Open Bank Account and
Start Business in Canada
Our company registers Canadian companies for non-residents and assists with opening business bank accounts with Canadian banks. The Canada Corporate Bank Account Package includes all you need to start your business in Canada. A personal visit to the branch in Canada is required to open the account.
Information about opening a Business Bank Account in Canada
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.
In addition, Canada has 24 Tax Information Exchange Agreements (TIEAs) in force 1 signed, but not yet in force and 5 under negotiation. It means that access to Canada’s exempt surplus regime will be extended to those jurisdictions.
All required corporate documents are prepared by our company.
The following documents and services are included:
- Name Search confirming uniqueness of the name
- Government registration fee
- Registered office address in Ontario for one year
- Declaration Form 3 confirming registration of the Limited Partnership
- Organizational Resolutions of the General Partners
- Resolution Admitting of Limited Partner
- Partnership Agreement
- Register of General Partners
- Register of Limited Partners
- Courier Delivery
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 for opening a bank account is required. We are able to provide invitation letters to Canada when the bank confirms clients are acceptable.
Our company will arrange a meeting with a bank officer and provide the bank with all required corporate documents. The bank opens accounts, issues debit cards linked to the accounts and provide cheque books.
If you cannot visit Canada, our company is able to assist you with opening a bank account in other jurisdictions, where personal visit is not required.
No initial deposit is required. However, we recommend to deposit into your account a minimum of $500 to make sure that your account is active and will not be closed due to inactivity for over 6 months.
No minimum balance is required, when your bank account is opened. However, you should keep some funds in your account to make sure that the bank is able to deduct monthly maintenance fee.
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
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 in the account, you may use the card.
You may apply for 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 residency in Canada.
Debit and credit cards provide 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
The bank usually opens corporate accounts in 1 to 3 weeks. Personal visit to the bank is required for opening the account.
The bank opens accounts in CAD and USD and issues debit and credit cards in CAD.