Canada is, after all, one of the world’s easiest places to
start a business. There are no language barriers, and most procedures are clear,
transparent and quick.
Our Client’s company offers road safety-related products, in-car safety devices and driving aids to customers in Canada.
Our Client wanted to pay the engagement fees in installments, which was no
Certificate of Incorporation
We received the certificate of incorporation and other corporate documents from the registrar just a week after applying.
Opening of a Bank Account
This is typically the most challenging part of any engagement, particularly if the shareholders and directors live outside the country where the account is being opened.
One potential deal breaker: some banks insisting on the bank signatory traveling to the bank branch for a one-hour interview.
Another challenge: bank compliance departments everywhere are asking for more and more information on shareholders and directors, the company’s activities and its potential clients, before onboarding them. Canada is no exception.
One effective strategy to accelerate bank account opening, and to avoid our client having to travel, is the use of a nominee resident director.
We had raised this solution with our client before they had officially engaged with us, and the client agreed this would work for them.
The nominee therefore attended the bank interview in person in Canada. The account was opened in just one week, albeit without a Visa debit card which our client wanted.
The nominee approached a second bank, and within two days another account was opened, plus a Visa debit card. Our Client was able to sign contracts, issue invoices, receive funds and pay suppliers.
In an increasingly complex and unpredictable world, our practical, simple solutions are still the basis of success in any engagement. That’s something that our clients really value.