AmericasCanadaLicensed-entity research

The Bank of Nova Scotia (Scotiabank)

The Bank of Nova Scotia. Scotiabank's 2026 second-quarter shareholder report describes it as a chartered bank under Canada's Bank Act, a Schedule I bank, and states that it is regulated by OSFI; the CDIC member directory lists “Bank of Nova Scotia (The)” and identifies Scotiabank as its name/brand. This refers to the Canadian bank entity, not its holding company, subsidiaries in other countries, or an entity inferred solely from the brand.

The Bank of Nova Scotia is a Schedule I chartered bank under Canada's Bank Act and regulated by OSFI; the CDIC directory lists it as a member and includes the Scotiabank name. [s1] [s2] [s3] Its website publishes identity/document requirements for Canadian personal and business accounts, as well as limited pre-arrival accounts for eligible newcomers; whether general non-resident individuals abroad and foreign-incorporated companies can open everyday accounts remains subject to written confirmation by the bank on a case-by-case basis. [s4] [s5] [s6]

Regulator: Office of the Superintendent of Financial Institutions (OSFI)
Check date: 2026-10-26
Verify status: Some information pending confirmation

Research scope and official resources

Topic number:americas-bank-of-nova-scotia

A Canadian bank candidate selected in the publicly available large-institution screening by 2025/2026, mapped to the legal bank entity The Bank of Nova Scotia. This is background to the research selection, not a current top 100 ranking, an individual ranking, a current account-opening acceptance determination, or a licence verification conclusion.

Bank’s official website

Personal Eligibility and Documents

For personal deposit accounts opened in Canada, the official website publishes identity verification methods and acceptable documents, but its identity-document page does not promise that all non-residents will be approved, nor does it provide a general eligibility matrix based on residence status. For certain groups moving to Canada, the StartRight International Account pre-arrival page states that applications can only be made from specific countries listed there; the page describes it as a pre-arrival account, and says that after arriving in Canada, an appointment must still be made at a branch to set up a day-to-day chequing account. The website also states that people in countries not on the list can contact the team to arrange services after arriving in Canada. This confirms a limited pre-arrival route and the branch steps after arrival; it does not establish that regular chequing/savings accounts can be opened remotely by all non-residents abroad. The specific applicant's status, immigration/residence status, country of application, product, review, and acceptance method must be confirmed with the bank. [s4] [s5]

Personal information publicly disclosed or identified

The bank’s published identity verification methods for personal deposit accounts: one government-issued photo ID that meets its list, or documents from two independent, reliable sources. Certain alternative methods require a bank customer or local community member to confirm the applicant’s identity. Documents submitted must be originals, valid and not materially damaged; the bank may verify them with the issuing authority.[s4]
Accepted photo identification includes Canadian passports, Canadian driver's licenses that meet provincial legal requirements, permanent resident cards, photo health cards in applicable provinces/territories, and valid foreign passports, certain foreign driver's licenses, NEXUS/Global Entry, and other documents listed on the official website. Foreign driver's licenses and some documents are subject to residence or applicable-province restrictions and must be checked against the bank's list; acceptance of a “foreign passport” alone does not establish eligibility for remote account opening by a non-resident.[s4]
The dual-source document list includes birth/marriage/divorce documents, Canadian government immigration documents, study permits, work permits, temporary resident permits, visitor records, etc.; the list for verifying name and address includes Canadian government benefit/tax documents, local property tax bills, vehicle registration, Canadian utility bills, T4, and account statements for registered accounts at Canadian financial institutions, etc. [s4]
The official website requires additional full name, address (if available), date of birth, and occupation or type of business when these are not shown on the identity document; if the name does not match, provide evidence of the name change. Opening a day-to-day account after arrival under StartRight requires visiting a branch with two forms of identification. The page lists a passport, permanent resident card, and specified Canadian immigration forms; international students also need proof of admission/enrolment from a Canadian educational institution. [s4] [s5]
General preparation suggestions (not a generally required checklist published by Scotiabank): If preparing an application abroad, first ask the branch whether it accepts foreign-issued documents, certified translations or notarized documents, and prepare genuine materials that can explain address, tax residence and source of funds. The bank must confirm the format and certification and translation requirements.

