How to open a business account in Alberta: A step-by-step guide for 2025

Whether you're launching a cleaning service, opening a retail store, or starting as a freelancer, one crucial step awaits: opening a business bank account. This separate financial entity isn't just good practice but an essential for properly managing your business finances, simplifying tax reporting, and establishing credibility with clients and suppliers.

This article will walk you through the exact process of opening a business account in Alberta, covering everything from registering your business to selecting the right bank for your specific needs. You will also discover the Wise business account for carrying out domestic and international transactions in multiple currencies.

Understanding business structures in Alberta

Before opening a business account, you need to decide which business structure works best for your situation. This decision affects your registration process, tax obligations, and personal liability.

What are my options for business structures?

Alberta offers three primary business structures:

Sole proprietorship: The simplest structure where you and your business are legally the same entity. According to Alberta Business Registry data, 65% of new Alberta small businesses begin as sole proprietorships due to their simplicity and low setup costs.¹

Partnership: A business arrangement between two or more parties who share responsibilities, profits, and liabilities. Partnerships account for only about 5% of new Alberta businesses.¹

Corporation: A separate legal entity from its owners that provides liability protection but requires more extensive paperwork and ongoing compliance. About 30% of Alberta entrepreneurs choose to incorporate right from the start.¹

Do I need to register my business before opening a bank account?

Yes. Banks require proof of business registration before opening a business account. Here's how to register based on your chosen structure:

For sole proprietorships and partnerships:

• Conduct a NUANS (New Upgraded Automated Name Search) to ensure your business name is available
• Register your trade name with an authorized registry agent
• Expect to pay between $50-$150 for sole proprietorships and $150-$300 for partnerships²
• Processing typically takes 1-2 business days²

For corporations:

• Conduct a NUANS report
• File Articles of Incorporation with Alberta Corporate Registry
• Budget $200-$350 plus additional NUANS report fees²
• Allow 1-5 business days for processing²

What about business licenses and permits?

• Depending on your business type and location, you may need specific licenses:
• Municipal business license: Required in most Alberta cities and towns
• Industry-specific permits: For example, cleaning businesses in Calgary require a specific service trade license from the city³

Preparing documentation for your business account

After registering your business, gather these essential documents before approaching a bank:

What documents do I need to open a business account?

For all business types:

• Business registration documents (your proof of registration from Alberta Registry)
• Personal identification for all owners/partners/directors (passport, driver's license)
• Social Insurance Number (SIN)

Additional documents by business type:

Sole proprietorship:

• Trade name declaration

Partnership:

• Partnership agreement
• Trade name declaration

Corporation:

• Articles of Incorporation
• Corporate bylaws
• Certificate of Incorporation
• Corporate resolution authorizing account opening
• Business Number (from CRA)⁴

Which bank offers the best business account in Alberta?

The "best" bank depends on your specific business needs. Here's a comparison of major options in Alberta:

ATB Financial (Alberta-based option):

• Startup Free Package: No monthly fee for 12 months
• Alberta-focused services with deeper understanding of local business environment
• More flexible lending criteria for Alberta-based businesses⁶

Canadian Banks (TD, RBC, Scotiabank, BMO, CIBC):

• Monthly fees ranging from $0-$125
• Fee waivers with minimum balances between $20,000-$75,000
• Electronic transactions averaging $0.75-$1.25 per transaction⁷

Digital-First Options:

• Wise Business, Wealthsimple Business: No monthly fee
• Neo Financial: Limited business banking but expanding services⁸

What criteria should I consider when selecting a bank?

• Monthly account fees and transaction limits
• Minimum balance requirements to waive fees
• Physical branch locations if you handle cash regularly
• Digital banking capabilities and app quality
• Integration with accounting software
• Access to business credit cards and loans
• Wire transfer and foreign exchange services⁹

Can I open a business account online or must I visit a branch?

While some banks offer online applications to start the process, 60% of Canadian financial institutions still require in-person verification to complete business account applications, especially for new businesses.⁵ Here's what to expect:

Online application process:

1. Visit your chosen bank's website
2. Select the business account that fits your needs
3. Complete the preliminary application
4. Upload required documents
5. Schedule an in-branch appointment to complete the process

In-branch application process:

1. Schedule an appointment (walk-ins often face long waits)
2. Bring all owners/signing authorities with their ID
3. Present all required documentation
4. Complete and sign account applications
5. Fund your new account with the minimum initial deposit

The entire account approval process typically takes 1-3 days after document submission.²

Open a Wise business account and make payments in over 40 currencies

Opening a business account at Wise is free, online and easy! With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

Features	Essential features - without registration fees	All features for a one time payment of 55 CAD
Send money to over 70 countries	✅	✅
Wise Business Card	✅	✅
Holding and converting money across 40 currencies at the mid-market rate	✅	✅
Minimal fees starting at 0.48%	✅	✅
Local account details to receive payments in over 20 currencies	❌	✅
Direct debit to make recurring payments	❌	✅

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
with our demo >>>

It only takes a few minutes to set up your multi-currency account, and make the most of the mid-market exchange rate.

