PAYMENT GATEWAY BUSINESS LICENSE
Is a series of important licenses that are regulated to allow organizations to issue and provide payment services related to electronic money (e-money, crypto...). This license allows organizations to provide services: Money transfer, Electronic money issuance, Electronic wallet, Prepaid card and Online payment processing
SUITABLE FOR
1. Payment Service Provider
Companies that provide payment processing services, including payment gateways for credit card processing and money transfer services.
4. Payment processing
Các công ty tham gia xử lý thanh toán cho các thương nhân, bao gồm ủy quyền, thanh toán và bù trừ giao dịch.
2. Payment Platform Money Transfer
Nền tảng hỗ trợ chuyển tiền trong nước và quốc tế, thường được cá nhân sử dụng để gửi tiền cho bạn bè, gia đình hoặc doanh nghiệp ở quốc gia khác.
5. Intermediary
Entities that facilitate payment transactions between buyers and sellers, such as online marketplaces, escrow services, and payment aggregators.
3. Cryptocurrency Issuers
Các công ty phát hành tiền điện tử, thường được sử dụng cho thẻ trả trước, thẻ ghi nợ, thẻ tín dụng, ví điện tử và giao dịch trực tuyến.
6. Currency exchange
Các công ty phát hành tiền điện tử, thường được sử dụng cho thẻ trả trước, ví điện tử và giao dịch trực tuyến.
Compare Licensing Areas
Payment Gateway
Quốc gia thành lập | Vốn Yêu Cầu | Thuế DN | Phí Chính Phủ | Cán bộ địa phương | Văn Phòng | Thời gian dự án | Chi Phí Trọn Gói |
|---|---|---|---|---|---|---|---|
CANADA | NO REGULATIONS. (Recommended minimum 10,000 CAD ~ 7,400 USD) | 21.5% - 31% (Including Federal and State Taxes) | 300 CAD | NO REQUIREMENT (Although there is no requirement for Local Officer, however Local Director is an important position to open a Corporate bank account) | Not required (Can use virtual office) | 2 - 4 months | 18,000 USD |
SWITZERLAND | Minimum 20,000 CHF | 11% - 12% | 2,000 CHF | Minimum 4 positions. Including: Director, Board Member, Anti-Money Laundering Officer, Outsourced Auditor | Obligatory | 6 - 8 months | 20,000 USD |
CYPRUS | Minimum: 20,000 EUR | 12.5% | 5,000 EUR | Minimum 4 positions. Including: 2 Executive Directors. Anti-Money Laundering Officer, Compliance Officer | Obligatory | 4- 12 months | Contact |
LITTLE | Minimum: 20,000 EUR | 15% | 1,463 EUR | Minimum 3 positions. Including: Director, Anti-Money Laundering Officer, Compliance Officer | Obligatory | 4- 12 months | Contact |
POLAND | Minimum: 20,000 EUR | 19% - 25.8% | 6,800 EUR | Minimum 4 positions. Including: Compliance Officer/Anti-Money Laundering, Director, Chief Accountant, Risk Officer | Obligatory | 9 - 14 months | Contact |
OLDER BROTHER | Minimum: 20,000 GBP | 19% - 25% | 5,000 GBP | Minimum 3 positions. Including: Director, Compliance Officer/Anti-Money Laundering, IT Officer | Obligatory | 9 - 14 months | Contact |
TRAO ĐỔI TRỰC TIẾP
15 min • Free
Overview About License Payment gateway at Canada
Time to get a license (Estimated)
1. Collect documents:
2. Analyze, supplement and edit documents, complete:
Legal forms:
3. Establish a company (in Canada) and receive results:
4. Apply for payment gateway business license * :
1 - 3 days
2-3 weeks
3-5 days
3 - 8 weeks
* The time also depends on the licensing authority and any unusual requests that may arise related to the application.
SERVICES YOU ARE AUTHORIZED TO PROVIDE
FOR CUSTOMERS AFTER RECEIVING LICENSE
01
Issue or redeem money orders, traveler's checks or anything similar
-
Your business issues or cashes money orders, travelers checks, or other similar negotiable instruments. This does not include cashing checks payable to a specific individual or entity.
02
Providing Online/Offline Payment Gateways. Currency Exchange.
-
Including virtual currency exchange service and virtual currency transfer service (E-MONEY)
04
Forex Trading
03
Send or transfer money (including cards)
-
The transfer or dispatch of funds from one person or entity to another by electronic funds transfer network or any other method. This includes the transfer or dispatch of funds (as directed by the customer) made by credit/debit card if the beneficiary has an agreement with the payment service provider allowing payment by such means for the supply of goods and services.
Your business issues or cashes money orders, travelers checks, or other similar negotiable instruments. This does not include cashing checks payable to a specific individual or entity.
Make transactions where you exchange one currency for another. For example, exchange EUR for USD.
