Description: Why should you get a permit in Canada? The main advantages of this jurisdiction. The main reasons why you should choose
The most important reasons to obtain an MSB license in Canada
When you open a crypto business, think about which jurisdiction you want to obtain permission to operate in. If your business targets the American market, you should get a Canada MSB license. It will provide an opportunity to work, develop, and build a successful business legally. Today, we want to give you several important reasons for choosing this jurisdiction.
1. One of the leading economies in the world
Canada is among the top 15 most influential and economically developed countries globally. All conditions for conducting urgent business have been created here. The economy of this country is growing slowly but very confidently, significantly reducing risks. Here, it will be easier for you to find investors and new partners for doing business.
In addition, obtaining permission in this jurisdiction will allow you to gain more respect from your partners because it is a very reputable jurisdiction. It will also help increase trust from potential clients and investors.
2. A vast number of crypto enthusiasts
For your business to develop actively, you need to have a sufficient number of customers and investors. The crypto industry has created a natural sensation in the financial world; many people in Canada have begun to invest a lot of money in developing this area. Today, many people here have savings in crypto, and many companies are ready to receive money for goods and services in crypto. It makes business development even more accessible because it will be easy to attract new customers.
3. Low taxation
Canada is the second largest country in the world, divided into provinces with different laws. In this regard, it is very similar to the United States. So, you can choose the area with the lowest taxation. For example, in British Columbia, crypto organizations only have to pay tax on profits made within Canada. You don’t have to pay taxes here if you serve people from other countries. It makes this jurisdiction incredibly attractive.
4. Low requirements for applicants
Here, you will be offered to obtain one of two types of licenses – MSB and FMSB. In the first case, you can only work with Canadian assets, and in the second – with foreign ones. You will need to meet different requirements depending on the permit type you choose.
Suppose you prefer to deal only with Canadian currency. In that case, you will need to have a local office and employees, the actual presence of a security specialist, and open branches in Canada, while this is optional to obtain an FMSB license.
If you are ready to work honestly and openly, then obtaining permission will have no problems; many companies have already appreciated all the advantages of this jurisdiction.
5. High speed of decision making
In most offshore jurisdictions, obtaining permission takes 1–2 months, while reputable countries often carefully check the activities of companies that have submitted applications, which takes quite a lot of time. So, for example, in the UK, it takes more than 6 months. As for Canada, here you can get permission in 8 – 10 weeks, and you will need another 2 – 3 weeks to open a bank account and start the company.
How does the permitting process work?
This jurisdiction has established simple and clear conditions for obtaining a work permit. You need to go through several necessary steps:
- Collection of documents. You should ensure in advance that your company meets the requirements of government agencies and collects a sufficiently large package of documents.
- Registering a business in this jurisdiction. You need to choose a name for the organization, open an office, and hire local employees. After this, you can submit papers to register your business.
- Opening a bank account. You must open an account in a local bank and deposit the entire authorized capital. Sometimes, obtaining permission can be extremely difficult because not all banks are ready to cooperate with such organizations, so you should prepare documents that confirm that you take into account all the risks.
- Pre-work and registration. You must set up your organization, hire an entire staff, collect additional documents, and apply for a permit.
- Registration process. If government agencies have questions about your organization’s work, they may request new documents.
Going through the entire registration process on your own is quite difficult because you must ensure that you have collected all the necessary documents and filled them out correctly. In addition, you need to commission an independent audit to ensure that your organization is fully compliant with government regulators. You should seek help from experienced lawyers who will help you solve your problems.