Company eligibility and documents

Scotiabank says conditions for new customers applying online for a business account include being at least 16 years old, being a Canadian resident or working/studying in Canada, opening the account in one’s own name and agreeing to paperless documents. Non-Canadian citizens without a work/study permit or non-residents must be assisted by a branch representative. The official website publishes information on opening Canadian business accounts and documents required for company structures, but this does not confirm whether a foreign-incorporated company can become a customer, which branch can open the account or the final acceptance conditions. Both Canadian-incorporated businesses and foreign companies should first confirm the account product, legally authorized account opener, restrictions on place of business/incorporation and any in-person meeting requirements with the bank; this is not a guarantee of account opening. [s6]

Company information publicly disclosed or identified

The bank’s published information requirements for online business account opening include owners’ personal information, identification documents, the address shown on the documents, and dates of birth. The website states that online applications require a SIN and, where applicable, a work or study visa/permit. Business information includes proof of the business name and a CRA registration number (if any).[s6]
If a sole proprietorship does not operate under the proprietor’s own name, the bank lists a business licence, trade-name registration certificate or company registration documents as proof of the business’s legal name. A corporate entity also needs articles of incorporation/registration documents, trade-name registration where applicable, and one original, valid, current government-issued photo ID.[s6]
Company applicants must also provide the name, address, and occupation of anyone who owns or controls at least 25% of the business. Organizations that accept donations from the public must provide a CRA registration number. For businesses operating for more than 12 months, the webpage lists the following as acceptable current documents: a certificate of good standing/compliance, company profile report, annual government filing, latest financial statements, or a business Notice of Assessment. [s6]
General preparation suggestions (not the bank's published mandatory checklist for foreign companies): A foreign-incorporated business may prepare its certificate of incorporation, Articles of Association, board/director and authorized signatory resolutions, complete ownership and control structure chart, ultimate natural-person beneficial owner information, proof of registered and business addresses, tax number/tax residence self-certification, recent financial or business records, and materials explaining the source of the initial deposit. First confirm with the intended branch all requirements for translation, notarization, certification, legalization and original documents.

Address, tax, and remote / witnessed procedures

Address and tax

The identity section for individual account opening requires declaring full name, residential address (if any), date of birth, and occupation/business type; if the address is not on the identity document, the bank's listed address-verification documents are mainly documents from the Canadian government, tax authorities, financial institutions, or utility providers. The business online application page requires the address to match the address on the photo ID and lists SIN. Regarding tax residency and tax numbers, the Canada Revenue Agency states that financial institutions may require customers to confirm their tax-residency status and provide supporting documents; non-Canadian tax residents or U.S. citizens must provide a foreign TIN when requested, and anyone with a Canadian SIN must also provide it. Confirm with the bank how missing foreign TINs are handled, the required address/proof-of-address formats for account opening, and tax-number requirements for foreign-incorporated companies; CRA tax-reporting requirements are not the same as a published item-by-item account-opening checklist from the bank. [s4] [s6] [s9] [s10]

Remote / witnessing

The official website allows eligible StartRight applicants to apply online for a limited pre-arrival International Account; this account is not a chequing account for everyday transactions. The website expressly requires applicants to make an appointment and visit a Scotiabank branch after arriving in Canada, bringing two forms of identification, to set up a chequing account. The regular personal account-opening page lists identity documents but does not confirm global video verification, end-to-end remote account opening from abroad, third-party witnessing, or using an overseas notary instead of branch verification; such support must not be assumed. [s4] [s5]

