Congratulations! You formed a corporation. One of the first things that many people want to do once they form a corporation is open a bank account for their new company. We often get asked what the bank will require to open an account. Below, we have provided a list of the most common documents that are required when opening a new bank account. Every bank is a bit different, so there may be other things required, but as far as corporate records are concerned, this list will most often provide the bank what they need.
Corporate Records Required to open a Bank Account:
- Certificate and Articles of Incorporation
- The Corporation’s Canada Revenue Agency (CRA) business number (BN)
- Initial Registered Office and First Board of Directors form
- Securities Register (showing who the shareholders are)
- Directors Register (showing who the directors are)
Other supporting documents:
- Proof of identity for all individuals
- If your corporation also registered a separate Doing Business As Name (or “DBA Name”), they’ll want to see that licence so they can accept cheques, etc. that are made out to that DBA name for the corporation
- Other documents the bank may require
Often, banks will have you sign a resolution or agreement before opening an account with them. This document should be stored in the Corporation’s Minute Book.
If you formed an Ontario corporation, your CRA business number will be mailed to the registered head office, which may cause some delay as it typically takes 1–4 weeks to arrive. For other jurisdictions, such as Federal or British Columbia, your CRA business number is received immediately.
We hope this gave you some insight as to what you’ll need when trying to open a bank account. Check out our other articles for more resources for new corporations. If you have questions or need help with incorporation, contact us here.
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