CIBC Business Account

CIBC offers attractive services when it comes to business accounts. First of all, they have different types of accounts to cater to your needs: the Unlimited Business Operating Account, Advanced Business Operating Account, Everyday Business Operating Account, Basic Business Operating Account, Business Investment Growth Account, and US Dollar Current Account.

You can also apply for a business account in CIBC whether you have an existing business/personal account with the bank or none. Check out these easy steps in opening an account for your business with CIBC:

• After confirming whether you have an existing account at CIBC, click 'Start your Application.'

• Check your eligibility. If you fit all the requirements, proceed to open your business account. Otherwise, you can request a call or book a meeting with CIBC.

• Input your first and last name, as well as your email, in the corresponding boxes.

• Recheck your information before clicking 'Confirm.'

• Choose the type of business you'd like to create an account for.

• After that, you'll be asked to select the volume of transactions that the bank can expect in a month. It doesn't have to be the exact number. Choose only the closest estimate.

• Confirm if you need a US dollar account for your business. It will help you carry out international transactions smoothly.

• Choose whether you prefer Interac, Electronic funds transfer, or wire transfer in receiving money. It will determine the fees/deductions you may accumulate throughout your operation.

• Select your accounting and payroll software.

• Depending on the nature of your business, choose whether you're for-profit or non-profit.

• Select the type of business account you want to open. Take note that this account CIBC is not offered to not-for-profit organizations.

For individuals/business owners, these are the requirements you should meet to open a CIBC business account:

• A Canadian resident

• Is of legal age (based on your province's law)

• An owner, partner, or shareholder with a minimum of 25% ownership

• Opening the account for your benefit and not for anyone else

• In addition, your business should also meet the following requirements:

• Registered and operates in Canada

• Owned by fewer than four individual owners under a sole proprietorship, general partnership, or corporation structure not considered a not-for-profit organization

Document requirements vary based on the type of business account you wish to open. Refer to the summary of documentation for each business type:

1. Sole proprietor

• Business registration

• Trade name registration (if your province offers trade name registration for sole proprietorship)

2. Partnership

• Take note that you can submit only ONE of these.

• Partnership registration

• Partnership agreement (for provinces that do not require registration for partnership businesses)

• Trade name registration/Master Business License (for businesses operating under a registered trade name)

3. Corporations or incorporated associations

• Original articles of incorporation, certificate of incorporation, or Articles of Amalgamation

• A most recent filing with your incorporating jurisdiction listing your directors

• Trade name registration (if applicable)

• You'll ALSO need a copy of the official corporate record, including the banking resolution
  
  And suppose your corporation has existed for more than a year. In that case, the documents below should have been issued within the last year:

• Certificate of corporate status

• Certificate of Existence

• Company's annual report for the past fiscal year

• Company's most recent notice of assessment

• Current business license or vendor permits

4. Unincorporated associations

• Association's constitution and bylaws

• Canada Revenue Agency registration number (for organizations that solicit donations from the public)

Fees vary, and in some cases, you may not need to pay anything at all. Here's a summary of the fees that CIBC imposes on business accounts:

Business Operating Accounts

• CIBC Unlimited Business Operating Account: $65/month

• CIBC Advanced Business Operating Account (with the inclusion of up to 100 transactions): $35/month

• CIBC Everyday Business Operating Account (with the inclusion of up to 30): $20/month (for self-service access) or $25/month (for full-service access)

• CIBC Basic Business Operating Account: $6/month + pay per use

• CIBC Us Dollar Current Account: US$6 + pay per use

  You can also integrate your accounting software (Quickbooks or Xero) for only $5 a month and your payroll software (Ceridian PowerPay Plus) for the same monthly fee.
  
  There will also be no fees charged for Business Operating Accounts that maintain the following minimum daily balance:

• Unlimited: $45,000

• Advanced: $35,000

• Basic: $15,000

With Remitbee, you can easily carry out your business's routine transactions hassle-free and affordable. Sign up for an account online and benefit from quick verification, allowing you to start making transactions immediately.

Moreover, Remitbee offers a highly favorable CAD-USD exchange rate and a nominal conversion fee ranging from 0.3% to 0.6%. As a result, customers can save up to $2,000. Discover the other benefits that Remitbee can offer to your business:

• Send up to $100k

• Transfer for free for transactions above $500

• Instantly receive money

• Competitive exchange rates

• 100% money-back guarantee.

Opening a Remitbee Business Account is hassle-free, like creating a personal account. All you need to do is provide evidence of your business account to authenticate your address. To learn more about setting up a business account on Remitbee, kindly visit this link.