How to open a business account in British Columbia

According to the British Columbia Registry Services, over 40,000 new businesses are registered in British Columbia annually¹, with each requiring proper financial infrastructure. Yet many entrepreneurs struggle with navigating the requirements for opening business bank accounts, often facing delays or complications that could be avoided with better preparation.

Today we will walk you through the entire process of opening a business account in British Columbia, explaining the steps, documentation requirements, and options available to you. We will also take a look at Wise business for your international business requirements.

What you need before opening a business account in British Columbia

Before approaching a bank or credit union to open your business account, you must first establish your business legally.

This involves several key steps:

Choose your business structure

Your business structure affects everything from taxation to liability and documentation requirements:

Sole proprietorship: The simplest structure where you and the business are legally the same entity.

• Registration cost: CAD 70 (CAD 40 registration fee + CAD 30 name approval)²
• Personal tax rates apply (15-53.5% combined BC and federal)³
• Full personal liability for business debts

Partnership: Similar to sole proprietorship but with multiple owners.

• Registration cost: CAD 70 (CAD 40 registration fee + CAD 30 name approval)²
• Income flows through to partners' personal tax returns
• Partners share liability for business debts

Corporation: A separate legal entity from its owners.

• Registration cost: CAD 380 (CAD 350 incorporation fee + CAD 30 name approval)²
• Beneficial corporate tax rates (11% federal + 2% BC for income under CAD 500,000)³
• Limited liability protection for shareholders

Register your business with BC Registries

All businesses in British Columbia must register with BC Registry Services. Important developments to note:

• As of March 2025, BC Registries has implemented system modernization, merging basic and premium accounts into a unified system¹
• Access codes are being phased out in favor of BC Services Card authentication¹
• New transparency requirements mandate that private BC companies must file transparency registers online, disclosing individuals with ≥25% ownership/control⁴
• Changes to ownership or control must be reported within 15 days (reduced from 30 previously)⁴

Can I run a business without registering in BC?

Technically, sole proprietorships operating under the owner's legal name may not require registration. However, registration is legally required if you:

• Use a business name different from your legal name
• Form a partnership or corporation
• Have employees
• Need business licenses or permits

Even when not legally required, registration provides legitimacy and is necessary for opening a business bank account.

Documentation required to open a business account in BC

Before visiting a bank or applying online, gather these essential documents based on your business type:

For all business types

• Government-issued photo ID (passport, driver's license, or BC Services Card)⁵
• Social Insurance Number (SIN)
• Personal contact information
• Business address and contact information
• Business Number (BN) from Canada Revenue Agency if registered for GST/HST

For sole proprietorships

• Business Registration Certificate from BC Registry Services
• Business Name Registration (if operating under a name other than your legal name)
• Business license (if required for your industry/location)

For partnerships

• Partnership Registration Certificate from BC Registry Services
• Partnership agreement (if available)
• Business license (if required)
• All partners must typically be present when opening the account⁶

For corporations

• Articles of Incorporation
• Certificate of Incorporation
• Corporate bylaws
• Business Number (BN)
• Information on all directors and significant shareholders⁵
• Corporate resolution authorizing account opening

How to choose the right business account in British Columbia

British Columbia offers numerous banking options, each with different features and fee structures:

Major banks vs. credit unions

Major banks (RBC, TD, BMO, CIBC, Scotiabank)

• Extensive branch networks across Canada
• Comprehensive online and mobile banking capabilities
• Higher monthly fees but often more service features
• May offer relationship benefits with other business services

Credit unions (Vancity, Coast Capital Savings, First West)

• Local focus with strong BC presence
• Often lower fees and more flexible terms
• Member-owned with potential profit sharing
• May offer better personalized service for small businesses

Looking for a low-fee alternative to these options? Check out Wise

2025 business account options and fees:

Major Banks:

• RBC Digital Choice: CAD 6 monthly with unlimited electronic transactions⁷
• TD Basic Business: CAD 5 monthly with 5 transactions included⁵
• Scotiabank Right Size Account: CAD 6 monthly based on transaction volume⁸
• CIBC Basic Business: CAD 6 monthly with pay-per-transaction model⁹

Credit Unions:

• Coast Capital Free Chequing for Business: No monthly fee with unlimited transactions⁶
• Vancity Small Business Package: CAD 9 monthly with 25 transactions included

How much does it cost to open a business account in Canada?

While opening a business account itself typically has no upfront fee, you should consider:

• Monthly account maintenance fees (CAD 0-25)
• Transaction fees beyond included limits (CAD 0.75-1.50 per transaction)
• Cash deposit/withdrawal fees
• Potential minimum balance requirements

Steps to open your business account

Once you've selected your preferred financial institution, follow these steps to open your account:

Step 1. Book an appointment

Most banks recommend scheduling an appointment specifically for business accounts. Some now offer online appointment booking.

Step 2. Gather and bring all required documentation

Refer to the documentation section above based on your business structure.

Step 3. Complete application forms

You'll need to provide:

• Business details (legal name, trade names, address)
• Owner information (identification, contact details)
• Business activity description
• Expected transaction volumes and types
• Signing authorities (who can access and make decisions about the account)

Step 4. Set up online banking

Once your account is approved, immediately set up online banking access for:

• Transaction monitoring
• Bill payments
• Fund transfers
• Mobile deposit capabilities
• Financial statement downloads

Step 5. Order business banking essentials

Consider ordering:

• Business checks
• Deposit slips
• Point-of-sale equipment (if needed)
• Additional debit cards for authorized users

Meet Wise Business - the smarter alternative to international business banking

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

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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

How long does it take to open a business account in BC?

For simple business structures with all documentation in order, accounts can be opened in a single appointment (1-2 hours). More complex structures might require follow-up appointments. Online approvals for digital-first banks can take 1-3 business days for review and processing.

Making the most of your new business account

After opening your account, take these steps to establish proper business financial management:

• Keep business and personal finances strictly separated: Always run business transactions through your business account, never personal accounts.
• Set up accounting software integration: Connect your business account to accounting software like QuickBooks or Xero for automated transaction tracking.
• Establish good record-keeping habits: Save all receipts, invoices and financial documents; many banks offer digital storage solutions.
• Consider additional financial products: Explore business credit cards, lines of credit, or merchant services that may complement your account.
• Schedule regular financial reviews: Set calendar reminders to review account statements, reconcile transactions, and evaluate if your current account still meets your needs.

Wrapping up

Opening a business account in British Columbia is a critical step in establishing your new enterprise properly. By following the proper registration procedures, gathering the right documentation, and selecting an account that matches your business needs, you'll create a solid foundation for your financial operations.

Remember that business banking needs often evolve as your company grows, so periodically reassess whether your current account structure continues to serve your business effectively.

With recent changes to the BC Registry system and transparency requirements taking effect in 2025, staying informed about regulatory updates is essential for maintaining proper business banking in British Columbia.

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Sources:

1. BC Registry Services Modernization
2. BC Business Registration Fees - Winright Law
3. BC Corporate Tax Rate Guide - T2 Inc
4. New Public Transparency Register - Fasken
5. TD Small Business Bank Accounts
6. Coast Capital Business Account Opening
7. RBC Business Account Guide
8. Scotiabank Business Accounts
9. CIBC Business Accounts

Sources verified on 20 June, 2025