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Aaron
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Hi Dave,

 

If you plan to start marketing and distributing your products under your company’s name, you’re likely going to need a corporate or business bank account to receive any payments from your customers  –  cheques payable to your company, for example, cannot be cashed by you until such an account exists!

 
In order to open a business account, banks typically require that the business owner or owners be present to provide them with photo identification in addition to their business documents.   Sole Proprietorships and Partnerships will need to have all owners present at the time the account is opened.  Corporations are typically allowed to open an account provided one of the directors is present with the corporate documents.

 

Depending on the nature of the account you are opening, you may also be required to provide information regarding your company’s shareholders (Corporations only).  This information is typically kept in your Shareholder’s Register, located within most corporate minute books.  Your ability to provide up-to-date information concerning your company and its owners will affect a financial institution’s decision to loan to you, so it is always best to keep thorough records.  

 

Be prepared by calling your bank before arriving to determine if any additional documentation is required.  Remember, you can’t open a business bank account before your company is set-up, so visit us on the web or call us to get the process started.