How To Open A Business Bank Account In Canada

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Banks in Canada are known for their reliability and stability. Having knowledge on how to open a business bank account in Canada can help you take advantage of those benefits they offer.

In this post, we’ll reveal all relevant answers to all the questions related to opening a business or corporate bank account in Canada so that your company can take advantage of the benefits of the safest banking systems in the world.

Do I need to be a Citizen of Canada to be able to open a business account in Canada?

There are really residency requirements or citizenship requirements to open a business or corporate bank account in Canada. You can decide to open an account in Canada even if you don’t have plans to immigrate there.

Do I need to reside in Canada to open a Canada business bank account?

A few banks in Canada will require you to be at the bank in-person when opening a business bank account while some others may not impose such requirement.
Should you choose to open your business account without visiting, it is imperative that you call the bank you wish to open your account in before doing so. This way, you’ll be informed of any restrictions and/ requirements.
There are a number of international banks that operate in Canada. So, if there is a local branch close to you, they may help you open the business bank account in your country of residence and transfer it to Canada. However, you may have to pay higher fees or charges for holding the business bank account internationally and you may be required to pay a higher minimum deposit while opening the account.

It is important to keep in mind that the requirements of different banks may vary, some might require more documents and means of verification of the business before you may open the business bank account.

Opening a business bank account in Canada

Getting to open a business bank account in Canada is a not difficult process. If your company meets the requirements, then the following documents may be requested from you;

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Two forms of identification for the business owners (at least one photo ID and at least one government-issued document).

It is worthy of note that the specific documents that you’re required to present may vary depending on your company type:

For Corporations,

Articles of incorporation/association
Certificate of Status
Certificate of Existence
Certificate of Compliance
Corporate Profile Report
Corporate Annual Government Filing
Business Number
Business License
Notice of Assessment for Income Tax
Two pieces of identification for the corporation’s signing authorities

For Partnerships,

Trade name registration
Copy of partnership agreement
Registered declaration of partnership
For Sole proprietorship,
Trade name registration
Master business license

What bank can I use?

Every business has its needs when it comes to banking, and also When it comes to banking services, every bank has its unique benefits or offers. Before deciding to open a business account in Canada, you should first research on which bank in Canada can meet your business’s needs and have features that may be suitable for your business.
Canada’s banking industry is really centralized, five major banks (informally known as the Big Five) dominates the sector. So, when you compare business bank accounts in Canada, be sure to research the following banks: