Opening of bank accounts in Canada

August 11, 2023 By Steffy Alen

Opening of bank accounts in Canada involves several steps. Choose a bank, gather required documents like ID, proof of address, and Social Insurance Number (SIN). Visit the bank, fill out an application, and provide documents. The bank will review and process your application, and upon approval, you’ll receive your account details and can start managing your finances. Online and in-person options are available, making it convenient for residents and newcomers alike. As you already know, registering a partnership in Canada allows for simplified access to the US and Canadian banking system. To open a bank account without hassles, it is recommended to register a partnership in Canada, with a resident as a nominee. This procedure is more time and cost-efficient and preferable to the domestic banks. The partner who is a Canadian resident can enter a special arrangement with you or your offshore firm whereby all rights belong to you, or, as an option, the partnership agreement can be drafted regarding terms and conditions to protect all partners. It is not necessary to open a Canadian account. It can be done in US banks and EMIs in Europe that issue virtual accounts with a global reach.