How to open a corporate account in Canada online: instructions

You don't have to be a resident or live in Canada to open a corporate account with a Canadian bank. Some banks allow you to do it online, without a visit to a branch or through an official representative.

What documents you need to open a corporate account online in Canada

To open a business account in Canada, all owners and employees who are authorized to sign documents must provide 2 notarized IDs. It is also necessary to submit the memorandum of association, trademark registration certificate, name, address, occupation of all those who own 25% or more of the shares of the business.

Depending on the legal structure of the business, the bank may require additional notarized documents.

Corporation

• Company number and license;
• Certificate of status / profile report;
• Articles of Incorporation;
• Income tax assessment notice, etc.

Partnership and LLP

• Registered declaration of partnership;
• Certified copy of partnership agreement;
• Registration of trademark;

Individual Entrepreneurs

• Business license;
• Trademark registration.

Problems that may arise when opening an account

The bank carefully reviews the documents that have been submitted to open a bank account online in Canada. If something is missing or goes wrong, an in-person visit or a conversation with a bank representative via video link is needed. The officer may require answers to such questions:

• Why do you need a Canadian bank account (especially if the firm is registered in another country);
• Why you don't live or plan to live in Canada;
• Social Security number - if you want to receive interest.

In some cases, the bank may impose higher transaction fees, other financial transactions, and require you to make a large deposit.

What you need to know

Canada is a signatory to the CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Reporting Act). This means that account information opened in Canada will be transferred to your country of tax residency and citizenship (if different).

How to open an account online in Canada using Scotiabank as an example

To open an account with Scotiabank online, you need to fill out a questionnaire on the website, answering questions about your business. If you are a resident in Canada or are studying/working here, you just need to submit:

• a personal ID;
• a document that proves the company name;
• Canada Revenue Agency registration number (if available).
• other documents that will be needed depending on the structure of the business and the age of the company. If the company has been in existence for more than a year, you will need to provide:

Certificate of Incorporation, Continuing Operations or Patent Letters (depending on where the business was incorporated), Certificate of compliance, Corporate Profile Report, Annual state filing, Financial statements for the most recent months, the most recent commercial notice of assessment, business licenses.

If you are not Canadian, do not have a work permit, or the company is registered in another country, you need to contact a bank representative to open a corporate account.

Other banks in Canada where you can open a business account remotely

In addition to Scotiabank, you can open a corporate account at the following banks:

• Royal Bank of Canada (RBC), Canada's largest bank. Previously, you could only open an account with the Royal Bank of Canada by visiting an office. When the pandemic began, the bank reconsidered its position. To become a client of the bank online, you have to go through identity verification using IDV, upload your electronic signature and documents;
• BlueVine offers a free checking account for businesses online. To open an account with BlueVine, all you have to do is fill out an application online. It is processed within 24 hours, sometimes taking up to 5 days. Pluses include no minimum deposit and no monthly maintenance fees;
• NBKC is great for a business savings account. It can be opened quickly and easily online. There is no minimum initial deposit or monthly fee to open an NBKC account.

Where to open a corporate account in Canada

If you want to remotely open a corporate account in Canada, contact IT-OFFSHORE specialists and we'll find the bank that best suits your circumstances.