Documents Required to Open a Business Account
Whether your business is established or just starting out, Libro Coaches have the expertise needed to help you grow and prosper. Opening a new account at Libro is the first step in this journey.
To help Libro Coaches serve you the best they can, please review the checklist below that is most appropriate to your business type.
What do I need to bring?
Find your business type from the list below:
Find your business type from the list below:
Sole Proprietorship
A sole proprietorship is a business that is owned and operated by a single person.
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Other information may be required depending on your business structure and banking needs.
Informal Organization
An informal organization is a group that forms for personal or social reasons. Examples include school groups, sports teams or social clubs.
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Other information may be required depending on your business structure and banking needs.
Not-for-Profit or Charity
A not-for-profit organization or charity is an organization that earns profits to pursue the organizations’ objective and to keep it running.
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Other information may be required depending on your business structure and banking needs.
General Partnership
A partnership is a business agreement between two or more individuals who share management and profits.
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Other information may be required depending on your business structure and banking needs.
Joint Venture
A joint venture is a business arrangement in which two or more parties agree to pool their resources to accomplish a specific task.
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Other information may be required depending on your business structure and banking needs.
Corporation
A corporation is a legal entity. It can enter into contracts and own property in its own name, separately and distinctly from its owners.
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Other information may be required depending on your business structure and banking needs.
Condo Corporation
A condominium (condo) corporation is not “incorporated” – it is a legal entity “created” to manage and govern a residential complex.
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Other information may be required depending on your business structure and banking needs.
Ready to open a new account at Libro?
Already have an account and need to update your business information?
From time-to-time, your business information or the people able to transact on your account will change. Here’s what we need when that happens.
Business Information Change and Signer or Administrative Authority Change Checklist
Acceptable Forms of Identification
You will also need to bring a form of acceptable identification. All identification must be original, current and valid, legible and in good condition.
- Canadian passport
- Driver’s license
- Birth certificate
- Old age security card
- Citizenship certificate
- Permanent resident card
- Indian status card
- Naturalization certificate
- Nexus card
- Ontario photo card
If you have questions about what information or documentation is required, please call 1-800-361-8222.
Frequently Asked Questions
What is the difference between a signer and administrator?
A signer is anyone that can complete transactions on the account.
An administrative authority is anyone who can make deposits and receive transaction records but cannot debit the account.
What is a beneficial owner?
Beneficial owners are the individuals who directly or indirectly own or control 25% or more of a corporation or an entity other than a corporation. In the case of a trust, they are the trustees, the known beneficiaries and the settlors of the trust. If the trust is a widely held trust or a publicly traded trust, they are the trustees and all persons who own or control, directly or indirectly, 25% or more of the units of the trust.
What is a master business licence or business name registration?
A master business licence or business name registration is a licence issued by the Ontario government that gives business owners the legal ability to operate under a specific business name.
Visit the ServiceOntario website to learn more about registering your business and applying for a business name registration.
What is a partnership agreement?
A partnership agreement is a contract between two or more individuals that join together to run a business. It is used to dictate the terms of the business partnership.
What is an article of incorporation?
Articles of incorporation are documents that establish the existence of a corporation. This may include:
- A corporate charter, and/or
- A certificate of incorporation
What is a shareholder registry, a director registry or an officer registry?
A registry is a document that shows the name of each shareholder, director, or officer of a company, along with other information such as addresses, consent, and date of assignment. Documents are separated by role.
What is a bylaw?
Corporate bylaws are the rules established to run a corporation, including the relationships between the corporation, its shareholders, directors, officers and others.
What is a banking resolution?
A banking resolution is a proposal made during a meeting of the company’s shareholders or directors. Its approval represents an official confirmation of an action that will be taken by the company.
