Licensed companies formation in Canada

A formation company in Canada is an entity that assists individuals and businesses in the process of incorporating or registering their companies, ensuring legal compliance, and providing support for various administrative and operational tasks involved in starting a business. The process of registration of MSB companies will require various KYC documents, such as personal details about the owners and senior firm management, workers number, account information, etc. Entrepreneurs need to send name and address of Canadian representative. The representative will be primarily responsible for getting notices and documentation on behalf of the company and liaising with government structures. Upon completion of registering process, businesspersons receive an approval notice and a registration number. As part of recent changes to AML system, identity verification methods for structures registered as Money Services Businesses (MSBs) have been updated and modernized. Previously, a document used to verify identity had to be “provided in original and valid”. Now, to confirm the identity of the client, you can rely on documents provided in electronic form.

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