PRE-OBTAINED MSB LICENSE UNDER CANADIAN JURISDICTION
Don't waste time waiting for a new license - BMP Global offers registered entities for sale with pre-obtained MSB licenses that can be transferred directly to you. Our process is fast, reliable, and hassle-free. Get started with your FinTech project today.
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License Package Includes:
Legal entity in Canada + legal address
Pre-obtained MSB License
Full compliance documentation package
Business plan
Operational branded web-page
Non-connected Swift
Please inquire for pre-obtained license availability
Ownership transfer timing: from 4 weeks
Essential integrations provided:
- SWIFT, SEPA money remittance in selected geographies
- Multi-currency IBAN Accounts
- Currency Exchange
- Physical and Virtual Prepaid Cards
- Crypto Wallets and Liquidity Providers
- Crypto-Fiat-Crypto Exchange and Swaps
What is MSB license
Main application of MSB License under Canadian jurisdiction is money services business, such as digital-only banks, payment systems and money transferring systems, on-line currency exchange or crypto exchange operations.
MSB license is issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and is required for businesses that engage in certain financial activities. To obtain an MSB license, businesses must meet certain requirements and comply with various regulations. These requirements include submitting an application to FINTRAC, providing detailed information about the business and its owners, and implementing an effective anti money laundering (AML) and counter terrorist financing (CTF) compliance program, as well as a number of other compliance protocols and policies.
Foreign exchange dealing
Issuing or redeeming money orders
Money transferring
Dealing in virtual currencies
Key allowed activities
Limitations
Not allowed cash operations
Not allowed crediting, loan, mortgage, investment or similar activities
Not allowed to hold customers’ current accounts or funds
Key advantages
MSB License under Canadian jurisdiction features following key advantages:
Global operations and customer on-boarding
Low own capital requirements (5500 CAD)
English-speaking environment
Non-resident beneficiaries and executives allowed
Crypto-friendly operations
Growing integration partnerships options accepting MSB License
BENEFITS OF CANADIAN JURISDICTIONS
- Strong Regulatory FrameworkCanada has a strong regulatory framework for financial services, which includes robust anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. This framework is designed to protect consumers and prevent financial crime.
- International ReputationCanada is known for its commitment to international standards and cooperation in the fight against financial crime. This reputation can be valuable for businesses that operate internationally.
- Stable EconomyA stable economy with a strong banking system and financial infrastructure. This stability provides a secure environment for businesses to operate and grow.
- Multicultural SocietyCanada is a diverse and multicultural society with a welcoming attitude towards immigrants and international businesses. This diversity can be beneficial for businesses that serve a global customer base.
KEY STAGES OF TRANSFER
AND PAYMENTS
AND PAYMENTS
1
Stage 1
Partial prepayment
Partial prepayment
Prepayment, initial beneficiary assessment and preparation of the transfer documents.
2
Stage 2
Partial prepayment
Partial prepayment
Transfer of the company and license to the new beneficiary, access to FINTRAC profile, access to all documentation
3
Stage 3
Partial prepayment
Partial prepayment
Outline technical specification of needed services and begin introduction/registration with 3rd party service providers
4
Stage 4
Final payment
Final payment
Complete integration of service providers into MSB License, begin API integration if client uses our core banking software
Stages and amounts are subject to a separate agreement, based on customer’s project scope, needs and project elements.
Our customers may not always be situated within the jurisdiction of the license, we are pleased to offer additional support services to ensure business continuity
Substance in Canada
Staffing
Statutory reporting
Regulatory affairs
Compliance (including AML/KYC officers)
Bookkeeping and accounting
Financial, legal and tax advisory
Assistance in communicating with regulatory bodies and other state authorities
Our comprehensive range of additional operational services includes:
Q&A
Yes, if you like — company name can be changed during transition process. We ask our customers to provide 3 naming alternatives, as required by company registry house in Canada. You can also change the brand of the acquired company.
We recommend to make a name, consisting of 1 main word and 1 descriptive word. For example, “XYZ Finance” or “ABC Business Services”. We urge clients to avoid words “bank” and “crypto” in the name, as well as avoid highly generic or common names.
Some restrictions may apply to individuals or nationals, who (or country of origin) are under international or personal sanctions. For example, those nationals may include countries like North Korea, Russia, Belarus, Ukraine, Zimbabwe, Cuba, Somalia and similar. Please refer to UN Security Council for sanctions lists.
All potential beneficiaries will undergo compliance check and subject to personal due diligence, including past and present criminal proceedings.
Required documents if the new owner is an individual:
- Passport scan in color
- Second ID document (ID card or driving license)
- Proof of address (utility bill, reference letter from a bank or bank statement, in English, not older than 3 months)
- Email address, phone number, CV or LinkedIn profile
- If more than one shareholder is expected, “Declaration of Trust” is required among shareholders
- Certificate of incorporation
- Articles of association
- Share certificate, incumbency
- Extract from the official registry
- The final beneficiaries must be visible in the documents. For beneficiaries and directors, a passport + utility will be required. (all the documents from the previous list for each individual)
We make sure you receive all critical documents and operational policies for digital bank or payment system operations. Document package includes, but not limited to: business plan, risk assessment, AML-CTF-KYC policies, suspicious transactions monitoring policy, organizational structure and operational flow.
Please note that information about the shareholders of the company is not public information and it cannot be seen either on the website or upon request of documents from the register. The change of shareholder is not filed in the register. Only the change of executive director is shown in the British Columbia registry.
Upon agreement, a new Register of Shareholders, a Share Certificate, Central Securities Register, Transparency Register and instrument of transfer will be prepared. These documents will prove the change of ownership. Change of ownership resolutions will be prepared and it will need to be certified by a notary/lawyer. We will offer a certification with our lawyer online.
No. Change of legal entity ownership is first step. 2nd step is communication with FINTRAC and securing new beneficiaries are registered as new license owners. We will assist you with this process and prepare necessary documentation.
Yes, in most cases we can help you with finding right service providers for your license jurisdiction and according to your needs. Let us know more details.
We can secure you just an MSB License (with or without legal entity), but actual acceptance of the license depends on every service provider’s acquiring policy and beneficiaries involved. In most cases it is possible.
Yes, we will gladly help you with either of services separately, if your business model supports it.
We provide you full spectrum of services to build your own digital bank. Please get in touch with us and we will outline the process for you with a turn-key solution.
No. We have carried out a number of projects, and operate on a case-by-case basis, tailoring solution to individual customer’s needs. We typically propose a payment schedule to our clients, breaking down project in several stages, payable upon start or completion of the certain stage. We also offer escrow services under certain circumstances.
Canada. Company’s and license jurisdiction is Canada, therefore all statutory reporting should be handled in Canada. We provide our clients a full operational support on an on-going basis for an extra fee.
Under normal circumstances, transfer of entity takes up to 3 weeks, followed by the license transfer in FINTRACT up to another 3 weeks. On average, process takes 4−5 weeks in total or even faster.
There is no single answer, as it depends on number of factors. Accounting costs are subject to number of transactions. Staffing is subject to a level of seniority you would expect for your executives. Please let us know more details on perspective project and we can outline solution for you.
OUR PARTNERS
CONTACT US
Get in touch with us to inquire on our services.
+371 2811 4110
By submitting this information, you agree to our Terms and Conditions
CONTACT US
Get in touch with us to inquire on our services.
+371 2811 4110
By submitting this information, you agree to our Terms and Conditions