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

NUANS Report
Canada Incorporation
Registration of Business Name in Ontario
Canada Incorporation for Non-Residents
Extra-Provincial Corporation in Ontario
Incorporation in Brirish Columbia for Non-Residents
Incorporation in Canada for Non-Residents
Canada Limited Partnership for Non-Residents
Open Corporate Bank Account in Canada
Open Merchant Account in Canada
Open Personal Bank Account in Canada
Canada Incoproration Fee Schedule

Open Business Bank Account in Canada

Our company registers Canadian companies for non-residents and assist with opening 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.

Company & Bank Account in Canada- $3,500

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 for Opening Bank Account

All required corporate documents are prepared by our company.

Required Personal Documents for Opening Bank Account

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.

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.

Please note we invite clients to Canada, when the bank confirms that clients are acceptable.

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.

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, 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.

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.

 

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