Public process reference

First determine whether you need a personal day-to-day account, a business account or a StartRight pre-arrival International Account, and check the applicant’s actual residence/immigration status, place of incorporation and intended account-opening location directly. The pre-arrival account is available only subject to the country/programme conditions listed on the website at the time.[s5] [s6]
Individual applicants should prepare original documents in accordance with the bank’s identity-document checklist, together with applicable address, occupation and immigration/study documents. If names differ between documents, prepare evidence of the name change. The bank may contact the document-issuing authority and conduct further checks. [s4]
StartRight applicants apply online for a program account before arrival; after arriving in Canada, they book a branch appointment, provide two forms of identification, and follow the bank’s instructions to establish an everyday chequing account. This process does not mean that a regular account has been approved. [s5]
Business applicants should prepare legal-name documents appropriate to the business type, owner/authorized-person details, and information for owners holding at least 25%. Applicants meeting the page’s conditions may try applying online; non-residents or applicants without a Canadian work/study permit must be assisted by a branch representative. Whether foreign companies can open accounts and which branch process applies must be confirmed in writing in advance. [s6]
Complete the bank’s identity, tax-residency/U.S.-status and risk reviews, and provide any additional documents requested for your case. The bank decides whether to accept the application, the final document checklist, the meeting method and when the account will be available. [s4] [s6] [s7] [s9] [s10]

Compliance topics, details, and sources

Canadian anti-money laundering and customer identification (KYC)

FINTRAC guidance for Canadian financial entities requires the identity of individual, corporate and other entity account holders to be verified when an account is opened and before the first transaction involving a deposit other than the initial deposit into the account; identity verification is also required for persons authorized to give instructions on the account. Banks may lawfully verify information, retain records and make further inquiries about clients as required by risk. This regulatory baseline is not the same as a publicly disclosed list of additional documents that Scotiabank requires from every non-resident.[s7] [s4]

Source:Scotiabank — How to Open a Bank Account ；FINTRAC — When to verify the identity of persons and entities: Financial entities

Business beneficial owners, control structure and source of funds

FINTRAC guidance requires financial entities to obtain beneficial ownership information when verifying an entity’s identity and take reasonable measures to confirm its accuracy. Generally, they must identify individuals who directly or indirectly own/control at least 25%, and obtain applicable information such as directors, addresses and the ownership/control structure. Scotiabank’s business account-opening page also requires companies to provide the names, addresses and occupations of owners of at least 25%. The bank’s public pages do not list a source-of-funds document set applicable to all applicants; it may request additional evidence of the source or purpose of funds based on the actual business, account use and risk of an individual case. Documents prepared should be truthful, consistent and verifiable; general preparation advice should not be mistaken for a uniform bank policy.[s6] [s8] [s7]

Source:Scotiabank — How to open a business bank account in Canada ；FINTRAC — Beneficial ownership requirements ；FINTRAC — When to verify the identity of persons and entities: Financial entities

Tax Residency Self-Certification, CRS, and FATCA

The Canada Revenue Agency (CRA) explains that financial institutions may ask individuals opening new accounts to confirm their Canadian and other tax-residency status, collect foreign TINs and report to the CRA as required under applicable rules. Canadian CRS applies to reporting relating to non-U.S. tax residents; identification and exchange of U.S. account information are governed by the Canada–U.S. FATCA intergovernmental agreement and Part XVIII of the Income Tax Act. The United States must not be described as having joined CRS. Business accounts also require assessment of the entity’s tax residence, U.S.-person status, entity classification and the status of relevant controlling persons; controlling persons may need to be identified for certain passive entities. Tax status must be declared truthfully according to the actual tax residence of the individual/entity; consult a tax professional for specific determinations. [s9] [s10]

Source:CRA — Information for individuals holding accounts with Canadian financial institutions ；CRA — Information for entities holding accounts with Canadian financial institutions

Canadian sanctions and restricted-transaction screening

Current Canadian sanctions are implemented under the United Nations Act, the Special Economic Measures Act, the Justice for Victims of Corrupt Foreign Officials Act and other authorities, with provisions covering relevant countries, persons and issues. Sanctioned transactions or parties may be prohibited, frozen or subject to other restrictions. This information does not assess any applicant’s individual case. Confirm with the bank which parties it screens, how it handles list matches and what additional documents may be required. [s11]

