Opening of bank accounts
If a company wants to do business in Canada, it will often need a business account with a Canadian bank. Once a company is incorporated, the company's capital must be paid in and day-to-day payments such as employee salaries, taxes and invoices must be processed locally. As a well networked partner, the Chamber will assist you in opening your business account.
CGCIC is your service provider for
- Establishing contacts with the right Canadian commercial banks
- Applying for opening an account
- Providing information on the necessary identity verification without travelling by yourself
- Giving facts and general information about the Canadian banking system and the differences to the European payment system
CGCIC does not provide consulting services for individual financial products, fees or services of credit institutions.
Details on the Canadian banking system
International payment transactions
International payment transactions between Canada and Europe are cumbersome and involve very high sender and receiver fees. As a consequence Canadian companies and customers often expect a convenient payment option according to Canadian customs.
Regulation of the Canadian banking sector
The Canadian banking system is very stable by international standards, but also highly regulated. The opening of accounts is often a challenge for companies due to strict compliance, money laundering laws and "know your customer" regulations.
It is particularly difficult and time-consuming to open accounts for companies that have not set up a Canadian subsidiary but conduct their business exclusively out of Germany.