Registering an IB

To access the tax incentive, a company must register with the Province of British Columbia and become a member of the IFC BC Society

There are two parts to registering an international business (IB):
1) A company must register in the IB Program with the Ministry of Finance.
2) A company must become a Core Member of the International Financial Centre British Columbia (IFC BC) Society.

Registering with the Province of British Columbia

• Bulletin IFA 001, International Financial Activity Overview covers registration requirements, qualifying activities, calculation of the tax refund, and contact information.
• Corresponding information for qualifying patent activity can be found in Bulletin IFA 002, Life Science Patents.
• The forms for registering an IB can be found on the website of the BC Ministry of Finance.  Required documents may include:
• A business plan describing how your corporation will conduct its international 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.
• The BC Ministry of Finance administers the IB program and a complete list as well as all other inquiries should be directed to their office.

Requirements

In general, a corporation will qualify for registration under the IB program if it 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 (Canada)
• Payment of application and registration fee of $5,000
• Establish and carry on a qualifying business within 90 days of registration. A complete definition of a qualifying business can be found here.
• 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.

Rulings and Technical Interpretations

If you are uncertain as to whether or not your business qualifies, you can obtain a Ruling or a Technical Interpretation.

Membership in the IFC BC

In addition to registering with British Columbia, a company must become a Core Member of the International Financial Centre British Columbia (IFC BC) Society. To find out more about membership in the IFC BC, click here.

The IB program is administered by the BC Ministry of Finance. For more information regarding the legislation or provincial registration, please visit their website. The information on this website is provided for convenience and guidance only and is not a replacement for the legislation. Businesses considering accessing the benefits under the IBA should consult with their professional advisors on the applicability of the legislation to their particular circumstances.

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