Canada corporate bank account
Healy Consultants assists our Clients with opening a corporate bank account in Canada without travel. Our fee for this service is US$2,950. Our experienced banking team will prepare all required documentation and submit them to your preferred bank. We will also attend the bank interview on your behalf. Four weeks later, we will provide a corporate bank account number and activate internet banking on behalf of our Client.
Canada corporate banking options
- Canadian banks offer good customer service, excellent internet banking and multi-currency corporate bank accounts. Thanks to the excellent oversight of the Canadian Central Bank, they are also rated as the soundest in the world by the World Economic Forum;
- We recommend our foreign Clients to open their business bank account in Canada with a bank with which they already have a bank account in another country, as this will reduce i) time required to open the account ii) the bank’ requirements for our Client’s security check and iii) allow him to enjoy reduced/waived international transfers fees;
- Amongst the international banks present in Canada, we recommend i) Citibank ii) Barclays and iii) HSBC as our Clients in Canada and elsewhere in the world have expressed their satisfaction with the services offered by these institutions. However, we can also open accounts with other banks if needed: a full list of local and international banks operating in Canada can be found here.
Other corporate bank account information
- Canada has revoked all foreign exchange controls. Accordingly, there are no such restrictions on the transfer of capital, profits, dividends, royalties or interest into, or from the country. That said, international funds transfers over US$10,000 are monitored by the Central Bank and FATCA related requirements are strictly implemented in Canada;
- Healy Consultants assists our Clients with obtaining corporate finance in Canada in the form of a loan, overdraft or simply preferential credit terms;
- Canadian banks are supportive of startups and will loan funds to finance investment projects in Canada, if provided with sufficient information on the project’s feasibility and expected earnings. Documents requested include i) a well-prepared business-plan, inclusive of a feasibility study ii) availability of collateral assets iii) qualifications of business owners and management iv) last 3 years audited financial statements and v) a detailed review of the project’s strength, weaknesses, opportunities and threats (SWOT matrix);
- In addition to corporate finance, our in-house consultants may also provide our Clients with assistance to secure trade finance services including i) bank guarantees ii) letters of credit iii) finance against trust receipt (for imported goods) and iv) document against payment and against acceptance.
Steps to opening a corporate bank account in Canada
- Healy Consultants and our Client agree the preferred bank and the preferred currency;
- We negotiate a travel exemption with the bank, order a corporate ATM and credit card and prepare a business plan on our Client behalf;
- Healy Consultants completes the corporate bank account application form on behalf of our Client and then couriers it in order to obtain our Client’s signature;
- Healy Consultants’ corporate banking team submits the corporate bank account application form to the bank, altogether with the corporate and personal due diligence information documents;
- Healy Consultants attends a bank interview in Canada on our Client’s behalf;
- Our firm then pays the initial bank deposit on our Client’s behalf. A scanned copy of the bank deposit slip is emailed to our Client as receipt of this expense;
- On behalf of our Client, Healy Consultants activates internet banking facilities and other services requested, including i) a corporate ATM/credit card ii) corporate cheque book;
- The bank directly couriers to our Client i) the corporate bank account Internet login and password information ii) cheque books and iii) ATM/credit cards in sealed letters.