Source:Global Affairs Canada — Current sanctions imposed by Canada

Cross-border tax reporting of personal and account information

The Privacy Commissioner of Canada explains that PIPEDA applies to the processing of personal information in commercial activities by federally regulated organizations, including banks, and sets out principles covering accountability, identifying purposes, consent, limiting collection/use/disclosure/retention, safeguards and individual access. The CRA separately states that qualifying financial account information is reported to the CRA as required by law and exchanged under FATCA or CRS rules; privacy protection does not remove statutory reporting obligations. Whether a particular account product is an insurable deposit and the applicable coverage limit should be checked separately under CDIC rules; this information only confirms inclusion on the CDIC member list and does not infer that every product is covered. [s12] [s3] [s9] [s10]

Source:Office of the Privacy Commissioner of Canada — PIPEDA requirements in brief ；CDIC — List of member institutions ；CRA — Information for individuals holding accounts with Canadian financial institutions ；CRA — Information for entities holding accounts with Canadian financial institutions

Compliance evidence

Account-opening compliance and supporting-document checklist

The bank’s stated requirements, local regulations, and preparation recommendations are presented separately. Acceptance in a specific case is subject to confirmation by the bank.

This guide is limited to publicly available information on applications for Canadian business accounts from The Bank of Nova Scotia (Scotiabank), a bank regulated in Canada. It does not treat subsidiaries of the group in other countries or institutions with the same brand as the same account-opening entity. The bank’s published eligibility criteria for new online customers include being at least 16 years old, being a Canadian resident or working/studying in Canada, opening the account in one’s own name, and accepting paperless documents. Non-Canadians without a work/study permit and non-residents must be assisted by a branch representative. The pages reviewed did not confirm whether applications from companies incorporated abroad are accepted. The following does not constitute confirmation of eligibility or a guarantee of approval. [cg-1]

Date information checked:2026-10-26

Information evidence package

Identity documents for the applicant, owners, and authorised persons

Who it applies to: Business account owners and applicants; new online customers must also meet the bank's published residency/work/study conditions. Non-residents should contact a branch representative first; personal account document checklists do not automatically apply to businesses or foreign companies.
Documents to Prepare: Prepare the owner’s personal information and identity documents as specified on the bank’s website; the online application lists name, address as shown on photo ID, date of birth and SIN. Where applicable, prepare a work or study visa/permit.
For a company, prepare at least one original, valid, current government-issued photo ID, as well as the names, addresses, and occupations of all persons who directly or indirectly own/control 25% or more. The bank has not specified on that page which alternative documents are acceptable for all non-residents.
If the applicant's name, address, or signing authority differs from the company documents, preparatory suggestions include having name-change documents, authorisation resolutions, and explanations ready. Confirm with the intended branch whether certification, translation, or a specific signing format is required.
Description: The bank page explicitly states the information required for online applications and company-document requirements; identity documents for business applicants must be original, valid, and current. Do not describe suggested authorization/name-change documents as uniformly mandatory for all customers.

