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, and some other data. It is problematic for a non-resident to become a client of the Canadian bank directly, so 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 to provide personal information about all business owners, and the company itself. You can open an account that is specifically designed for your company type, and it can be:
- sole ownership;
- non-profit association.
If you're not sure which form of account suits your company best, our specialist will suggest the right option. In some cases, it can 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 and make all sorts of transactions, the account owner can request a business support credit. The bank account will also make it much easier to collect various documents necessary for business operations in Canada and worldwide.
Fees vary from bank to bank and the type of account. You should consider this information and make some research or consult the experts before you open an account. For example, Scotiabank has options where you won't pay a monthly fee if you have a certain amount of money in your account. Also, the charge may depend on the number of transactions within the accounts.
What points to consider when choosing a canadian 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 or not.
- The monthly number of deposit checks and Interac wire transfers.
- 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.
To open a corporate account with a bank in Canada as a resident, you need to show:
- Passport, driver's license, or permanent migrant card.
- Work permit (if you have one).
- Application form with address, date of birth, and 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 sole proprietorship).
- The founding documents.
- Name, address, and type of activity of persons who own at least a quarter of the business.
A firm registered more than a year ago may be obliged to submit one of the documents (it also depends on the type of company):
- Certificate of incorporation.
- Recent financial statements.
- Certificate of compliance.
- Business license.
- Other state-issued document (our specialist can explain details more precisely).
The speed of account opening
Before opening an account, the bank carefully examines the papers. If there are any comments, or questions, they may contact you by videoconference. You may have to answer why you do not live in Canada, and why you need an account if the company is registered in another state and you do not work there.
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.