As a foreigner, having a Canadian bank account can be a powerful tool. Therefore, it is not surprising that both foreigners and non-residents are interested in opening an account in Canada.

A foreigner can open a bank account in Canada as an individual and for their business. That said, you'll need to provide the proper documentation, identity requirements, and be prepared for the challenges you may face when opening an account.

Foster Swiss' team of experts has thoroughly analyzed all the details needed to open bank accounts in Canada as a foreigner, we will advise you throughout the process.

After the 2008 global financial crisis, Canadian banks were (at the time) hailed as some of the safest and best managed in the world. Today, Canada is still considered a stable banking jurisdiction compared to other developed countries.

Opening a bank account in Canada as a foreigner has many benefits. These include both personal benefits and business benefits. For example, a bank account in Canada can form an important part of your international banking and tax strategy, as Canada offers a tax-efficient structure, known as a Canadian LP, that offers both tax efficiency and privacy.

In addition, by opening payment processing relationships in Canada, businesses can access both CAD and USD. That is, if your business primarily sells to customers in the United States, you'll be able to save on foreign currency fees while still using low-cost payment processing outside the U.S.

Canadian banks require specific documentation and have multiple identity requirements when opening a bank account, especially for non-residents and foreigners. Some Canadian banks require you to appear in person when opening a bank account. However, this is not mandatory in all cases.

Whether you want to open a personal bank account or a business bank account, you need to provide proof of specific documents. These documents may vary from bank to bank.

What documents do you need to open a personal account in Canada?

Banks may request the following documents when applying for a personal bank account:

• Your valid, current/current passport
• A copy of your driver's licenses
• Other identification documents issued by a government agency
• Verification of your residence or physical address (having a Canadian address makes this process run smoothly, but is not always a requirement)
• Financial reference documents or bank statements

What documents do you need to open a trading account in Canada?

You do not need to be Canadian or physically live in Canada to open a Canadian business bank account. In fact, most banks don't have any residency requirements when it comes to opening a business bank account in Canada. Of course, it requires different documents than opening a personal bank account.

Here is a list of the documents needed for each type of business for which you might want to open a bank account in Canada:

Companies:

• Business Number and License
• Status Certificate / Profile Report / Existence / Compliance
• Articles of Incorporation / Partnership
• Annual Corporate Governance Filing Income Tax
• Appraisal Notice 2 Pieces of Identification of the Signing Authorities of the Corporation
Companies and limited partnerships
• 2 valid forms of identification for the owner of the company
• Registered partnership statement
• Copy of the partnership agreement
• Business name registration
Sole Proprietorships
• 2 Valid Forms of Identification for Business Owner
• Master Business License
• Business Name Registration

Regardless of the type of document you provide to the bank, banks must ensure that these documents are authentic. The bank is likely to request additional verification of the documents submitted.

With the right information and knowing which banks are most open to accepting foreigners, in addition to understanding what their peculiarities are to open accounts, foreigners can open a Canadian bank account if they have the right information and the right requirements.

Foster Swiss can help you create a bank account in Canada, we provide you with personalized advice from the moment you choose the bank that best suits your requirements and we take care of the whole process for you.

For more information on this topic or any requirement related to our services, you can contact us directly through info@fosterswiss.com