Canadian Bank Accounts for Foreign-Owned Companies — We Assemble the KYC Pack

All five major banks — RBC, TD, Scotiabank, BMO, and CIBC — will open an account for a foreign-owned Canadian corporation, subject to Enhanced Due Diligence. The odds run highest with a Canadian operating address, a nominee resident director, a clear business plan, and a compliance program. We open a warm line to the relationship managers at these banks.

Opening a corporate account at a Big Five bank takes 2–6 weeks — from KYC submission to activation. The timeline depends on the complexity of the ownership structure, the industry (MSB clients face extra review), and the completeness of the documents. Our pre-screening brings the package up to the bank's internal standards before submission — no going in circles.

The bank will ask for: the Certificate of Incorporation, Articles of Incorporation, corporate register, proof of office address, government-issued ID for every beneficial owner holding 25% or more, a business plan, and a source-of-funds declaration; for an MSB — the FINTRAC certificate and the AML compliance program. The full KYC package, tuned to the specific bank, we assemble.

Among the Big Five, RBC, TD, and Scotiabank are the most open to MSBs — given a solid AML/ATF program, FINTRAC registration, an experienced MLRO, and ideally 12+ months of transaction history. Some credit unions and Schedule II foreign bank branches serve MSBs too. The institution matched to your business model and volumes, we pick.

Most banks ask for at least one in-person meeting with a new corporate client, especially when no director lives in Canada. But RBC and TD have piloted remote onboarding for international clients introduced through a trusted intermediary. We supply the resident director, the Canadian address, and act as the regulated introducer to the bank's international business desk.