Open a Bank Account in Canada

Updated on Tuesday 31st July 2018

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Moving to Canada as a simple citizen or as an investor is not very complicated, considering the programs enabled by the government in order to attract foreigners in search of work or, even better, those interested in opening companies here. However, once moved here there are other aspects such as finding a place to stay and even open a bank account in order to be able to complete easy tasks like paying utility bills or buying goods online. For Canadian companies having a corporate bank account is crucial, as all the transactions must go through the account.

Our company formation consultants in Canada can assist foreign investors who want to start businesses here. Our services include corporate bank account opening also.

 

Setting up a bank account as a foreign citizen in Canada

Foreign citizens can open bank accounts in Canada, just like local inhabitants. According to the Access to Basic Banking Services Regulation, any individual can open a Canadian bank account if:

  •           they don’t have jobs;
  •           they have been bankrupt;
  •           they cannot deposit any money in the account right after opening it.


Foreign citizens seeking to set up bank accounts in Canada must submit valid identification papers. The following documents are accepted by Canadian banks or other financial companies:

  •           a valid passport;
  •           a permanent residence permit;
  •           a temporary residency card.


The identification paper must be accompanied by an application form issued by the bank. Our company registration agents in Canada can offer more information on the documents related to creating a bank account.

Please watch our video on how to create a bank account in Canada:

Types of bank accounts which can be opened in Canada

While companies can open corporate and merchant bank accounts, foreign citizens have several options with respect to the types of accounts they can set up. Among these are:

  •           current accounts;
  •           savings accounts;
  •           international accounts.


It is very important to know that the bank account can only be opened if the person requesting it goes personally to the bank. The same applies to a corporate bank account: a company representative must file the documents in person.
 

Opening a corporate bank account in Canada


The opening of a company bank account is required in the following cases:

  •           when setting up a new company in Canada and the share capital must be deposited;
  •           the opening of a branch office or subsidiary company in Canada also requires a new bank account;
  •           when opening sole proprietorships and partnerships in Canada, corporate bank accounts are mandatory;
  •           second company bank accounts can be opened in Canada in certain cases.


Our company formation agents in Canada can explain the requirements related to opening corporate bank accounts.
 

Documents needed when opening Canadian corporate bank accounts


The following list of documents must be completed when opening a corporate bank account in Canada:

  1.           two types of identification papers of the company’s representatives, such as passports and resident visas;
  2.           the company’s statutory documents, partnership agreement or trade name registration, depending on the type of structure;
  3.           the certificates of existence and compliance, in the case of Canadian corporations;
  4.           the business registration number and the business or other types of license, depending on the structure;
  5.           other information which can be requested by the Canadian bank.



For assistance in opening bank accounts in Canada, please contact us. We can also help those interested in starting a company in Canada.

 

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