Account Opening

How to open a Business Account? 

It can be opened online or at any of our branches.

Who can apply for account opening? 

The following type of businesses can open the Business Savings Account:

Corporation
Partnerships
Unincorporated Group or Association
Sole Proprietorship
Condominium (or Strata) Corporation
Trusts

What is the process for applying for an account?

The Business Account application form is available on www.icicibank.ca . You will need to print the form, fill it, sign it and attach the required documents and post it to us. The following portions of the account opening form need to be completed:

1. Business Account Application Form.

2. Authorized Individual Application Form. Please note that this is to be completed by each Authorized individual.

3. Business Banking Resolution form. This is not required for sole-prorietorships.

The documents which need to be submitted will be based on the constitution of your business. For example, if you own a sole proprietorship, you would need to provide a copy of the business name registration. You will have to provide a deposit cheque preprinted with your name and/or current address, drawn from another Canadian financial institution.

In addition to this, a pre-printed business cheque with the full business name and a pre-printed personal cheque for each of the authorized individual is to be sent with the account opening form. These cheques can be for any amount equal to or more than $1 and should be made out to the business. (Reconciling the amount deposited through the personal cheque of the authorized individual(s) is done by you, through the business.)

The above form and the required documents are then to be posted to the following address:

ICICI Bank Canada, P O Box 396, Don Mills, ON M3C 2S7.

Can a business which is not based in Canada open this account?

Yes, please visit one of our branches.

How long will it take to complete the application?

With the required information available, the application should take you approximately 10 minutes to complete depending on the type of account you are applying for - such as sole / joint account.

What can I expect after the application is submitted?

On receiving the form, documents and cheques, if some additional information is required, we will contact you. The cheques will be put through clearing. When all the cheques have cleared, the account would be opened. Corporate ID, User ID will be mailed along with the Welcome letter and a separate mail would be sent for passwords mailed out to the mailing address. These would be mailed separately for security purposes.

Why is this information and documentation required?

Government regulations require that we verify your identity before opening an account. We use the information you provide to assist us in confirming the identity of the Authorized Individuals and the business.

Can I open a Business Chequing Account or Business Term Deposit online?

To open a Business Chequing Account or Business Term Deposit, we would request you to visit one of our branches and provide the following documents:

• For Corporation (including not-for-profit Corporation):
  a) A copy of the Articles or Certificate of Incorporation or Letter Patent of Incorporation
  b) Copy of Notice of Directors, Resolution, meeting minutes excerpt or tax filing listing all directors (i.e. CT23, Schedule A, CO-17, AT1).
• For Condominium (or Strata) Corporation:
  a) Copy of Land Titles/Registry document showing registration of declaration, plan or description, or other document confirming existence of the corporation (e.g. registration of By-law.)
  b) Copy of Notice of Directors, Resolution or meeting minutes excerpt listing all directors (or council members in British Columbia).
• For Partnership:
  a) A copy of the Partnership Agreement, Partnership Registration or Master Business License.
• For Unincorporated Business:
  a) Copies of documentation confirming the identity of the unincorporated group or association (i.e. association’s constitution Bylaws, memorandum of association or Canadian Registered Charities Report).
• For Sole Proprietor:
  a) Copies of the Business Name Registration, Master Business License or professional practice license.
• For Trusts:
  a) Copy of the Trust Deed & Settlor’s identification.
• For every Authorized Individual:
  In addition to the Authorized Individual Form, please send the following: Two pieces of Identification (photocopied front and back to clearly identify your signature). For a list of acceptable identifications, click here.