Step 1. Enter information relevant to yourself and your business.
Step 2. Share essential information about your business. This includes

• Business registration
• The business registered and trading addresses
• The industry you’re in
• Online presence
• Name, date of birth, country of residence - for all stakeholders
• Documents proving ownership of the business

Step 3. Enter essential information to verify your identity
Step 4. Set up and make a transfer as indicated on your account. Alternatively, you could pay the one-time fee and get account details in over 10 currencies.
Step 5. Wise sends you a confirmation email within 10 working days.

In case you add team members to the business account, they will need to be verified too.

Wise's has been reviewed and appreciated on public platforms such as:

• Trustpilot Canada: 4.3/5 stars with 256,776+ reviews
• Play Store Canada: 4.7/5 stars with 1.28M+ reviews

Setting up banking operations after account opening

Once your account is active, take these important next steps:

What should I do after my business account is opened?

1. Set up online banking: Register for digital access to manage your account remotely
2. Order business checks and deposit slips: If needed for your operations
3. Arrange merchant services: If you'll accept credit/debit card payments
4. Set up direct deposits and automatic payments: For recurring transactions
5. Consider separate business credit cards: To further separate personal and business expenses
6. Integrate with accounting software: Connect your account with QuickBooks, Xero, or other platforms to streamline bookkeeping¹⁰

Industry-specific considerations: Opening a cleaning business account

If you're starting a business in Alberta, consider these additional factors:

What special requirements exist for cleaning businesses?

Insurance requirements: Banks may require proof of liability insurance before opening accounts for service-based businesses. For cleaning companies, insurance premiums range from $450-$7,500 annually depending on coverage.¹¹

Equipment financing: A business account establishes a relationship that can help secure financing for cleaning equipment. Initial startup costs typically range from $5,000-$15,000.¹¹

Payroll processing: If hiring staff, look for banks with robust payroll services to manage employee payments.¹²

Common questions about business accounts in Alberta

How much money can I make before needing to register a business in Canada?

There is no specific revenue threshold that legally requires business registration in Alberta. However, if you're operating a business (regardless of income level), you should register. For GST/HST registration, the threshold is $30,000 in revenue over four consecutive calendar quarters.¹³

Can I run a business without registering in Alberta?

Technically, you can operate as a sole proprietorship under your legal name without registration. However, if you use a business name different from your legal name, you must register it. Additionally, most banks won't open business accounts for unregistered businesses, and many suppliers and clients prefer working with registered entities.¹⁴

How much does it cost to register a business in Alberta?

• Sole proprietorship registration: $50-$150
• Partnership registration: $150-$300
• Corporation registration: $200-$350 plus NUANS report fees²

Which bank is best for new businesses in Alberta?

For new Alberta businesses in 2025, ATB Financial's Startup Free Package offers significant advantages with no monthly fees for 12 months and specialized knowledge of the Alberta business environment. For digital-first operations, Wealthsimple Business provides fee-free banking with excellent integration to accounting platforms.⁶

The "best" bank depends on your specific business needs. Here's a comparison of major options in Alberta. The best business account in Alberta depends on many factors.

Getting started

Opening a business account in Alberta follows a logical sequence: determine your business structure, register your business, gather necessary documentation, select a bank that meets your needs, and complete the application process. While it may seem overwhelming at first, breaking it down into these manageable steps makes the process much more approachable.

Remember that a separate business account isn't just a good practice—it's an essential foundation for your business's financial health and growth potential in Alberta's competitive market.

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Sources:

1. Alberta Business Registry data, 2025
2. Alberta.ca - Register a Business Name
3. Calgary.ca - Cleaning Services Business Guide
4. Scotiabank - How to Open a Business Bank Account
5. Banking industry survey, 2025
6. ATB Financial - Startup Free Package
7. TD Canada Trust - Business Bank Accounts
8. WOWA.ca - Best No-Fee Business Bank Accounts
9. Canadian Western Bank - Business Banking Charges
10. Zenally CPA - 10 Steps to Start a Business in Alberta
11. Apollo Insurance - How to Start a Cleaning Business
12. ECALA.org - Starting a Cleaning Business Guide
13. Canada.ca - Starting a Business
14. Ownr - How to Start a Business in Alberta

Sources verified on 20 June, 2025