How to open a business account in Québec in 2025: A step-by-step guide

Québec entrepreneurs face distinct challenges: French language compliance requirements, provincial registration procedures, and Québec-specific banking regulations. According to recent data, over 60,000 new businesses register in Québec annually¹, yet many founders struggle with the banking setup process.

This guide walks you through everything you need to know about opening a business account in Québec - from required documentation to cost comparisons across major financial institutions and provincial-specific considerations. We will also look at what Wise offers to businesses in Canada and beyond!

Understanding Québec's business registration requirements

Before opening a business bank account in Québec, you must complete the provincial business registration process.

How do I get an NEQ in Québec?

The Numéro d'entreprise du Québec (NEQ) is a mandatory 10-digit identification number for all Québec businesses. You obtain this by registering with the Registraire des entreprises du Québec (REQ).

The registration process varies by business structure:

• Sole proprietorship: Register directly with the REQ (38 CAD fee)²
• Corporation: Either incorporate provincially (367 CAD base fee) or federally (200 CAD + 35 CAD for NUANS name search) and then register with REQ²
• Partnership: Register with the REQ, providing partner information and business details

All Québec business names must comply with French language requirements under the Charter of the French Language, meaning your business name must be in French or have an approved French equivalent³.

How much does it cost to start a business in Québec?

Initial costs vary by business structure:

• Provincial incorporation: 367 CAD base government fee²
• Sole proprietorship registration: 39 CAD²
• Federal incorporation: 200 CAD + 35 CAD for NUANS name search²

Additional costs include:

• Business license fees (varies by municipality and industry)
• QST (Québec Sales Tax) registration (mandatory if annual Québec sales exceed 30,000 CAD)³
• Professional memberships or industry-specific permits

Documentation required for business account opening

What do I need to open a business bank account in Québec?

Required documentation varies slightly between banks but generally includes:

For all business structures:

• Valid government-issued photo ID for all owners/signing authorities
• Your NEQ (Québec Enterprise Number)
• Business registration documents
• Social Insurance Numbers (SIN) for all owners/directors

Additional documents by structure:

• Sole proprietorship: Business registration certificate, personal ID
• Partnership: Partnership agreement, registration certificate
• Corporation: Articles of Incorporation, corporate bylaws, director resolutions authorizing account opening

Québec-specific requirements:

• Business documents may need to be in French or bilingual format
• Enhanced corporate disclosure documentation under Bill 78⁴
• QST registration number (if applicable)

Comparing Québec business banking options in 2025

Which bank is best to open a business account in Québec?

Major financial institutions operating in Québec each offer different advantages:

Bank	Basic Account Fee	Transactions Included	Minimum Balance for Fee Waiver	Online Application
TD Basic Business10	5 CAD/month	5	Variable	Partial
RBC Digital Choice11	6 CAD/month	25	4,000 CAD	Yes
BMO eBusiness12	0 CAD	Unlimited digital	None (digital only)	Yes
Scotiabank Right Size13	6 CAD/month	Tiered14	N/A	Yes
CIBC Basic15	6 CAD/month	0 CAD16	N/A	Yes

How much does it cost to open a business account in Québec?

Most banks charge no direct application fee to open a business account. However, ongoing costs include:

• Monthly maintenance fees (0-20 CAD depending on account type)
• Transaction fees beyond included monthly limits
• Cash deposit/withdrawal fees
• Wire transfer fees
• Additional service charges

Cost-saving strategies include:

• Maintaining minimum balances to waive monthly fees
• Choosing account packages that match your transaction volume
• Taking advantage of new business promotions (many banks offer 6-12 months with reduced or waived fees)

Opening your business account: Step-by-step process

How do I start a small business account in Québec?

1. Complete business registration and obtain your NEQ
2. Gather required documentation based on your business structure
3. Compare bank offerings (fees, features, and branch locations)
4. Schedule an appointment (some banks allow online booking)
5. Submit application in person (most Québec banks still require in-person verification for business accounts)
6. Fund your account with an initial deposit (minimum varies by bank)
7. Set up online banking and additional services

Can I open a Québec business account online?

Fully digital business account opening remains limited in Québec. While most major banks offer partial online applications, most require in-branch verification to complete the process due to Québec's enhanced identification requirements.

Current online capabilities by bank:

• BMO: Initial application online, in-branch signature and ID verification required
• RBC: Digital application for simple business structures, complex structures require branch visit
• TD: Online application followed by mandatory in-branch appointment
• Scotiabank: Preliminary application online, documentation must be presented in-branch
• National Bank: Québec-based bank offers streamlined process for local businesses but still requires in-person verification

Meet Wise Business - The global alternative to business banking

Wise operates in Canada and Québec as a money services business, and offers you not only an account but also features such as

• Integration of platforms such as Quickbooks, Sage cloud and Xero
• Easy invoice payments
• Batch payments
• No subscription fees, no limit on transactions, no minimum balance - Pay for what you use!

