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
Business or trade name registration (except where registration is not available per provincial law)
For general, limited or limited liability partnerships:
For corporations of incorporated associations:
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
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.