05
Crowdfunding Platform Services
-
Provide and maintain a crowdfunding platform for use by other individuals or organizations to raise capital or virtual currency.
OVERVIEW OF LICENSE REQUIREMENTS
01.
-
Canadian registered entity or licensed foreign entity
-
02.
-
The company must be registered with the payment gateway operation with the regulatory body (FINTRAC)
03.
Office located in Canada
(Can use virtual office)
04.
-
Have at least 01 Compliance Officer (Anti-Money Laundering and Terrorist Financing Officer)
05.
-
Recommended minimum registered share capital 10,000 CAD ( ~ 7400 USD )
06.
-
Criminal records (Criminal record confirmation) translated and notarized of all shareholders and directors
07.
-
All necessary measures to comply with anti-money laundering and terrorist financing policies
-
Best Value
XIN GIẤY PHÉP KD CỔNG THANH TOÁN CANADA
18,000
Mở mới 01 Công ty và xin giấy phép Cổng Thanh Toán
Valid until canceled
Xác minh và lấy tên Công Ty
Thành lập 01 Công ty TNHH có đăng ký kinh doanh tại Ontario
Thẩm định, hướng dẫn, công chứng tại Canada
Địa chỉ đăng ký trên giấy DKKD (VP ảo) 1 năm
Hỗ trợ đăng ký và hoàn thành thủ tục vốn cổ phần
01 bộ tài liệu pháp lý CTy ( Theo quy định )
Đăng ký trước với cơ quản quản lý cấp phép CỔNG THANH TOÁN
Nộp hồ sơ xin cấp phép.
Trao đổi, hỗ trợ bổ sung hồ sơ với cơ quan cấp phép
Hỗ trợ tuyển dụng cán bộ tuân thủ
GIẤY PHÉP CỔNG THANH TOÁN CÓ SẴN CANADA
40,000
Giải pháp tiết kiệm thời gian bằng cách mua lại DN đã hoàn thành đủ thủ tục pháp lý ( Giá không cố định )
Valid until canceled
01 Công ty đã đăng ký và có sẵn giấy phép Cổng Thanh Toán
Địa chỉ kinh doanh 01 năm
Không nợ nần, Không nghĩa vụ tồn đọng, Công ty mới
Đã bao gồm tài liệu công ty
Đã bao gồm chi phí chuyển nhượng quyền sở hữu
Chưa bao gồm tài khoản Công ty
Dịch vụ bổ sung
2,000
Every year
Các dịch vụ bổ sung có trả phí. Trao đổi với tư vấn để chọn dịch vụ cần thiết.
Valid until canceled
Cán bộ Tuân Thủ người bản xứ
Giám đốc người bản xứ
Văn phòng ( Đầy đủ hợp đồng công chứng)
Chính sách Chống rửa tiền và Tài trợ khủng bố
Mở tài khoản ngân hàng
Dịch vụ Kế Toán/Kiểm Toán
Công chứng Giấy tờ công ty
Hỗ trợ pháp lý
Ra mắt/Niêm yết token, ICO, IDO
Tài khoản ngân hàng đảm bảo (Giữ tiền của khách/inverstors)
Dịch vụ
Details of requirements for licensing process
To obtain a payment gateway license in Canada, businesses must meet certain regulatory requirements, provide the necessary documentation, and adhere to specific standards set by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Here is a detailed overview of these requirements and the processes involved:
Requirements and detailed regulations
Minimum equity
There is no regulation on minimum capital when establishing a business in Canada, however, based on experience, we recommend that you register at least 10,000 CAD to facilitate the application process.
Establishment fee
This fee is regulated and paid directly to the Government, including:
- 300 CAD (in Ontario) or 275 CAD (in Alberta)
Personnel requirements
1. Compliance Officer (Officer in charge of anti-money laundering, terrorist financing and legal compliance)
- Must be certified personnel
- Must be registered in the company's personnel structure.
2. Director (Legal representative)
- Although there is no mandatory requirement for a local director (who lives and works in Canada), this is an important person in the process of opening a bank account in Canada.
Business premises requirements
Documents to prepare
Application form
Virtual offices can be used to apply for licenses if the business does not plan to use a private (traditional) office.
1. Anti-Money Laundering Policy
2. Anti-Terrorism Financing Policy
3. Customer information verification and review process
Requirements: Policies and procedures must be clear, including adequate steps for regular customer assessment and monitoring, record keeping and reporting to the regulatory authority (FINTRAC) when there are suspicious transactions.
Complete the application forms provided by FINTRAC including:
Scope of operations: Explains how and where business activities will be conducted.
Application for establishment and licensing.
Business Activities: Describes the primary and secondary activities of the business.
Memorandum of Understanding and Articles of Association
Purpose: This legal document is created during the company's formation and serves as the company's charter.
