You are required to submit a number of documents to open a Business Bank Account in Canada based on the nature of your organization. You could be a sole trader, a partner in a firm, or a director of a registered company, learn the documents that are required to open a business bank account in Canada .
Canada boasts of a healthy business environment with cultural diversity, low corporate tax rates, trade pacts that offer preferential access to global and diverse markets, and stern intellectual property protection laws. If you are thinking of penetrating the Canadian business environment and are looking to open a business bank account in Canada, check out this article.
Unlike personal savings or a transactional account, which is used to aid personal finances, a business bank account is opened in the name of the business and is used for the sole purpose of the transaction of a business. Sole proprietors, partnership firms, and limited companies are eligible to open a business bank account.
The application can be made both online and offline. However, this depends on the banking service provider, your citizenship, and your residential status.
Your organization should meet the requirements set down by the ‘Access to Basic Banking Services Regulations' under the 'Bank Act’.
It is vital for every business entity, be it a sole trader or a partnership firm, or a registered company to have a separate business bank account for bookkeeping and a bonafide accounting process.
It is important for a sole trader to disclose his/her trade name registration and license. In addition to this, a partnership firm needs to submit its partnership agreement. Similarly, a company has to submit its certificate of incorporation, business number, and documents stating the name of its directors.
So let's find out what documents are required to open a Business Bank Account in Canada.
Two Identification Proofs validating information of business owners, preferably issued by the Government of Canada. Apart from this, specific documents are to be presented, based on the nature of your organization:
Please note that any one of the documents must clearly list the names of the directors.
Before you choose a service provider, here are a few factors that you need to keep in mind:
Have you tried opening a business bank account in Canada? How did you find the experience?
Do have a look at the **Best Business Bank Accounts in Canada
Canada flaunts its robust banking and financial services sector. Apart from connectivity to Canadian customers, and ease of transactions, one can rely on the stability of Canada’s banking sector and open a business bank account with an institution of their choice.