Source:Scotiabank — How to open a business bank account in Canada

Company legal existence, ownership and control chain, and proof of good standing

Who it applies to: Prepare documents for Canadian corporations, sole proprietorships, partnerships or non-profit organizations according to their legal form. Confirm first whether foreign-incorporated entities can be accepted; do not apply the Canadian document checklist to them automatically.
Documents to Prepare: Depending on the entity type, prepare a business license, trade name registration certificate, or corporate registration document showing the entity’s legal name; a corporation should prepare its articles of incorporation/registration documents and any applicable trade name registration. Provide a CRA registration number if the bank says one is required; organizations soliciting donations from the public need this number.
For a business operating for more than 12 months, the bank lists one original document as evidence of current operations, such as a certificate of good standing/compliance, company profile report, annual government filing, latest financial statements, or business Notice of Assessment. Ask the bank to confirm which specific document applies to your business.
As a due diligence preparation suggestion, compile an ownership percentage table, an ownership structure chart showing each level, a list of directors, and records such as the shareholder register, shareholder agreements, or registry records. Complex chains of control should be traceable to natural persons.
Description: The bank page explicitly requires business names/registration documents according to legal form and information about owners holding 25% of certain companies. FINTRAC separately requires financial entities to obtain information about directors, beneficial owners, and ownership/control structures, and to take reasonable measures to confirm its accuracy. Company type and exemptions should be verified on a case-by-case basis.

Source:Scotiabank — How to open a business bank account in Canada；FINTRAC — Beneficial ownership requirements

Genuine business, expected fund flows and tax documents

Who it applies to: Prepare for a business opening an operating account; this is recommended supporting information to explain the business and funds, not a uniform source-of-funds checklist published by the bank.
Documents to Prepare: Prepare a one-page business explanation covering products/services, countries of operation, main customers and suppliers, account purpose, and expected incoming and outgoing payment methods, currencies, frequency and approximate amounts.
Depending on the company’s circumstances, prepare recent financial statements, contracts/orders, invoices, tax filings, or existing bank statements to document the initial account funding and subsequent main sources of income. Whether the bank requires these documents and any document recency requirements have not been published.
Prepare an accurate description of the entity’s tax residence, U.S. person/U.S. entity status, and classification as a financial institution or non-financial entity. If applicable, collect tax self-certification information for the entity and relevant controllers, such as tax identification numbers and dates of birth.
Description: Business and funds documents are general preparation suggestions to help answer bank due diligence questions, not a fixed checklist for Scotiabank that has been verified. The CRA states that financial institutions may request entity documentation to establish tax residence and classification, and check whether self-certifications are reasonable; banks may decide for themselves what form to collect.

Source:FINTRAC — Ongoing monitoring requirements；CRA — Information for entities holding accounts with Canadian financial institutions

Due diligence and enhanced verification

Verification of Beneficial Owners and Control Structure

Basis for Verification: FINTRAC guidance states that financial entities must obtain beneficial ownership information when verifying an entity’s identity. For a corporation, they must collect the names of all directors and the names and addresses of persons who directly or indirectly own/control at least 25% of shares, and obtain information on ownership, control and structure; they must also take reasonable measures to confirm accuracy. Scotiabank’s public business page separately requires the names, addresses and occupations of owners of at least 25%. The Canadian statutory threshold is not a universal global standard and does not mean the bank has publicly disclosed its policy on accepting foreign companies.
Preparation recommendation: Provide a tier-by-tier ownership chart showing percentages, registration/shareholder/director records, and an explanation of nominee ownership, trusts, contractual control, or the actual circumstances when no one meets 25%. For complex structures, identify individuals and evidence sources at each tier. If no individual meets the threshold, prepare the calculation basis and an explanation of control arrangements; do not leave the information blank or enter fictitious details.
Scope: FINTRAC regulatory requirements apply to relevant Canadian reporting entities; the bank’s 25% corporate information requirement is expressly stated by the bank. Evidence format and the extent of additional verification for complex structures are determined case by case.

Source:Scotiabank — How to open a business bank account in Canada；FINTRAC — Beneficial ownership requirements

Business Purpose, Expected Transactions, and Explanation of Source of Funds

Basis for Verification: FINTRAC’s ongoing monitoring requirements require financial entities to periodically assess on a risk basis whether client information, transaction activity and risk are consistent, and to keep information on client identity, beneficial ownership and the purpose/expected nature of the business relationship up to date. The Scotiabank business account-opening page reviewed does not disclose a source-of-funds or source-of-wealth document list applicable to all businesses.
Preparation recommendation: Align the business description, expected monthly incoming and outgoing payments, regions of counterparties, foreign-currency/cross-border purposes with contracts, invoices or financial records; for an initial large capital contribution, related-party payments or funds inconsistent with the scale of the business, prepare an explanation of the amount, source, route and purpose together with verifiable supporting documents. This is due diligence preparation guidance, not a mandatory checklist published by the bank.
Scope: Ongoing monitoring is a Canadian anti-money-laundering regulatory obligation for financial institutions; materials prepared by applicants are general suggestions and do not imply that enhanced review or account rejection will necessarily follow.

