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There are two parts to registering an international financial business under the International Financial Activity (IFA) program.  First a company must register with the Ministry of Small Business and Revenue, Revenue Programs Division, Income Taxation Branch.  Second, a company must also become a Core Member of the International Financial Centre British Columbia (IFC BC). To find out more about membership in the IFC BC, click here.

Registering with the Province of British Columbia

The IFA program is administered by the BC Ministry of Small Business and Revenue, Revenue Programs Division, Income Taxation Branch. All inquiries into eligibility and registration should be directed to their office. A general guideline of the registration process is provided here for information only. Current contact information can be found on their website.

Eligibility

A corporation may qualify for registration under the IFA program if the corporation meets certain criteria, including:

• Incorporation in Canada.
• A permanent establishment in British Columbia.
• Status as not exempt from income tax under the Income Tax Act.
• Payment of application and registration fee of $5,000.
• Establishment of an International Financial Business (IFB) within 90 days of registration. An IFB is a business, or part of a business, that carries on qualified international financial activities.
• Membership in the International Financial Centre British Columbia Society within 90 days of registration.

Further details, including requirements, legislation, registration, and eligibility can be found in Bulletin IFA 001, International Financial Activity Overview. Details on Life Sciences can be found in Bulletin IFA 002, Life Science Patents.

Registration

• Corporations complete and submit an application. All forms are available through the website of the BC Ministry of Small Business and Revenue, Income Taxation Branch.
• Some required documents may include:
  • A business plan describing how your corporation will conduct its international financial business. It may include financial statements, organization charts, or other information.
  • Recent financial statements.
  • Related or affiliated corporations.
  • A list of the planned international financial activities.
• Pay the $5,000 fee to the Minister of Finance. If an application is refused, $4,000 is returned.
• If you are uncertain as to whether or not your business qualifies, you can obtain a Ruling or a Technical Interpretation.