Opening a Business Account in Canada: Requirements, Banks, and Procedure

Opening a Business Account in Canada: Requirements, Banks, and Procedure

Open a bank account for a company in Canada
Canada's banking system is considered one of the most robust in the world, and corporate accounts are available to both residents and foreign companies.
The main thing is compliance with KYC/AML procedures and confirmation of the business's legality.

Jurisprudential Consulting Group provides turnkey support for opening corporate accounts in Canada, taking into account CRA requirements and banking standards.

1. Selecting a bank and preparing a package of documents
2. Remote KYC verification
3. Connecting payment gateways and currency transactions

Consultation cost from 250 euros

Open a bank account for a company in Canada — a mandatory step after registering a corporation.
A corporate account is used for settlements with clients, paying taxes, accepting investments and reporting to Canada Revenue Agency (CRA).

Canada offers a developed banking infrastructure, strict controls on the origin of funds, and flexible instruments for international transactions.

1. Who can open an account in Canada?

A corporate account can be opened by:

1. Canadian corporations (Corporation / Ltd / Inc);
2. branches of foreign companies (Branch office);
3. partnerships (LP / LLP);
4. foreign companies with tax presence (substance).

Banks allow non-residents to enter, subject to KYC/AML verification and the provision of documents about the company and beneficiaries.

2. Canada's Major Banks for Corporate Clients

An alternative to traditional banks - fintech platforms (EMI):
Wise Business, Payoneer, Revolut Business, providing IBAN accounts and currency conversion without visiting Canada.

3. Bank requirements and verification procedure

Banks in Canada are required to comply with laws. Proceedings of Crime and Terrorist Financing Act и FINTRAC.
When opening a corporate account, the following is checked:

1. ownership structure (UBO);
2. tax number (Business Number);
3. Certificate of Incorporation;
4. address and substance companies;
5. source of funds;
6. type of activity and client profile.

The verification is carried out remotely (via video identification) or during a personal visit, depending on the bank.

4. Step-by-step procedure for opening an account

We offer a solution at the level of international standards

1. Company registration (Corporation / LP) and obtaining a Business Number (BN).
2. Preparation of a package of documents:

1. Certificate of Incorporation;
2. Articles of Incorporation / Partnership Agreement;
3. Resolution on the appointment of the director;
4. KYC forms and address verification;
5. Passport and proof of address of all shareholders.
   3. Bank choice - federal or provincial.
   4. Passing bank verification (KYC/AML).
   5. Signing the agreement and activating the account.

The process takes 5-15 business days , depending on the bank and the company's status.

5. Types of corporate accounts

1. Operating Account — the main account for current transactions.
2. Savings / Investment Account — an account for storing reserves and investments.
3. Multi-Currency Account — support for USD, EUR, GBP, CAD.
4. Merchant Account — to accept online payments.

For international companies, a structure of two accounts is often created : the main one (CAD) and the currency one (EUR/USD) for cross-border transfers.

6. KYC and compliance requirements

Corporate accounts in Canada are opened only after verification:

1. shareholders and directors on sanctions and PEP lists;
2. tax status (TIN/SIN/CRA);
3. sources of funds;
4. compliance with requirements AML/FATF/BEPS/CRS.

Companies working with cryptocurrencies or fintech projects must provide additional documents (description of the business model, risk assessment, AML/KYC policy).

7. Alternative: Fintech platforms and EMIs

For startups and remote businesses, fintech solutions are often more convenient:

1. registration and verification completely online;
2. support for multi-currency payments;
3. access to SEPA and SWIFT;
4. integration with accounting.

Recommended platforms: Wise Business, Payoneer, Revolut Business, Airwallex.

8. How Jurisprudential Consulting Group helps clients

Jurisprudential Consulting Group assists with the process of opening corporate accounts in Canada:

1. selection of a suitable bank or EMI;
2. preparation of a complete KYC package;
3. support of communication with the bank;
4. implementation of internal AML policy;
5. assistance in connecting online payments.