Canadian Bank Accounts for Foreign-Owned Companies — KYC Pack Assembly Included

All five major Canadian banks — RBC, TD, Scotiabank, BMO, and CIBC — can open accounts for foreign-owned Canadian corporations, subject to Enhanced Due Diligence. RBC and TD have dedicated international business banking teams. Success rates are highest when the company has a Canadian operating address, a local nominee director, a clear business plan, and a compliance program (especially for fintech or MSB clients). INNOVA CG provides warm introductions to relationship managers at these institutions.

Corporate account opening at a Big Five Canadian bank typically takes 2–6 weeks from initial KYC submission to account activation. Timeline depends on the complexity of the ownership structure, the industry (MSB clients undergo additional review), and the completeness of documentation submitted. INNOVA CG's pre-screening process ensures documents are prepared to each bank's internal standards before submission, reducing back-and-forth delays.

Banks require: Certificate of Incorporation, Articles of Incorporation, corporate register (shareholders and directors), proof of registered office address, government-issued ID for all beneficial owners holding 25% or more, a business plan or description of activities, source of funds declaration, and — for MSBs — a copy of the FINTRAC registration certificate and the AML compliance program. INNOVA CG prepares a complete KYC package tailored to the target bank.

RBC, TD, and Scotiabank are the most MSB-accessible among the Big Five, provided the company presents a robust AML/ATF compliance program, FINTRAC registration, an experienced MLRO, and ideally 12+ months of transaction history. Some credit unions and Schedule II foreign bank branches also serve MSBs. INNOVA CG's MSB banking program targets the right institution based on the client's business model and transaction volumes.

Most Big Five branches require at least one in-person meeting for a new corporate client, particularly if no directors reside in Canada. However, RBC and TD have piloted remote onboarding for international business clients introduced through a trusted intermediary. INNOVA CG facilitates remote account opening by providing a Canadian resident director, a Canadian registered address, and acting as the regulated introducer to the bank's international business desk.