Financial technology or fintech is one of the newest industries in the world and in Canada. There are numerous activities which can be undertaken in the fintech sector in Canada and the government sustains this industry through numerous grants offered for innovation.
If you want to open a fintech company in Canada, there are various types of activities which you can undertake as a local or foreign investor. Below, our company formation agents in Canada explain the requirements for opening a fintech company.
Types of fintech activities in Canada
There are various types of companies which can be set up fintech businesses in Canada. Among the activities to be undertaken as a fintech company are:
- cryptocurrency activities which can mean the creation, sale or exchange of virtual money;
- crowdfunding companies through which money can be raised for fintech activities;
- e-money payment solution providers can also be considered fintech companies;
- investment companies for offering advice on investments in cryptocurrencies;
- financial and IT companies which deal with innovative solutions related to digital tokens.
While some of these companies will be subject to special licensing requirements with the Canadian National Bank, others do not need to undergo such authorizations.
How to register a fintech company in Canada
Those who want to open fintech companies in Canada must follow the same requirements imposed by the Company Law as for any other business forms. They will need to register the company with the Trade Register in the region it will operate in or at the federal level, followed by obtaining the licenses required to start operating.
Fintech companies can be registered as financial or non-financial institutions, but only for the latter registration with the Financial Supervisory Authority in Canada is required.
Our local consultants can help those who want to set up companies in Canada in the financial technology field.
Assistance for fintech activities in Canada
The government supports innovation the financial industry through various programs. Fintech companies can benefit from tax deductions and exemptions through these programs or loans with lower interests for small and medium-sized enterprises.
Please contact us if you are interested in setting up a fintech company in Canada.