Canadian Banking Laws on Foreigner Accounts

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The Canadian government has made it relatively easy for foreign individuals moving to the country as simple citizens or investors to open bank accounts. If you are planning on moving to Canada, you will consider opening a bank account so that you can manage to carry out basic tasks such as purchasing goods online or paying bills. Before you start the process of opening a bank account in Canada as a foreigner, you need to consider several things. 

Getting a Bank Account 

If you are a foreign citizen hoping to open a bank account in Canada, you can. The Access to Basic Banking Facilities Regulation allows anyone to open a bank account as long as they are not jobless, bankrupt, and are in a position to deposit some money into the account upon opening. Also, foreign citizens who wish to open bank accounts in Canada must provide valid identification papers such as a passport, residency card or residency permit Cashmax loans

Different banks have their requirements and procedures that must be observed before a foreigner creates an account. 

Bank Account Options 

You have the option of opening a personal or business account. If you own a company, you can open a merchant and/or open a corporate bank account. As a foreign citizen, you have a variety of options to choose from: current account, international account, or savings account. 

It is imperative to note that a bank account cannot be opened until the individual opening the account goes to the bank in person. This also applies to corporate bank accounts. In both cases, a representative or account owner must avail themselves to sign the documents required to open an account. 

Corporate Accounts 

Company bank accounts are opened given the following scenarios. One, if you wish to set up a new company, the share capital should be deposited in a Canadian bank account. 

Also, if you are intending to open a subsidiary company or branch office in Canada, the Canadian banking laws require that you open a bank account in a Canadian bank. Should you be interested in getting into a partnership or open a sole proprietorship in Canada, the Canadian banking laws require that you open a corporate bank account. Lastly, if your company already has an account but you want to open a second company account, depending on several variables, you might have to open another corporate account. 

Required documentation for Canadian Corporate Accounts. 

To open a Corporate account in Canada, you will require the following: 

Two kinds of identification documents from the representative company. These could be resident visas or passports. 

Statutory documents from the company such as trade name documents or a partnership agreement. 

Certificates of compliance and existence. 

Business licenses and/or registration number. 

Please note that different banks have different rules so do your research to find the one that is ideal for you.