Key Points
- To meet federal reporting requirements Manulife Bank relies on ICMS to verify the identity of the individuals who ultimately own the company that is opening the account.
- If the company applying for the account is structured to be owned by other companies (i.e., holding companies)
- ICMS needs to supply the checklist information for each holding company involved
- but only when they own 25% or more of the company applying for the account.
- Require personal identification for the signing officers of each company.
- Do NOT require personal identification for the directors.
Checklist Information Required to open a $CDN or $USD Business Advantage Account at Manulife Bank:
- Incorporation Number (from Certificate of Incorporation)
- Business Identification Number (from GST or Payroll remittance)
- Contact info for the company (full legal name, address, phone, fax, email, etc.)
- List of any individual or business that owns 25% or more of the company applying for the account
- Home address
- Date of birth
- Occupation
- % Ownership
- List of directors of the company and their occupations
- Home phone number + Business phone number + One piece of photo ID for each signing officer
- Drivers License
- Passport
- Other Canadian photo ID
- Void cheque from each bank account that the Manulife account will be linked with.
- Each account must be in the same legal name as the Manulife account
- If cheques not available on an account – ask your bank to provide a P.A.D. form (Pre Authorized Debit)
- The same form you would request to set up a utility bill payment or lease payment