Advapay Canada has supported successful registration of more than 50 Money Services Businesses with 100% approval rate. Our customers include teams from Canada, Europe, Africa, Asia at different maturity stages, from startups to unicorns, operating under various business models.
Our services include, but not limited as to:
- Gathering required documents
- Finalizing and submitting the application package
- Communicating with government bodies
- Arranging a legal and records address
- Appointing an agent for service if incorporated in a province with such requirement
The compliance officer (CO) is a person with the relevant Canadian experience and/or education. The CO is appointed for the registration purposes only to support the application. The CO is responsible for answering any clarifying questions from the regulator and undergoing an interview if requested by the regulator. The CO will not perform any other activities on behalf of the client and will abandon their position within the two-week period after the MSB registration is completed.
- Sending the pre-registration request
- Developing an operational business plan. The operational business plan is a document that describes the company’s flow of funds and justifies the need for the MSB license.
- Completing the application forms and finalizing the submission
- Responding to clarification requests from the regulator