Source:Scotiabank — How to open a business bank account in Canada；FINTRAC — Ongoing monitoring requirements

CRS/FATCA Entity Tax Residency and Controlling Person Information

Basis for Verification: The CRA explains that when opening an account for a new customer, financial institutions require the entity to confirm its tax residence, whether it is a U.S. person, whether it is a financial institution and its non-financial-entity classification, and to support those declarations. If classified as a passive non-financial entity or foreign entity, it may be necessary to identify relevant controlling persons. Canada identifies U.S. accounts under the Canada–U.S. arrangement; CRS reporting covers other non-residents. The two should not be conflated.
Preparation recommendation: First check each tax-residency jurisdiction and tax ID for the entity, then confirm whether it is a financial institution, an active or passive non-financial entity, or a U.S. entity. Based on its actual structure, prepare any required controlling persons’ names, addresses, dates of birth and tax IDs. If the entity’s classification is unclear, consult a tax professional rather than selecting a classification based solely on place of incorporation.
Scope: The CRA describes financial-institution tax due diligence and reporting requirements, not Scotiabank’s exclusive account-opening forms. The bank should confirm the forms it uses, additional-document requirements and classification in individual cases.

Source:CRA — Information for entities holding accounts with Canadian financial institutions

Limits on non-resident applications and acceptance of overseas companies

Basis for Verification: Scotiabank says that new customers who meet the listed conditions can apply online for a business account; non-Canadians without a work or study permit, as well as non-residents, must work with a branch representative. The public page does not confirm whether foreign-incorporated companies can open accounts, nor does it explain remote identity verification, overseas notarization, or eligibility for cross-border accounts.
Preparation recommendation: Before booking, explain the applicant's residence/immigration status, the company's place of registration and principal place of business, the owners' places of residence, the intended account product and whether the applicant can visit a Canadian branch. Ask the bank for a written response identifying branches that can accept the application and the documents to submit.
Scope: The bank expressly sets out online application conditions and assistance available to non-residents. Acceptance of foreign legal entities, remote applications, and document certification are unpublished matters that require confirmation.

Source:Scotiabank — How to open a business bank account in Canada

Ongoing maintenance obligations

Keep Identity, Beneficial Ownership, and Business Information Consistent

FINTRAC requires financial entities to monitor business relationships periodically based on client risk, update identity, beneficial ownership, business relationship purpose and expected nature information, and keep monitoring records. High-risk clients require enhanced monitoring; frequency depends on risk, and no uniform review cycle is prescribed for every Scotiabank client. As a prudent practice, clients may inform the bank promptly of changes to shareholders/directors, address, business activities or control chain, and retain supporting updated records.

Source:FINTRAC — Beneficial ownership requirements；FINTRAC — Ongoing monitoring requirements

Maintain transaction and declared information

If subsequent transactions differ significantly from the business, fund amounts, or transaction regions declared at account opening, it is advisable to prepare contracts, invoices, explanations of the source/use of funds, and information about counterparties in a timely manner to respond to bank inquiries. This is a practical preparation suggestion, not an additional legal reporting obligation imposed on the customer. Under the CRA regime, financial institutions may request clarification of an entity's tax residence and controlling persons when necessary, and may report account information that meets the applicable criteria as required by law.

