How to Open a Business Bank Account in Canada
Learn how to open a business bank account in Canada. Get essential tips and steps for setting up your business finances in Canada.
Québec offers a unique blend of entrepreneurial energy, cultural richness, and access to both Francophone and global markets. With strong infrastructure, supportive programs for small business owners, and one of Canada’s most diverse economies, it’s a promising place to start or grow a business.
But before you start serving clients or making your first sale, there’s one crucial step: Registering your business. Learning how to register a small business in Quebec or even a corporation gives you the legal foundation to protect your brand, open a business bank account, register for taxes, and build trust with customers, partners, and lenders.
In this guide, we’ll walk you through the full registration process, including how to register a business in Québec online, how much it costs, how long it takes, and what type of structure is best for your business, whether sole proprietor, partnership, or corporation.
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Registering your business gives it legal status and protects your business name within the province. Here’s why it matters:
Most businesses operating in Québec must register with the Registraire des Entreprises du Québec (REQ). Some exceptions apply, such as freelancers operating under their personal name.
Québec businesses can take different legal forms, each with its own features and registration requirements.
This is the simplest and most affordable option for small business owners. You operate the business as an individual and are personally responsible for its debts and obligations.
Pros:
Cons:
Best for: Freelancers, independent consultants, and solo entrepreneurs.
This form is used when two or more individuals (or entities) go into business together. A partnership typically offers shared liability among partners and allows for pooled financial resources.
Pros:
Cons:
Best for: Businesses started with friends, colleagues, or business partners.
Incorporation creates a separate legal entity, offering liability protection and more flexible financing options through the issuance of shares.
Pros:
Cons:
Best for: Startups seeking growth, businesses with significant risk, or companies planning to raise funds.
Choosing the right structure depends on your business goals, liability comfort, and tax preferences. Sole proprietorships are ideal for freelancers or small service providers, while incorporation suits businesses planning to scale or attract investors.
Tip: Depending on your business model, you can also opt for a non-profit corporation (organisme sans but lucratif) or a cooperative.
Here’s how to register a small business in Québec, whether you’re a first-time entrepreneur or expanding an existing operation.
Decide whether you’ll register as a sole proprietorship, partnership, or corporation. Each option comes with its own obligations and benefits.
Your name must be unique and comply with Québec’s language laws¹. To check for availability, you can use the CIDREQ registry.
If you plan to operate under your own name, you may not need to register (e.g. “Marie Tremblay”), but if you add another word (like “Marie Tremblay Design”), you must register.
You can register online through Québec’s official portal. To register, you’ll need the following documentation:
You can register a business in Québec either online or by mail. Online is the most efficient and recommended method. Let’s look at how to register a business in Quebec online step by step.
Once registered, you’ll receive an NEQ (Numéro d’entreprise du Québec). This number identifies your business in Québec’s legal and tax systems.
Once you register your business, you’ll likely need to register for taxes. But not everyone has to. If your business:
Then you’ll need to register for the following:
This can be done online through Revenu Québec.
With your NEQ and registration documents, you can now open a business bank account.
A business account will help you keep personal and business finances separate. If you plan to send or receive money internationally, Wise Business is a smart alternative to traditional banks.
Depending on your industry and location, you may need municipal, provincial, or federal permits. Use Québec’s Permis et licences (permits and licenses) tool to determine which applies.
It depends on your business type and the services you use. Here’s a breakdown of government fees (as of 2025):³
| Service | Estimated Cost (CAD) |
|---|---|
| Registering a sole proprietorship | $39 |
| Registering a partnership | $60 |
| Incorporating provincially (Québec) | $101 |
| Non-profit legal entity | $39 |
Additional costs may include:
Some businesses opt for third-party services that charge bundled fees for registration, GST setup, and more. Always verify the total cost and included services.
There isn’t an official, guaranteed processing time published by the Québec government for registering a business. However, based on insights from business law firms and user-reported experiences, most registrations, regardless of business structure, are processed within 1 to 5 business days when submitted online through the Registraire des entreprises du Québec (REQ) portal.⁴
Keep in mind that processing times can vary depending on the accuracy of your application and how busy the REQ is. Submitting incomplete or incorrect information may lead to delays. In some cases, it may take longer if your registration involves additional steps such as name approval or tax account setup.
To avoid unnecessary delays, double-check all required documents, ensure consistency across forms, and consider registering online rather than by mail. If your registration is time-sensitive, contacting the REQ directly or working with a service provider may help you get a clearer estimate.
If you need to start business operations quickly, registering online through the portal is your fastest option. Once registered, you can immediately begin invoicing clients and setting up payment systems.
While registering your business is relatively straightforward, it’s easy to make avoidable errors. Here are some common pitfalls:
Avoid these mistakes by reviewing government guidance, consulting with a legal or tax expert, or using registration services.
Wise Business can help you save big time on international payments. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.
Some key features of Wise Business include:
Knowing how to register a business in Québec sets the groundwork for success. Starting as a sole proprietor or incorporating is a relatively straightforward process when you understand the steps and requirements.
Once your business is registered, you can access financing, hire employees, and set up efficient financial tools like Wise Business to manage international payments at the real exchange rate without hidden fees.
With the right setup, you equip your Québec business to succeed both at home and globally.
If you operate under your own first and last name with no additions (e.g., Jane Smith), you may not need to register. But if you use a business name with descriptors like “Jane Smith Consulting,” registration is required.
Yes. You can convert a sole proprietorship into a corporation, but it involves new registrations and may have tax implications.
Yes. After registering with the REQ, you must register with Revenu Québec for GST/QST, corporate income tax, and payroll accounts (if applicable).
Yes, but additional requirements apply. Non-residents may need to appoint a local agent or provide additional documentation.
All registration documents must be in French. This includes your business name, unless exempted.
If you earn over $30,000/year, sell taxable goods and services, or wish to hire employees, then you will need to register for GST and QST.
Sources:
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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