Scotiabank business account

Scotiabank, one of Canada's Big Five banks, was founded in Halifax, Nova Scotia, in 1832. It operates in over 55 countries worldwide, offering individuals, businesses, and institutions banking, investment, and financial services. The bank strongly emphasizes sustainability and corporate social responsibility, with initiatives aimed at community development, environmental stewardship, and responsible investing.

You send

They receive

Pay with:

...

Trademark Disclaimer : Scotiabank Bank* is a trademark of Scotiabank bank with whom Remitbee Incorporated ("We," "Us," "Our") has no direct or indirect association in marketing, sales or customer service. Indeed, the enclosed contents are provided only for information and comparison purposes. We further state that all third-party products, services, company names and logos remain the property of their respective holders. Use of them here in this article does not imply any affiliation with or endorsement by them.

How To Open a Scotiabank Business Account?

At Scotiabank, you can open a business account online. Just follow these easy steps:

Open the page for Scotiabank Small Business.
Scroll down to the Banking tab. You will see different types of business accounts. Select the one that suits your business.
You will be asked if you're already a client of Scotiabank. If not, you can still create an online account and manually fill out the form.
Select the applicable business structure. Click Continue Application, then continue filling out the following pages. Note that Scotiabank offers The Scotiabank Women Initiative to advocate for women-led businesses.
After providing information about the nature of your business, you will be asked about personal details such as name, birth date, and address. Note that Scotiabank obtains a credit bureau report to evaluate applications for business accounts.
After filling out the form, select an account for your business.
Wait for your application to process.

Who Can Open a Scotiabank Business Account?

Scotiabank sets the following eligibility requirement for a business account opening:

At least 16 years old
A Canadian resident (non-citizens must be in Canada for work or studies)
You must be opening a business account under your name

Take note that Scotiabank carries the transaction out with paperless document delivery.

On the other hand, non-residents and non-Canadians without a work/study permit may still apply for an account. Still, they will need to work with a branch representative.

What Documents Will You Need To Open a Scotiabank Business Account?

The basic requirements you need to present when opening a business account in Scotiabank include the following:

ID (may be a passport, driver's license, or landed immigrant card)
Social insurance number
Full name
Date of birth
Proof of address as it appears on your ID

Additionally, you should present the following documents depending on the structure of your business:

Sole proprietorship

Trade name registration certificate or Master Business License
If your business has been in operation for more than 12 months, either one of the following: latest business notice of assessment, current liquor license, health & safety certificate, vendor's permit, recent utility bill/invoice to business, or other government-issued documents.

Partnership or Limited Partnership

Registered Declaration of Partnership/Partnership Agreement
Trade name registration
Name, address, and occupation of all partners with an interest of at least 25% in the business
For businesses that have been in operation for more than 12 months, either one of the following: latest business notice of assessment, current liquor license, health & safety certificate, vendor's permit, recent utility bill/invoice to business, or other recent government-issued documents.

Corporation

Articles of Incorporation/Association
Trade name registration (for applicable provinces only)
Name, address, and occupation of individuals with at least 25% interest in the business
Canada Revenue Agency registration number (only for organizations that solicit donations from the public)
For businesses operating for more than 12 months, the same documents (from sole proprietorship and partnership) are also required.

Non-profit association/organization

Articles of Association
Proof of authorization (signed by officers)
Canada Revenue Agency registration number (for organizations that solicit donations from the public)

Scotiabank Business Account Fees

Scotiabank offers a range of business accounts to cater to your business's needs. Here is a summary of the fees charged to a Scotiabank Business Account:

Right Size Account

$6 per month plus:
$1.25 per transaction for 1–15 transactions
$1.15 per transaction for 16–50 transactions
$1.00 per transaction for 51+transactions

Select Account

Plan A: Starts at $20/month
Plan B: Starts at $40/month
Plan C: Starts at $75/month
Plan D: Starts at $120/month

Other Accounts

ScotiaOne Account for Agriculture: $25/month (includes 55 business +50 personal transactions)
Basic Business Account: Starts at $10.95/month (free if you maintain more than $8,000 monthly balance)

Consider Remitbee for Your Business Account Needs

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.

Other Bank Business Account

Royal Bank

TD Bank

CIBC Bank

National Bank of Canada

Best app for international business transfers

Remitbee is the best and most secure option when you send money from Canada internationally

4.6