Content: Clearly state the company's goals, structure and internal management regulations.
In summary, obtaining a Payment Gateway license in Canada involves a detailed process with specific documentation and compliance requirements. By preparing comprehensive Legal policies, ensuring all necessary documentation is in order, and meeting physical office and staffing requirements, businesses can effectively navigate the regulatory landscape.
Detailed itinerary
COLLECTION AND ANALYSIS OF DOCUMENTS
REGISTERING A BUSINESS IN CANADA
REGISTER FOR PAYMENT GATEWAY ACTIVITIES
REGISTER FOR PAYMENT GATEWAY ACTIVITIES
OPEN A BANK ACCOUNT FOR THE COMPANY
PERFORMING OPERATIONAL REQUIREMENTS
1
2
3
4
5
6
The first step focuses on a thorough initial project analysis and gathering the necessary documentation for all company stakeholders. This includes understanding the Proceeds of Crime (Money Laundering) and Terrorist Financing Act as it relates to licensing in Canada. Preparing essential documents, such as tailored compliance agreements and manuals to meet specific Canadian regulations, is critical to assembling a comprehensive application package for submission.
This stage involves registering a limited liability company (LTD) in Canada. You need to provide 1-3 preferred company names for verification and reservation. The nature and business model are described and after signing the application, the company is officially registered. The share capital is determined and registered accordingly.
This phase includes providing a registered address and lease agreement to comply with the licensing requirements of the LICENSE. A local Compliance Officer is appointed and registered within the corporate structure. A comprehensive, customized compliance program covering Anti-Money Laundering, Customer Verification and Counter-Terrorist Financing policies is to be prepared. This program also includes training of employees on these obligations. Necessary documentation is prepared for submission to the regulatory authority.
This phase includes providing a registered address and lease agreement to comply with the licensing requirements of the LICENSE. A local Compliance Officer is appointed and registered within the corporate structure. A comprehensive, customized compliance program covering Anti-Money Laundering, Customer Verification and Counter-Terrorist Financing policies is to be prepared. This program also includes training of employees on these obligations. Necessary documentation is prepared for submission to the regulatory authority.
Based on the analysis of the company's business, the most suitable local banks or EMIs (Electronic Banking) are suggested. Preparation of necessary documents from both the client and the company, possibly including additional documents as required by the bank. Preparation for an online interview with the bank manager is also carried out, where our team assists the client in answering questions.
Business processes are established, including record keeping systems, customer identification and transaction tracking to ensure compliance with the established compliance plan. Transactions are regularly monitored for suspicious activity, with mandatory reporting to FINTRAC. Periodic risk assessments related to business operations are conducted to update compliance measures as necessary.
Taxes and tax issues
In general, Tax issues for businesses in Canada depend on both Federal and State taxes.
Here are the key aspects to consider:
FEDERAL INCOME TAX: 1. Corporate income tax rate: Financial companies are subject to federal corporate income tax on their worldwide income. As of 2024, the general corporate income tax rate is 15%. 2. Small business deduction: If the business qualifies as a Canadian controlled private corporation (CCPC), it may be eligible for the small business deduction, which reduces the federal tax rate on the first CAD 500,000 of active business income to 9%. 3. Calculating taxable income: Taxable income is calculated by deducting allowable business expenses from gross income. MSBs must accurately track revenue from services such as foreign exchange, money transfer, and virtual currency trading, along with all related expenses.
STATE TAXES 1. State Corporate Taxes: In addition to federal taxes, businesses are subject to state or territorial corporate income tax, depending on the region. Rates typically range from 11.5% to 16%, depending on the state or territory. Ontario General Corporate Income Tax – 11.5% Harmonized Sales Tax (HST) and Value Added Tax (GST): Businesses must collect and remit GST or HST on taxable supplies of goods and services. The standard GST rate is 5%, with HST rates varying by province (e.g., 13% in Ontario, 15% in Nova Scotia). Some financial services, such as money transfers, may be exempt from GST/HST, but it is important for businesses to determine the tax status of each service provided.
REPORTING AND COMPLIANCE 1. Corporate tax returns: Businesses must file an annual corporate income tax return with the Canada Revenue Agency (CRA). The return is due by June 30 of the year following the reporting period. 2. GST/HST returns: Businesses must file GST/HST returns periodically, usually quarterly or annually, depending on their level of revenue. 3. Record keeping: Businesses are required to keep comprehensive records of all transactions, including income, expenses, and tax remittances, for at least six years. Accurate record keeping is essential for tax reporting and in the event of a CRA audit.
In summary, Taxation for Canadian businesses requires careful consideration of federal and state tax laws, compliance with reporting obligations, and strategic tax planning. By understanding the tax implications and taking advantage of available deductions and credits, businesses can effectively manage their tax burden and ensure compliance with Canada Revenue Agency requirements.