analysis Centre of Canada (FINTRAC) is the regulatory and administrating authority for MSB licensing. There are no charges for registration or filing for MSB which is absolutely free from any fees or charges but the business owners must ensure the obligations are fulfilled before filing for MSB with the Financial Transactions and Report Analysis Centre of Canada (FINTRAC). The no-fee policy for registration might help business owners to cut down on their expenses while registering for licenses.
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Consultation with experts:
Consulting and advising an expert in the field can provide the business managerial team with knowledge and understanding of MSB licensing. Consulting cannot become an extra expense but it can be viewed as an investment to help the business cut down its expenses and to work on the right path. Consulting an expert in the field of money management helps in transmitting business license requirements. The experts can also guide the business through various obligations and fulfill their objective to minimize the cost. For a better understanding, Tetra Consultants can help you with their regulatory compliance consulting and offshore financial licenses to file for MSB licensing at an affordable rate.
Conclusion:
- The MSB license cost in Canada when compared with various other licenses is inexpensive and efficient. For the registration of a Canada MSB license, various obligations have been set out by the Financial Transactions and report analysis center of Canada (FINTRAC). The obligations also authorize a business to register for an MSB license for free that is without any fee the businesses can register for the license. The no-charge policy helps businesses who want to enter the industry to cut down their expenses. Thus, without any fee or charges, there includes the fee which is charged by service providers which may vary from provider to provider. Therefore, it is always recommended to compare the cost of providers and to consult with experts for a better understanding and assistance while emphasizing cutting the expenses and ensuring all the obligations prescribed are met.
- So, what makes you wait? Contact us for guidance and support at an affordable rate and our team will reach out to you within 24 hours . Tetra Consultants with the help of their dedicated and experienced team can advise you with a variety of choices and customized ideas for your business. There are various services available that can be availed by you which include offshore company incorporation, corporate bank account opening, nominee director and shareholder services, international trademark registration, and offshore financial licenses service. There are various ancillary services that you can avail of for the growth and expansion of your business.
