All businesses need to have a bank account. The bank account must be separate from my personal account. I must open an account at an authorized financial institution. This is a bank or credit union.
Financial Institutes - Banks
- Cash deposit: Accept and keep money in the bank under the depositor's name
- Provide loans: Banks give loans for business and other needs. They charge fees and interest rates on loan amounts
- Provide other money services like the currency exchange, savings accounts and credit cards
Financial Institutes - Credit Unions
- Credit unions are not-for-profit organizations that operate as a bank
- They normally have lower fees and loan interest rates than major banks
- They are not as widespread as banks
- The updated list of approved credit unions is available on the Government of Alberta credit union updated list website. See Links to Important Websites Section
Financial Institutes - Microlending Institutes
- Micro-lending institutions provide small-scale loans to certain types of business owners. Some are women-friendly training and lending facilities such as:
- Momentum
- Alberta Women Entrepreneurs
How to open a Bank Account?
Step 1:
- Explore websites and choose a financial institution that meets your needs. Choose a bank that has advantages such as a branch close to your business, a bank with good lending and saving rates and helpful staff. Some banks provide information in several languages.
- Visiting the bank and meet the customer service representative
- Share your business needs or business plan (the plan that you have made so far using the tool)
Step 2
Take the following documents to the bank where you want to open a business account:
- Business certificate issued ny the registry office
- Business contact information: address, phone number, and email address
- Photo ID and personal proof of identification. Your identification can be one of the following: a Driver’s license, Alberta ID, Passport, Citizenship or PR Card
- Social Security number(s) of the owner(s) of the business