Opening a business account in Canada: Requirements and how do as a non-resident

If you’re trading in Canada - or considering expanding your Irish business there - you’ll need to work out how to set up a business account in Canada to receive, send, spend and manage CAD payments.

Canadian banks may offer business account services to non-resident customers, but this isn’t universally available - and may mean travelling to a branch in person to get your account set up.

That’s not necessarily convenient - but the good news is that there are other options, like Wise Business which offers an account that also lets you manage your business finances in CAD, EUR, and 40+ other currencies side by side.

Discover Wise Business 💼

What are business bank account types in Canada?

Before you get started with opening an account for your business in Canada, it’s worth knowing a bit about the types of business bank accounts available.

The banking sector in Canada is developed, and there’s a good range of account products - but they may not be exactly the same as those you’ll find in Ireland. The account types you’ll most commonly come across include:

• Day to day current accounts for business: CAD denominated accounts, usually described as chequing accounts
• Savings accounts for business: interest earning accounts with instant access, or term deposits
• Trust accounts: for businesses which hold client funds
• Foreign currency accounts for business: USD accounts are very commonly available, with other currencies also offered by some banks. Generally accounts can hold one currency only, rather than having multi-currency features
• Accounts for a specific business type: such as accounts for agriculture businesses or community groups.

In this article we focus on the normal business current account type. If you’re interested in a specialist account, you’ll need to contact your preferred bank directly to ask about the services that are available as a non-resident customer.

Is it possible to open a business bank account in Canada from Ireland?

While there’s no legal barrier to opening a business bank account in Canada from Ireland, in practice this may be harder than you expect.

The Canadian government does not restrict non-resident account opening¹, but banks themselves may be reluctant to offer business account services where the account owner lives overseas.

As a non-resident, the chances are that you can’t open a business account online in Canada, for example. Banks are likely to set their own rules about eligibility which might mean getting started is tricky.

Scotiabank² is a good place to look if you want to open a business bank account in Canada as a non-resident. You can’t arrange your account online, but you may be eligible to set up your account in person in a branch with the support of a business services manager.

Other banks like RBC³ and BMO⁴ may not allow non-residents to open some business account types, or may require you to present forms of ID which you’re unlikely to have as a non-resident. If you’ve found an account you like with one of these banks, it’s worth contacting them directly to see if there is an option to open your account from overseas, based on your specific situation and requirements.

Which documents do you need to open a business bank account in Canada?

So - what do I need to open a business bank account in Canada?

While the documents you need to open a business bank account in Canada might vary a little depending on the specific bank or provider you select, the requirements are usually broadly similar.

You’ll need to provide some information and ID for the account and business owners, such as:

• Government issued photo ID for authorised signatories
• Name, address and occupation of all beneficial owners - usually anyone who an interest of 25% or more in your business

In addition, you’ll be asked to provide business paperwork which can vary a lot depending on the entity type you have. For example, as a corporation you may need to supply the following:

• Articles of Incorporation/Association
• Trade name registration
• Other government issued documents such as tax filing, licenses or any relevant Health and Safety Certificates for example - this can vary based on the nature of your business.

If you have a sole proprietorship, on the other hand, you are usually asked to provide details such as your trade name registration certificate or a copy of your Master Business License. This may not be necessary if you’re trading under your own name only.

Check with the bank you’ve selected before you visit a branch, to make sure you have all the paperwork and information they need, to get your account up and running.

What are the options to open a business bank account in Canada as a non-resident?

Canadian banks may not offer their business services to non-resident customers. Generally you won’t be able to set up a Canadian business bank account online as an Irish resident, which will mean you need to travel to Canada in person to talk to a bank team member. The services which are available will then depend on your specific needs and the type of your business.

It’s also helpful to note that Canadian bank business accounts will primarily operate in CAD - and sometimes USD. This may mean that sending your profits back to Ireland in EUR is slow and expensive.

If you are looking for something else, you could consider opening a multi-currency account from a provider like Wise Business, which has account and card services you can open from Ireland, and use to manage your money across many different currencies.

Wise accounts come with ways to receive payments in foreign currencies including CAD, and you can switch back to EUR to send to your bank in Ireland whenever you need to, with the mid-market rate.

Wise: An international business account without monthly fees

Opening a business bank account in Canada as a non-resident isn’t always a convenient option. Account services are likely to be offered in CAD only, which means you can’t easily switch between your CAD balance and EUR in the same account.
As an alternative, which offers ways to manage your business finances across 40+ currencies, including EUR and CAD, check out Wise Business.

Wise Business lets you open your account from Ireland, and offers ways to get paid in Euros as well as a selection of other global currencies like CAD, GBP and USD. You can hold your balance in +40 currencies in Wise, or exchange with the mid-market exchange rate and low, transparent fees whenever you need to.

There’s no fee to receive CAD using local account details (non SWIFT, non wire), and a low fee of 6.16 CAD to receive a SWIFT payment in Canadian dollars.

You can also use your balance to send to contractors and suppliers with payments to 140+ countries, or spend with Wise expense and debit cards for you and your team members.

Wise also offers time saving perks like cloud accounting integrations, batch payment solutions, multi-user access and a powerful API to automate workflow. See how Wise Business can help your business grow in Canada and beyond, today.

Open your Wise Business
account online 🚀

Sources used:

Sources last checked on date: 15-Apr-2025