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.
What do I need to open a business bank account?