Registering a company in Canada with bank accounts in Canadian and foreign banks – from 9,500 EUR
We are happy to offer you a unique service of having a business company registered in Canada that will allow opening corporate accounts in Canadian as well as in other world countries’ banks. You will not have to travel to Canada or anywhere else as everything can be done remotely.
The Canadian company
We recommend that you take a close look at the possibility of forming a business in Canada for those who are not Canadian residents or citizens. Setting up a Limited Partnership in this country is especially alluring. Why would this be of interest and why can a company registered in Canada serve as an effective international business instrument?
First of all, Canada is a respectable onshore jurisdiction known not only for its English- and French-speaking provinces, but also for its growing economy, strong and diversified industries, and high level of human and business rights protection.
At the first glance, Canada may seem an expensive country to have a company and pay taxes in. But a deeper insight will reveal a second advantage that this state has:
Having a Limited Partnership (LP) registered there, you will have a zero corporate tax, as your company is not going to be a Canadian tax resident. Besides, keeping a business going in Canada costs not more, and in certain aspects even less, than doing that in other well-respected business jurisdictions.
The third advantage is the country’s reputation that allows opening corporate accounts for your company both in Canada and in other countries of the world. We will help you do it remotely, without a personal visit to Canada or any other country.
Finally, here is the fourth factor that is critically important for an international merchant: a bank account in Canada allows performing transactions in US dollars without any restrictions or risks.
Why would a Canadian company need several bank accounts?
You can believe in luck as well as in the reliability of your bank but practice shows that banks often fail their customers. They delay transactions, deny services or even go bust. Whether the banker ran away with the money or not, the clients lose theirs in any case.
Under the conditions of this sort of unpredictability, lack of foresight on the part of the businessperson would be regrettable. Thus, smart business people seek to diversify their options and open accounts in several banks, preferably in several countries.
Naturally, having a bank account in the country where your clients reside (or at least in a country nearby) will provide for more rapid transactions, enhance your business credibility, and strengthen its reputation.
If one account is blocked or frozen, this will affect only part of your operations but will not totally paralyze the business as a whole if you have accounts in other banks.
Unfortunately, many people still do not realize the dangers of having a single bank account. They come to see their mistake only when their only account is closed, and they have to spend a lot of time and money (of which there is a much shorter supply now, of course) to set up a new bank account.
We suggest that you open a corporate account in a reliable bank but not trust it without any reservation. We advise that you should have back-up accounts in several banks located in different parts of the world.
Why is a set of companies necessary to open bank accounts in Canada and in other countries simultaneously?
We have figured out why a Canadian company needs accounts in foreign banks. Now the following question arises: why build a set of companies in Canada while this country enjoys universal respect and has an excellent reputation internationally?
The devil hides in the details, as usual. The matter is that a company registered in Canada in the name of a foreign citizen cannot open a corporate account in a Canadian bank. In order to do that you have to have a partner who is resident of Canada. This article will be totally irrelevant for you if you are a Canadian resident yourself permanently living in this country. But if you are not? What can you do?
You can hire a nominee partner who will act as the local company director. Why do that? First and foremost, to be able to open a bank account in Canada. Banks in this country service only the partnerships that have a Canadian resident as a co-owner.
This person cannot be a nominal partner in the full sense of the word: he or she will have some duties to perform. In particular, the Canadian director may be asked to explain to bank officers or state authorities some transaction specifics, or the company structure, and things like that. In other words, you will have a true assistant in Canada who will share the management responsibilities with you.
The same person will make it possible to open a corporate bank account for your company.
A private individual or a legal entity can be the second partner in the partnership. If you are interested in setting up an account in a Canadian bank only, we recommend using a private individual for establishing the partnership. This will lessen the amount of the necessary red tape and facilitate your interactions with the bank. Offshore companies are not permitted to do business in Canada and other company types do not guarantee anonymity.
However, here we are discussing the case when an entrepreneur wants bank accounts both in Canada and outside of it. For these businesspersons we suggest the following scheme: a physical person (or physical persons) register a parent company in Canada that can have bank accounts anywhere outside the country (as it is a foreign company in Canada). Then the parent company forms a partnership with the Canadian partner and they have it registered as a Canadian subsidiary of the parent company, and open a corporate bank account for it in Canada.
This scheme brings the following benefits:
- Theoretically, the parent company can be registered in the name of only one person;
- The level of transparency of such company will be sufficient for Canadian banks;
- You can open a corporate bank account anywhere on the planet;
- Having a Canadian resident among partners will let you open a bank account in a reputable bank;
- The nominee partner will perform his or her part of the company management duties together with you.
