How to Open a Business Bank Account

To open a Business Chequing Account, Business Savings Account, GIC or Term Deposit follow 2 easy steps:

Step 1 Collect required information and documents :

To open a business account, we require specific information and documentation in order to comply with the banking laws of Canada and/or policies of the Bank.

  • Documentation required specific to your business type:
    • For Corporation (including not-for-profit Corporation):
      a) A copy of the Articles of Incorporation or Certificate of Incorporation or Letters Patent of Incorporation and
      b) Any one of the following documents listing the names of the directors:
      • A copy of the recent tax filing listing the names of the directors
      • Notice of the directors
      • Meeting minute excerpts listing names of the directors.
    • 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) and
      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 and
      b) Partnership Registration or Master Business License.
    • For Unincorporated Business (i.e. Association or Group) :
      Copies of documentation confirming the identity of the unincorporated group or association (i.e. association’s constitutional by-laws, memorandum of association or Canadian Registered Charities Report).
    • For Sole Proprietor:
      Copies of Business Name Registration or Master Business License or Professional Practice License.
  • Documentation and information required for ALL types of business:
    • Business Resolution:
      Copy of updated business resolution or minutes of the meeting of board of directors authorizing individuals to instruct the Bank on behalf of the business.¹
      ¹ Not applicable for sole proprietorship businesses
    • Identification:
      • We are required to see two pieces of original identification, one of which is government issued and make copies thereof for each individual who will be authorized to transact on behalf of the business.
      • All authorized individuals need to personally visit the branch for account opening.
  • Understanding your Business

    To learn more about your business and understand your banking needs, we will need following information:
    • Purpose of the account – e.g. for payments of day-to-day expenses, remittances, etc.
    • Understanding your transaction – e.g. frequency, method and value of deposits and withdrawals.
    • Source of funds – We need to ascertain the initial source of funds for setting up the business.
    • If the account is being used for a third party - In this context, a third party is defined as an individual or entity, other than the account holder and authorized signers, who might provide instructions or directions for conducting transactions through the account.
    • Owners of the business - For each individual with 25% or more direct or indirect ownership interest, we are required to collect and record the person’s name, home address, and occupation.
    • Director information for corporations - For each director of a corporation, we are required to collect and record name,
      home address and occupation.

Step 2 Call any of our branches and schedule an appointment

For assistance, please call our 24-hour Customer Contact Centre toll-free at 1-888-ICICI-CA (1-888-424-2422)