CIBC Business Account
Established in 1867, CIBC (Canadian Imperial Bank of Commerce) is one of Canada's largest banks. Initially known as the Canadian Bank of Commerce, it financed critical infrastructure projects such as the Canadian Pacific Railway. Today, CIBC offers various services including retail banking, wealth management, and investment banking, with a significant presence in Canada, the United States, and other global markets.
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How To Open a Business Account With CIBC?
CIBC offers attractive services when it comes to business accounts. They have multiple account types including the Unlimited Business Operating Account, Advanced Business Operating Account, Everyday Business Operating Account, Basic Business Operating Account, Business Investment Growth Account, and US Dollar Current Account.You can apply whether you have an existing CIBC account or not. Steps:
- Confirm if you have an existing account.
- Start your application online.
- Input your first and last name and email.
- Verify your information.
- Select your business type and account.
- Estimate monthly transaction volume.
- Confirm if you need a US dollar account.
- Choose your preferred transfer methods.
- Select accounting/payroll software.
- Determine if your business is for-profit or non-profit.
- Submit your application.
Who Can Open a CIBC Business Account?
To open a business account at CIBC:
- Must be a Canadian resident
- Legal age (based on province)
- Owner, partner, or shareholder with at least 25% ownership
- Opening for yourself, not for someone elseBusiness requirements:
- Registered and operating in Canada
- Fewer than four individual owners for sole proprietorship, general partnership, or corporation
- Must not be a not-for-profit organization
Required Documents to Open a CIBC Business Account
Document requirements vary by business type:
Sole Proprietor:
Sole Proprietor:
- Business registration
- Trade name registration (if applicable)
- Partnership registration or agreement
- Trade name registration/Master Business License (if applicable)
- Articles of Incorporation/Amalgamation
- Certificate of Incorporation
- Latest filing listing directors
- Trade name registration (if applicable)
- Official corporate record including banking resolution
- Certificate of corporate status, company annual report, notice of assessment, business license or vendor permits (if business > 1 year)
- Constitution and bylaws
- CRA registration number (for donations)
CIBC Business Account Fees
Fees vary depending on the account type and services selected. Here’s a summary of CIBC’s business accounts:
Unlimited Business Operating Account
Monthly Fee: $65
Advanced Business Operating Account
Monthly Fee: $35 (up to 100 transactions included)
Everyday Business Operating Account
Monthly Fee: $20 (self-service) or $25 (full-service) for up to 30 transactions
Basic Business Operating Account
Monthly Fee: $6 + pay-per-use
US Dollar Current Account
Monthly Fee: US$6 + pay-per-use
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 online for quick verification to start transacting immediately.Benefits:
- Send up to $100k
- Transfer for free for transactions above $500
- Instantly receive money
- Competitive exchange rates
- 100% money-back guaranteeOpening a Remitbee Business Account is simple. Provide proof of your business address to verify your account. More info: here.
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