Thus, you have to establish two companies in Canada: a mother company that will have a bank account (or bank accounts) in a country (or countries) outside Canada and a subsidiary company that will have a corporate bank account in Canada. We also provide pre-approval service to our clients. It consists in supplying the proposed company documents to the bank for tentative approval, that is, a provisional agreement to set up an account for this company. Pre-approval does not guarantee that the bank will give its ultimate consent when you apply for its services, but it does increase your chances to become this bank’s client one day. Please apply for this service to email@example.com and we will contact several different banks for you.
So, keeping in mind what has been said above, let us now provide the list of documents required for the establishment of these two companies.
Documents necessary to establish a set of companies in Canada with the possibility to have corporate bank accounts both within and outside the country
The parent company, theoretically, can have any form of proprietorship but we recommend setting up a Limited Partnership as the most convenient form of company ownership in Canada. Every parent company constituent (it may be only one person but we recommend having at least two) shall submit the following documents:
- A notarized copy of the foreign passport;
- Proof of residence (utility bills, bank statement, etc.);
- A letter of recommendation from the bank;
- The company name.
All the documents shall be translated into English and translations apostilled.
After receiving these papers, we can initiate the process of opening a bank account for the parent company outside Canada.
After that, we will need the documents for the new partnership that we will register for you together with the nominee partner thus establishing a Canadian subsidiary of your company. These are as follows:
- The corporate documents;
- The documents of the owners (beneficiaries) of the parent company;
- The name of the new company.
After receiving these documents, we will start the process of setting up a corporate bank account in Canada.
Establishment and maintenance of the set of companies in Canada
The cost of having one Limited Partnership registered is 3,250 EUR. Two such Partnerships are needed in this case.
Opening an account in a Canadian bank on a personal visit costs 3,000 EUR. Opening an account on a remote basis costs 4,250 EUR.
The cost of opening a bank account for the parent company depends on what you choose: it may be an account in a bank or one with a payment system. We will gladly advise you on the account choices if you contact us via e-mail firstname.lastname@example.org. This consultation is free of charge.
Annual renewal of one company costs 3,000 EUR. Correspondingly, renewals of two companies will cost 6,000 EUR every year.
Our additional services:
|Amendments to the corporate documents or Partnership dissolution||Per one amendment (not including the state duties)||500 EUR|
|Annual renewal of the LP office||Office maintenance, processing the correspondence from the state authorities, and payment of state duties||3,000 EUR|
|Virtual office services (for one year)||A postal address in Ontario province
Redirecting the letters to the electronic mail
Acceptance of fax messages and postage of the incoming information to the previously indicated e-mail address
|Notarization of powers of attorney and other documents||Per one document or one bound set of documents||750 EUR|
|Nominee partner, director, agent, manager||Per year, annual extension||1,750 EUR|
|Concierge services (min. 3 hours)||Per hour||125 EUR|
|Courier services||Worldwide||250 EUR|
|Accounting support for one year||Minimum sum||2,250 EUR|
|Yearly tax return||Minimum sum||1,250 EUR|
|Drafting of additional corporate documentation||Per page||375 EUR|
|Company seal||One piece||250 EUR|
Registering one partnership takes about fourteen days.
Opening a bank account in Canada takes fourteen days from the moment of receipt of the full set of documents. The time required for opening a corporate account for the parent company will depend upon the bank that you choose.
You are going to be the only person who has access to both accounts. As far as the Canadian account is concerned, we recommend keeping the nominee partner informed about the transactions you perform using this account. The Canadian director will be your representative when communicating with bank officers and state authorities, so he or she has to be aware of what is going on in the company.
The procedure of registering a company in Canada with corporate accounts in a Canadian and foreign banks
- File the request for this service by mailing to email@example.com.
- Provide information that our consultant will require so that they can assess the possibility to establish a company for you in Canada and set up a bank account.
- Cover the cost of the service. The price starts at 9,500 EUR for registering two companies and opening one bank account in Canada. The price of the bank account for the parent company outside Canada depends on your choice of the bank or the payment system.
- Provide the full set of the required documents. On receipt of the payments and the documents, we will launch the process of registering companies and opening bank accounts for you.
Apply for establishing a company in Canada right now! Allow yourself the luxury of security and protect your assets by diversifying your bank accounts! We are always at your service: firstname.lastname@example.org.