According to the Canada Compliance and AML department, due to the recent change on regulatory policy of Canada business account opening, offshore opening of business account will no longer be accepted which means clients who wish to open a Canada business account must arrive in the banking centre in Canada to carry out the business account opening procedures.
While the policy of opening Canada personal account stays unchanged which still accepts offshore opening, the change on the opening of Canada business account will have effect on a number of people.
The change on the opening of Canada business account is made with the intention to crack down on illegal activity, such as money laundering and ensure the legal use of business account. New policy states that the director of the registered company must arrive to any banking centre in person to open the business account if the director is not Canadian as offshore opening of business account is not allowed anymore.
The new policy change has reduced the intention of people who wish to set up a company in Canada for immigration or other purposes even though the 2 weeks opening duration remains unchanged. The requirement of non-Canadian director of registered company to arrive in person to open business account appears to be more complicated and time-consuming.
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