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Home > Canada Incorporation > Incorporation in Canada for Non-Resident > Canada Corporate Bank Account for Non-Residents

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Incorporation in Brirish Columbia for Non-Residents
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Corporate Bank Account in Canada for Non-Residents

Our company registers Canadian companies for non-residents and offers bank introduction services for opening corporate (business) bank accounts with Canadian banks. The Canada Corporate Bank Account Package includes all you need to start your business in Canada.

For opening a personal bank account, please contact our company for more information.

Canada Corporate Bank Account Package - $2,840

The package includes formation of Canadian Limited Partnership, notarized set of documents, business seal and bank introduction services for opening a bank account in Canada. This package considerably facilitates doing business in Canada, US, EU and other highly regulated jurisdiction.

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About the Banks

Canada has 5 major banks - RBC, TD Canada Trust, CIBC, Scotiabank and Bank of Montreal. All banks are stable, reliable and offer the same level of services at similar fees.

Privacy Legislation

Canadian privacy legislation is based on two federal privacy laws, the Privacy Act and the Personal Information Protection and Electronic Documents Act.

The Privacy Act restricts collection, use and disclosure of private information by the federal government departments.

The Personal Information Protection and Electronic Documents Act imposes strict regulations on private companies including banks in terms of protection of private information of their customers.

Tax Treaties

Canada has 90 tax treaties in force, 10 tax treaties signed but not yet in force, and 9 tax treaties are under negotiation. Such wide network of tax treaties create excellent opportunities for tax planning.

In addition, Canada has 16 Tax Information Exchange Agreements (TIEAs) in force 6 signed, but not yet in force and 8 under negotiation. It means that access to Canada’s exempt surplus regime will be extended to those jurisdictions.

Required Corporate Documents

All required corporate documents are prepared by our company.

Required Personal Documents

The bank requires the following personal documents from each beneficial owners and authorized signatories:

  • Valid passport

  • Second piece of ID (credit card or drivers licence)

  • Bank reference.

Personal Visit

Personal visit for opening a bank account is required in most cases. When a client is not able to come to Canada, the bank may arrange remote verification of the client. However, processing of remote applications takes much longer.

Our company arranges a meeting with a bank officer and provide to the bank all required corporate documents. The bank opens accounts, issue debit cards linked to the accounts and provide checkbooks. All clients of our company are accepted by the bank. However, in January 2016 one application of our client was declined due to a non-standard situation, when a client incorporated his business in November 2012 and his company has not had any bank accounts since that time. Therefore, we recommend to open a bank account for your company as soon as the company is incorporated.

We are able to assist you with opening a bank account in other jurisdictions, where personal visit is not required.

Initial Deposit

No initial deposit is required. However, we recommend to deposit into your account a minimum of $300 to make sure that your account is active and will not be closed due to inactivity for over 6 months.

Minimum Balance

No minimum balance is required. However, you should keep some funds in your account to make sure that the bank is able to deduct monthly maintenance fee.

Online Banking

The bank offers advanced 24/7 online banking including:

  • Access to account balances and account transactions

  • Transfer money between accounts in the same bank

  • International wire transfer payments.

Debit and Credit Cards

The bank issues Visa Debit Card directly linked to the bank account. Each debit card payment is automatically deducted from the bank account. There are no credit limit and security deposit for debit cards. As soon as a client has a positive balance on his bank account, he may use the card.

You may apply to a credit card Visa or MasterCard being a client of the bank for a minimum of 6 months. If you apply for a credit card, the bank may request a security deposit based on the fact that you do not have a residency in Canada..

Debit and credit cards provides the following advantages:

  • 24/7 access to funds in any place of the world

  • worldwide acceptance for any online or in store purchases

  • worldwide cash withdraw.

Time Required

The bank usually opens corporate accounts in 1 to 3 weeks. When a client visits the bank in person, account may be opened even faster.

Currencies

The bank opens accounts in CAD and USD and issue debit and credit cards in CAD. If a client needs service in EUR or GBP, the bank is able to arrange it.

Bank Fees

The banks have different types of accounts with different fees. The most popular account is Small Business eAccount.

Bank Account Fees:

  • Maintenance fee payable monthly: free.

  • International wire transfer fee:

    • Incoming payments in USD: US$15.

    • Outgoing payments in USD: US$40.

  • Fee for the issue of a bank draft: CA$10 per draft

  • Cheque book: free of charge

  • Internet banking: free of charge

  • Bank's fee for opening a current account: free of charge.

Debit Card Fees:

  • Issue Fee: free of charge

  • Annual Fee: free of charge

  • ATM cash withdrawals: CA$1.50 within Canada, CA$3.00 within US and Mexico and CA$5.00 for all other countries.

  • Currency Conversion Fee: free of charge. The bank applies its own exchange rate.

  • Card Replacement: free of charge.

Credit Card Fees:

  • Issue fee: free of charge. Up to 3 additional cards free of charge.

  • Annual fee: free of charge

  • ATM Cash withdrawal: CA$1.50 within Canada, CA$3.00 within US and Mexico and CA$5.00 for all other countries.

  • Currency Conversion Fee: free of charge. The bank applies its own exchange rate.

  • Card Replacement: free of charge.

Feedback of Our Clients

Our company introduces its clients to the bank and constantly monitors clients experience with the bank's services.

Canadian banks offer exceptional services at very reasonable fees. Taking into account well known reliability of Canadian banks, opening a bank account with one of these bank are great choice for every client.

All our clients, who have accounts with Canadian banks are very satisfied by banks services.

 

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