How to open your first business bank account
Here are the documents you need to open your first business bank account, tips on how to open your account and why you should have one.
Rachel Salares
Nov. 09, 2021
3-minute read
The start-up stage of your business can be exciting as you think through strategies, develop plans and build products. It’s easy to forget or delay one of the key foundations of every business — opening a dedicated business bank account.
At CIBC, we want to make opening your first business bank account a great experience. To make sure it’s seamless, here are some tips to help you prepare.
Required documentation and ID
- All beneficial owners, signing officers and cardholders must give their name, home address, phone, email, date of birth, occupation and one piece of original government issued photo identification that includes a signature
- Business name and address (cannot be a P.O. Box), and details about the nature of the business
Business or trade name registration (except where registration is not available per provincial law)
For general, limited or limited liability partnerships:
- Partnership registration (except where registration is not available per provincial law), or
- Partnership agreement, if provincial law doesn’t require a registration
For corporations of incorporated associations:
- Articles of incorporation, certificate of incorporation, or articles of amalgamation
- Most recent list of the corporation’s directors
- Trade name registration (if applicable)
- A copy of the official corporate record, specifically any section relating to the power to bind the corporation to the account
- If your corporation existed for over one year, one of the following documents:
- Certificate of corporate status
- Certificate of existence
- Most recent annual report
- Most recent notice of assessment
- Current health, safety certificate, liquor licence or vendor permit (if applicable)
Consider which account to open
How much you pay in monthly fees depends on the number of debit and credit transactions you might need. If you keep a minimum daily balance you’ll get a monthly fee waiver for a cost-effective account with 30 transactions, including Interac e-Transfers, with accounts like the Everyday Business Operating Account.
CIBC has options to fit a variety of needs, so choose the one that fits your business best. Explore our business operating accounts.
Decide whether to open your account online or in person
- CIBC Business Operating Accounts can be opened online for all types of business. You can apply online now Opens in a new window.. You can also set up digital banking using CIBC SmartBanking for Business.
- You can also open a business banking account at any CIBC Banking Centre. The best way is to book an appointment online with a business banking expert. Have the above information and documents ready for your meeting. All owners and signing officers need to be present for the account opening.
Still not sure if you need a business bank account?
It’s important to keep your personal and business accounts separate to help you manage your spending, cash flow and revenue. Establishing separate and dedicated accounts and credit cards for your business isn’t just a milestone of growth — it will set you up for success. To learn more about why you should keep both personal and business accounts separate, visit our advice centre.
Written by
Rachel Salares
Rachel Salares is a communications and change management professional based in Toronto with CIBC. With previous experience in both the corporate and non-profit sectors, she now works in Business Banking creating content for entrepreneurs and financial advisors across Canada.
