Registration

An eligible corporation or foreign bank authorized to carry on business in Canada must register itself, and any specialists it employs, to qualify for the International Business Activity (IBA) program. 

Corporations

To register for the IBA program, you must

  1. Read the guide

  2. Complete and submit the Application for Registration of a Corporation (FIN 574) (PDF) together with all applicable attachments

  3. Pay the registration fee of $5,000

If you're a foreign bank authorized to carry on business in Canada, contact us to register for the IBA program.

If the corporation is refused registration, we will forward a Notice of Refusal to the applicant, along with a refund for $4,000 of the $5,000 registration fee.

After review, the Ministry of Finance will send a Notice of Registration to qualifying corporations. This notice will indicate the registration date, the date at which corporations may begin to earn qualifying income. The registration date cannot be before the date the corporation applied for registration.

Requirements

A corporation will qualify for registration under the IBA program if it meets the following criteria:

  • was either:
    • incorporated in Canada and since incorporation it has not been continued outside of Canada (i.e. transferred or immigrated), or
    • is a foreign bank,
  • has a permanent establishment in B.C., 
  • is not exempt from income tax under the Income Tax Act (B.C.), 
  • establishes and carries on an international business within 90 days of registration,
  • establishes and maintains a membership with the International Financial Centre British Columbia Society (known as AdvantageBC) within 90 days of registration under the IBA program, and
  • keeps its books and records in B.C.

Permanent establishment has the same meaning as in section 400(2) of the Income Tax Regulations (Canada) and includes a fixed place of business.

Corporations and foreign banks authorized to carry on business in Canada must maintain their registration under the IBA program by:

  • continuing to meet the first three eligibility requirements for registration,
  • continuing to carry on an international business,
  • continuing to maintain membership in the International Financial Centre British Columbia Society (known as AdvantageBC),
  • continuing to maintain a permanent establishment in B.C., and
  • keeping its books and records in B.C.

Failure to meet these requirements could result in suspension or cancellation of the entity's registration and any specialists that it employs.

Corporate Amalgamations

If two or more corporations amalgamate and at least one of the corporations was registered under the IBA program, the newly formed corporation must re-register within 90 days of the date of the amalgamation or within a later period, as approved by the ministry. If the Commissioner receives the re-registration application within 90 days after the amalgamation, the effective date of the registration will generally be the date of the amalgamation.

To re-register for the IBA program, complete the above FIN 574 and the Schedule A Amalgamation (FIN 574A) (PDF) with all applicable attachments.

If two or more corporations amalgamate and they were all registered under the IBA program, the newly formed corporation is automatically registered effective the date of amalgamation once it has notified the ministry by re-registering as noted above.

IB Specialists

Only a corporation or foreign bank authorized to carry on business in Canada that is registered or has applied for registration may apply to register an individual as an IB specialist. There is no fee for registering an IB specialist.

To register an IB specialist for the IBA program, read the guide, and complete and submit the Application for Registration of an IB Specialist (FIN 566) (PDF), together with all applicable attachments.

After review, the Ministry of Finance will send a Notice of Registration to both the IB specialist and the registered corporation or foreign bank authorized to carry on business in Canada. This notice will indicate the registration date, the date at which the individual may begin to earn qualifying income as an IB specialist.

The registration date for an IB specialist is the later of:

  • the date the corporation or foreign bank authorized to carry on business in Canada applies for registration of the individual,
  • the date the individual begins employment with the corporation or foreign bank authorized to carry on business in Canada, or
  • the date the corporation or foreign bank authorized to carry on business in Canada becomes registered for the IBA program by the ministry.

Contact Us  

Contact us with your questions by phone in Victoria at 250 953-3082 or toll free within B.C. at 1 800 663-7867, or email us your questions at ITBTaxQuestions@gov.bc.ca