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What do I need to open a business bank account?

What do I need to open a business bank account?

Posted on: June 30, 2017
Author: ATB Business & Agriculture

Corporation

  • Confirmation of existence:
    • Corporation’s certificate of corporate status;
    • Annual filings under provincial securities legislation; or
    • Other records to confirm existence such as annual reports signed by independent audit firm, notice of assessment, etc.
  • Beneficial Ownership[1]:
    • Articles of incorporation;
    • Annual returns; or
    • Shareholder agreements, etc.
  • Names of all Directors
  • Power to bind:
    • Certificate of incumbency;
    • Articles of incorporation; or
    • Bylaws, etc.

Non-Corporation (e.g. Partnership, Co-operative, etc.)

  • Confirmation of existence:
    • Partnership agreement;
    • Articles of incorporation; or
    • Any other similar record to confirm existence of the entity
  • Beneficial Ownership1:
    • Articles of constitution;
    • Partnership agreements; or
    • Records of decisions, meeting minutes, etc.

Trusts

  • Trust Deed
  • Names and addresses of all trustees and all known beneficiaries and settlors of the trust; and
  • Information on the control and structure of the trust.

Not-for-profit organization

  • Confirmation of existence
  • Registered charity status
  • If not a registered charity, does organization solicit charitable financial donation from the public

[1] Beneficial ownership refers to individuals who ultimately control the entity. 

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