Canada is one of the largest economies in the world and it attracts many international players in the financial industry. Also, Canada relies on a very good financial sector which is supervised by the Office of the Superintendent of Financial Institutions.
Foreign investors who want to open financial companies in Canada are allowed to do that, as long as they comply with the local legislation and obtain the necessary licenses depending on the type of financial institution they want to set up.
Below, our Canada company formation agents explain the procedure on how to open a financial company.
There are two main types of financial institutions which can be opened in Canada:
Financial companies which can receive deposits are further divided into:
Foreign banks can also set up branch offices in Canada.
Insurance companies are categorized into life and non-life insurance companies.
The company registration process of a Canadian financial company is the same as for any other type of business in this country. Our company registration consultants in Canada can assist with this procedure.
Once the company is registered, it must comply with the requirements of the Office of the Superintendent of Financial Institutions which will issue the charter of the financial institution.
Banking institutions and insurance companies registered in Canada must also comply with the following requirements:
For full information or assistance in opening a financial company in Canada, do not hesitate to contact our local company formation representatives.