Canada: how to open a corporate bank account
To open a corporate bank account in Canada, you must provide personal information about the owners of the business, corporate documents, some other data. It is problematic for a non-resident to become a client of the bank directly, it is better to contact a manager of our company. If all the documents are in order, you will become a client of the bank within a few days.
Features of the corporate account in Canada
To become an account holder, you need personal information about all business owners, as well as information about the company itself. You can open an account that is specifically designed for your company type:
- sole ownership;
- non-profit association.
If you're not sure which form of account is right for you, our specialist will suggest the right option, depending on the form of your business. It could be a budget account designed for a limited number of transactions. If you work a lot with payment transactions, you can open a professional account and set up the parameters you need.
Important: Choosing the right type of account saves money on payments and transactions, and helps you properly allocate your spending.
In addition to the ability to work with accounts, make transactions, the account owner can request a business support credit. Having an account will make it much easier to collect documents.
Fees vary from bank to bank, as well as the type of account, so before you open an account, research this point. For example, Scotiabank has options where you can pay no monthly fee if you have a certain amount in your account. Also, the fee may depend on the number of transactions that are included in the accounts.
What points to consider when choosing a bank and an account
- The number of money transfers you plan to make each month through the bank.
- Whether you need access to foreign currency.
- The number of deposit checks and Interac wire transfers during the month.
- Amount of account balance needed to support free accounts, if available.
If you do not live in Canada and do not have a Permanent Migrant Card, an account can be set up through our representative. It will be valid, depending on your case.
If you live here, to open a corporate account with a bank in Canada you need to show:
- Passport, driver's license or permanent migrant card.
- Work visa (if you have one).
- Application form with address, date of birth, social security number.
Other papers depend on the specifics of your company. If you are not registered as an individual entrepreneur, you need to provide:
- Business license;
- Certificate of trademark registration (for the individual entrepreneur);
- The founding documents;
- Name, address, type of activity of persons who own at least a quarter of the business.
A firm registered more than a year ago, must submit one of the documents (depends on the type of company):
- Certificate of Incorporation.
- Recent financial statements.
- Certificate of compliance.
- Business license.
- Other state-issued document (our specialist will tell you more precisely).
The speed of account opening
Before opening an account, the bank carefully examines the papers. If there are any comments, may contact you by videoconference. You may have to answer why you do not live in Canada, why you need an account if the company is registered in another state and you do not work here.
The recommended banks are the following:
- Royal Bank of Canada;
How to open a Canadian bank account
To open a bank account in Canada 2022, contact IT-OFFSHORE experts.