Opening a business account at Wise is free, online and easy! With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

Features	Essential features - without registration fees	All features for a one time payment of 55 CAD
Send money to over 70 countries	✅	✅
Wise Business Card	✅	✅
Holding and converting money across 40 currencies at the mid-market rate	✅	✅
Minimal fees starting at 0.48%	✅	✅
Local account details to receive payments in over 20 currencies	❌	✅
Direct debit to make recurring payments	❌	✅

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
with our demo >>>

It only takes a few minutes to set up your multi-currency account, and make the most of the mid-market exchange rate.

Step 1. Enter information relevant to yourself and your business.
Step 2. Share essential information about your business. This includes

• Business registration
• The business registered and trading addresses
• The industry you’re in
• Online presence
• Name, date of birth, country of residence - for all stakeholders
• Documents proving ownership of the business

Step 3. Enter essential information to verify your identity
Step 4. Set up and make a transfer as indicated on your account. Alternatively, you could pay the one-time fee and get account details in over 10 currencies.
Step 5. Wise sends you a confirmation email within 10 working days.

In case you add team members to the business account, they will need to be verified too.

Wise's has been reviewed and appreciated on public platforms such as:

• Trustpilot Canada: 4.3/5 stars with 256,776+ reviews
• Play Store Canada: 4.7/5 stars with 1.28M+ reviews

Québec taxation considerations for new businesses

How much tax does a business pay in Québec?

Québec businesses face a dual tax system with both provincial and federal obligations:

Provincial taxes:

• Québec corporate tax rate: 3.2% for small businesses on first 500,000 CAD of income (2025 rate)⁶
• QST (Québec Sales Tax): 9.975% on most goods and services⁷

Federal taxes:

• Federal corporate tax rate: 9% for small businesses on first 500,000 CAD of income⁸
• GST (Goods and Services Tax): 5% on most goods and services⁷

Combined corporate tax rates in Québec are among the most competitive in North America for small businesses at 12.2% for eligible small business income⁶. However, businesses must maintain separate registrations and filings for both tax systems.

Registration requirements:

• QST registration is mandatory if annual taxable Québec sales exceed 30,000 CAD⁷
• GST registration follows the same threshold but is administered separately

Navigating Québec's unique business banking challenges

Is Québec a good place for business banking?

Québec offers distinct advantages and challenges for business banking:

Advantages:

• Competitive banking fees compared to some other provinces
• Strong presence of both national banks and Québec-based institutions
• Specialized business support for French-language enterprises
• Targeted provincial business development programs linked to banking services

Challenges:

• Limited fully-digital banking options compared to other provinces
• Additional documentation requirements due to language laws
• Some financial products available elsewhere in Canada may be unavailable
• Potential language barriers for non-French speaking entrepreneurs

National Bank of Canada, headquartered in Montreal, offers specialized services for Québec-based businesses, including dedicated francophone business advisors and targeted provincial program integration⁹.

Wrapping up: Getting your Québec business account running

Opening a business account in Québec requires navigating some additional provincial requirements, but the process becomes straightforward when you understand the specific documentation and language considerations.

The most efficient approach is to:

1. Complete all business registration requirements first
2. Research banking options with a focus on fee structures matching your expected transaction patterns
3. Prepare documentation in the required format (often bilingual)
4. Schedule an in-person appointment at your chosen institution

Remember that properly separating your personal and business finances from day one not only ensures regulatory compliance but also simplifies tax filing and builds business credibility. With Québec's competitive small business tax rates and growing entrepreneurial ecosystem, your new business account serves as an important foundation for financial success in the province.

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Sources:

1. Gouvernement du Québec. (2024). "Register and Constitute an Enterprise."
2. Revenu Québec. (2025). "Starting a Business."
3. Gouvernement du Québec. (2024). "Charter of the French Language: Business Requirements."
4. Registraire des entreprises du Québec. (2025). "Bill 78 Corporate Disclosure Requirements."
5. BMO Canada. (2024). "Ready to Open a Business Bank Account? Here's How."
6. Revenu Québec. (2025). "Corporate Income Tax Rates."
7. Canada Revenue Agency. (2024). "GST/HST and QST Information for Businesses."
8. Canada Revenue Agency. (2025). "Corporation Tax Rates."
9. National Bank of Canada. (2025). "Business Banking Solutions for Québec Entrepreneurs."
10. TD Basic Business Plan
11. RBC Digital Choice Business Account Package
12. eBusiness Plan: Get Unlimited Transactions - BMO Canada
13. How to Open a Business Bank Account | Scotiabank Canada
14. Your Guide to Fees and Interest Schedules | Scotiabank
15. Apply for a CIBC Basic Business Operating Account
16. Business Account Service Fees | CIBC

Sources verified on 20 June, 2025