Source:FINTRAC — Ongoing monitoring requirements；CRA — Information for entities holding accounts with Canadian financial institutions

Please confirm with the bank before booking

The applicant is a non-resident, and the business is incorporated and primarily operates outside Canada. Can this legal entity be a customer for a Canadian business account, or does the bank accept only Canadian-incorporated businesses?
Which branch or team will handle the application; do the applicant, directors and owners of 25% or more each need to attend in person or undergo video verification?
For foreign certificates of incorporation, constitutional documents, shareholder registers, proof of address, and board resolutions, what originals, certification/notarization, translation languages, and document validity periods does the bank accept?
This company expects to make cross-border payments and receive capital contributions from related parties. What source-of-funds information, business contracts, or expected-transaction documents are specifically required at the account-opening stage? Are there amount or country restrictions?
Which bank self-certification forms should be used for the entity's tax residence, US status, CRS/FATCA classification and controllers' tax numbers, and which subsequent changes must be proactively reported?
What are the monthly fee, transaction fees, minimum balance, transfer limits, approval time and post-opening information review process for the selected account?

Not confirmed by public information

The public business account page does not confirm whether foreign-registered companies can open accounts, which products apply, where to apply, or eligibility for remote processing from abroad; non-residents are only advised to seek assistance from a branch representative.
The pages reviewed do not specify the bank’s requirements for authentication/notarization of foreign documents, translation, submission of originals, signatories’ in-person attendance or acceptable proof of address.
The bank pages reviewed do not publish how PEP/sanctions screening is disclosed for different business risk profiles, enhanced due diligence lists, or standards for source-of-funds documents. Ask the bank truthfully; do not assume that applications are always rejected or necessarily accepted.
Account processing times, account-opening fees and specific transaction limits must be confirmed for the relevant product. The bank’s website states only that monthly fees and transaction charges for business accounts vary according to account features/transaction volume, and that some products may qualify for a monthly-fee waiver subject to balance requirements.
The frequency of ongoing monitoring under FINTRAC requirements depends on the risk assessment; public information does not establish the bank’s review cycle, supplementary-document deadlines or internal risk limits for a particular client.

Sources & Scope of Verification

Scotiabank — How to open a business bank account in Canada
I reviewed the bank’s official page, which lists eligibility for online applications by new business customers; the branch representative route for non-residents and people without work/study permits; personal information, SIN, statutory-name documents according to business structure, and information on company owners with 25% or more; and types of current original documents that may be provided for businesses operating for more than 12 months. It does not state that foreign companies are generally accepted or specify all source-of-funds documents required.
FINTRAC — Beneficial ownership requirements
I reviewed official Canadian anti-money laundering regulatory guidance. It explains that, when verifying an entity’s identity, relevant reporting entities must obtain information about directors, at least 25% direct/indirect owners or controllers, address, and ownership/control structure, and take reasonable measures to confirm its accuracy. Verification may be more extensive for complex structures and based on risk and ongoing monitoring.
FINTRAC — Ongoing monitoring requirements
I reviewed official Canadian anti-money laundering regulatory guidance. It requires periodic risk-based monitoring of business relationships; updating customer identity, beneficial ownership, and business purpose/expected nature information; and assessing whether transactions are consistent with the customer’s risk profile. Higher-risk customers require enhanced monitoring; frequency is risk-based, and monitoring measures must be documented.
CRA — Information for entities holding accounts with Canadian financial institutions
I reviewed the Canada Revenue Agency’s official page. It explains that, when opening an entity account, information may be requested about tax residency, U.S. status, financial/non-financial institution classification, and related controlling persons, and distinguishes the Canada–U.S. FATCA arrangement from CRS. This tax regime does not replace anti-money laundering due diligence or prescribe Scotiabank-specific forms.

