Deposit Accounts

How To Open An Account

We're happy you've chosen RBC Royal Bank!

We have a wide variety of business accounts to suit your unique business banking needs. Use the Business Solution Selector for your tailored solution, including the right business account. Once you know what solution you need, read the following instructions on how to apply.

In order to open your Business Account, we require the following:

Account Opening

Step 1 – Complete the business account application (PDF Format) in full.

• For Corporations, Partnerships and Sole Owners we require information on the business such as who is(are) the principal(s) and their interest. A principal is a person with an equity (ownership) interest in your business who makes the key decisions on its behalf, and upon whom its success primarily depends.
• Identification/Information for 51% of owners, all signing officers to a maximum of 3 (where there are more than 3) including Full Legal Name, Date of Birth, Occupation and 2 Mandatory Pieces of Identification. If the owner and signing officer are one and the same, please only record information once. EXAMPLE: Mr & Mrs Jones each has 50% ownership in 123456 Alta LTD. Mrs Jones has signing authority but Mr Jones does not. There are 3 additional signing officers on the account. To open the account, we require information from Mr & Mrs Jones (to obtain 51% ownership) and 2 of the signing officers (to meet the 3 signing officer requirement as Mrs Jones information has already been recorded).
• For community accounts (i.e. Company Coffee Fund, Soccer Club, etc.), we ask for the above information about your main contacts.

Step 2 – Complete a Collection and Use of Information Form 87943 (PDF Format) for 51% of owners (one for each individual).

Step 3 – Present your application at a local branch (For Corporations, please ensure all your directors are present).

Please bring the following when you visit the branch:

1. Application for Business Deposit Account and Customer Agreement
   • Complete in full as instructed above.
2. Collection and Use of Information Form 87943 (PDF Format)
   • Complete and sign for 51% of owners (one for each individual).
3. Identification
   • Two pieces of original identification for 51% of owners and signing officer to a maximum of 3 (where there are more than 3) (include one with photo). We will need the signing officers to attend the branch to verify identification.
     
     Acceptable Identification includes Driver's License, Passport, Citizenship, etc.
4. Your business account documentation