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.

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.

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.

• 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.

• 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.

• Articles of Association

• Proof of authorization (signed by officers)

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

Scotiabank offers a range of business accounts to cater to your business's needs. Thus, the fees they apply also vary from one plan to another. Here's a summary of the fees charged to a Scotiabank Business 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

(customizable account)

• Plan A: Starts at $20/month

• Plan B: Starts at $40

• Plan C: Starts at $75

• Plan D: Starts at $120

• $25 monthly fee for up to:

• 55 business transactions a month

• 50 personal transactions a month

• Starts at a $10.95 monthly fee (free if you maintain more than $8,000 monthly balance)

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.