How to Register for the IFA Program

To register for the IFA program, corporations must complete and submit an Application for Registration of a Corporation form (FIN 574) together with all applicable attachments. Please see the Guide to Filling out the Application for Registration of a Corporation (FIN 574G) for assistance with the registration form, and our Forms page for all applicable forms and schedules.

The application must include a cheque or money order in the amount of $5,000 made payable to the Minister of Finance. If the corporation is refused registration under the Act, we will refund $4,000.

Forms and attachments (including payment) should be sent to:

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

• it was incorporated in Canada and since incorporation it has not been continued outside of Canada (i.e. transferred or immigrated)
• it has a permanent establishment in B.C.
• it is not exempt from income tax under the Income Tax Act
• it establishes and carries on an International Financial Business (IFB)* within 90 days of registration
• it establishes and maintains a membership in the International Financial Centre British Columbia Society within 90 days of registration under the IFA program
• it keeps its books and records in B.C.
• it pays an application and registration fee of $5,000

*An International Financial Business (IFB) of a corporation is a business, or part of a business, that carries on qualified international financial activities. The IFB must be part of an active business and carried on through a fixed place of business in British Columbia.

For a list of qualifying international financial activities, please see Bulletins IFA 001, International Financial Activity Act Overview and IFA 002, Life Science Patents.

Where two or more corporations amalgamate and at least one* of the corporations was registered under the IFA 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 commissioner.

To re-register for the IFA program after an amalgamation, corporations must complete and submit an Application for Registration of a Corporation form (FIN 574) and a Schedule A - Amalgamation (FIN 574A) with all applicable attachments.  Please see the Guide to Filling out the Application for Registration of a Corporation (FIN 574G) for assistance and our Forms page for all applicable forms and schedules.

The effective date of the registration will usually be the day after the amalgamation.

* If two or more registrants amalgamate, the newly formed corporation is automatically registered upon proper notice of the amalgamation (see above).

A registered corporation may apply to register an employee as an IFA specialist. Please see the Registration page under Individuals > Income Taxes > International Financial Activity.

An employee can be an IFA specialist for only five years from the date he or she is first registered.