How to open a business banking account online
Can you open a Meridian business account online?
At Meridian, we’re proud to offer flexible everyday banking for businesses with accounts designed to help you get more from your money and simplify your operations. Plus, we make the process as easy as possible, with online applications and Business Advisors to help you every step of the way. Before you open a chequing or savings account online, check that your business meets the requirements.
If you already have a personal or business banking account with Meridian, please contact your Business Advisor about adding or making changes to your accounts.
Requirements for opening a sole proprietorship account online
Are you eligible to open a business chequing or savings account online with Meridian? Here are the requirements for a sole proprietorship:
- You must be a Canadian resident and reached the age of majority.
- You must have a valid e-mail address.
- Your business must be registered in the Province of Ontario.
- You must provide a Social Insurance Number.
- If you have tax obligations outside of Canada, and/or are a US resident or citizen, you must also provide Tax Identification Number(s) for the additional jurisdictions.
You will also need to provide these documents in PDF format:
- Business Name Registration: This would have been issued to you by the Ontario government so that you can operate under a specific business name. This is also sometimes referred to as the "Master Business License" and your Business Identification Number can be found here as well. Review samples:
- Professional license if you belong to a licensed profession (lawyers, doctors, dentists, accountants, etc.).
- A copy of your Franchise Agreement if your business is a franchise.
If you meet these requirements, apply online now.
Don’t meet the requirements?
Talk to one of our helpful Business Advisors – they can help you open an account.
Requirements for opening a corporation account online
Are you eligible to open a business chequing or savings account online with Meridian? Here are the requirements for a corporation:
- You must have 100% share ownership of the corporation – if your business has multiple share ownership you cannot open an account online; please make a branch appointment to speak with one of our advisors.
- You must have sole authority to bind, borrow and transact on behalf of the corporation.
- You must be a Canadian resident and reached the age of majority.
- You must have a valid e-mail address.
- Your business must be registered in the Province of Ontario. If registered federally, your business must also have the necessary registrations in the Province of Ontario. Review Sample Extra Provincial Registration (PDF, 1.5 KB).
- You must have a valid CRA business number.
- You must provide a Social Insurance Number.
- If you have tax obligations outside of Canada, and/or are a US resident or citizen, you must also provide Tax Identification Number(s) for the additional jurisdictions.
You will also need to provide these documents in PDF format:
- Articles of Incorporation: This document establishes the existence of your corporation in Canada (and Ontario) and could include a corporate charter and/or certificate of incorporation. Your Business Corporation Number can be found in this document as well. Review Sample Federal Articles of Incorporation (PDF, 235 KB).
- Shareholder Registry, Director Registry and Officer Registry: This document shows your name as the sole shareholder, director, and officer of the corporation. Review Sample Shareholder’s Registry (PDF, 250 KB). Review Sample Directors' Resolution (PDF, 75 KB).
- Business Name Registration (if you have a trade name): This would have been issued to you by the Ontario government so that you can operate under a specific business name. This is also sometimes referred to as the "Master Business License". Review samples:
- Professional license if you belong to a licensed profession (lawyers, doctors, dentists, accountants, etc.).
- A copy of your franchise agreement if your business is a franchise.
If you meet these requirements, apply online now.
Don’t meet the requirements?
Talk to one of our helpful Business Advisors – they can help you open an account.
Businesses that are not eligible for membership at Meridian Credit Union
Your business is not eligible to open an account with Meridian Credit Union if it falls under any of these categories:
- Your business offers services such as: crowdfunding, foreign exchange dealing, electronic remitting or transmitting of funds, issuing or redeeming money orders/travelers cheques, dealing, exchanging or transferring virtual currency, payday loans or cheque cashing, payment services.
- Your business operates as a cannabis-related business (includes any business that: derives income from persons, entities or directly from the sale of cannabis, its seeds or derivatives, and/or its associated paraphernalia).
- Your business operates as a manufacturer or a wholesaler of weapons.
- Your business provides gambling services.
- Your business is a strata, condominium corporation, has shares that are regularly traded on a securities market, issues or has outstanding anonymous or bearer shares.