Fees and timelines

No account-opening fee, processing time, or minimum balance applicable to all Scotiabank accounts has been verified. The business account information states that monthly fees vary by features and transaction volume, and that certain accounts may waive the monthly fee subject to balance conditions; this should not be generalized to mean all accounts are fee-free or have no minimum balance. The StartRight International Account page states that up to CAD 50,000 may be transferred before relocation, and that only one wire transfer may be made to this pre-arrival account. This is a product limit disclosed on the page for that specific program, not a general restriction for other accounts. Verify the current terms on the official website when applying. Processing time, account fee schedules, minimum balances, transaction/remittance limits, and approval timelines must all be confirmed for the specific product based on disclosures made by the bank at the time of application.[s5] [s6]

Limitations and practical considerations

The pre-arrival StartRight International Account is available only to applicants meeting the countries/program conditions specified on the official website. The website states that this account does not support everyday transactions; after arriving in Canada, applicants must book an appointment and visit a branch to open/set up an everyday account. The country list and product terms may change and must be rechecked when applying. [s5]
The public page for standard personal accounts describes acceptable identity documents and supporting materials, but does not promise that all overseas non-residents can open an account remotely or be approved. Applications involving specific residence statuses, no Canadian address or submission from abroad require confirmation from the bank. [s4] [s5]
Online applications for new corporate customers are limited to Canadian residents or those meeting the page's conditions, such as working/studying in Canada. Non-residents or those without relevant authorization are assisted by a branch representative. Acceptance of foreign-registered companies, account-opening location, signatory attendance, and certification standards for documents are not specified on the pages reviewed.[s6]
OSFI’s bank-regulation webpage provides only an industry-level overview and an entry point to the directory of regulated institutions; this review did not find a current, individual OSFI licence-register record for the bank. Do not mistake CDIC membership or a bank brand name for complete evidence of licensing. [s1] [s2] [s3]
This information is research based on publicly available sources. It is not account acceptance, legal, tax, or investment advice, nor a channel currently available for appointments through Rengangyongsheng. Whether the bank will handle the application, the location of acceptance, review outcomes, and service arrangements must be confirmed separately in writing.

Licensing evidence and regulatory verification

Official information supports the entity's identity and regulatory status: the bank's second-quarter shareholder report for 2026 expressly states that The Bank of Nova Scotia is a chartered bank under the Bank Act, a Schedule I bank and regulated by OSFI; CDIC's current member directory lists “Bank of Nova Scotia (The)” and the Scotiabank name. OSFI's banking supervision webpage only states that OSFI regulates banks operating in Canada and links to its regulated-entity data entry point. This review did not independently read current licence details for The Bank of Nova Scotia from that page or an accessible OSFI entity record, and no licence number was found. It is therefore not claimed that a line-by-line OSFI register licence verification has been completed; confirm the specific status in writing with OSFI/the bank. Listing as a CDIC member is a membership record and does not replace bank licence verification.

Office of the Superintendent of Financial Institutions (OSFI) Official registration or record

Information sources

Scotiabank 2026 Second Quarter Report to Shareholders
The report identifies The Bank of Nova Scotia as a chartered bank under Canada’s Bank Act, a Schedule I bank, and expressly states that it is regulated by OSFI; this establishes the statutory banking entity and its regulatory status, not a standalone license-number lookup.
OSFI — Banks
OSFI explains that it regulates and supervises banks operating in Canada and provides an entry point to its Who we regulate institutional data; the page reviewed is an industry-level overview and does not show the individual licence details of the bank.
CDIC — List of member institutions
The CDIC page actually lists Bank of Nova Scotia (The), with Advisor Deposit Services and Scotiabank names under it, and separately lists Bank of Nova Scotia Trust Company. This supports the member listing and name relationships, but does not independently establish an OSFI licence or deposit insurance eligibility for any specific product.
Scotiabank — How to Open a Bank Account
The bank’s personal deposit account page expressly lists identity verification methods, acceptable Canadian and certain foreign documents, documents from two sources and proof of address, declaration information, original-document requirements, and possible further checks.
Scotiabank StartRight — Open an International Bank Account Online
The page explains the products available for application through the StartRight pre-arrival account, the maximum transfer limit of CAD 50,000, the list of eligible countries, per-wire transfer limits, and the steps to book a branch appointment and provide two forms of identification after arriving in Canada; this account is not equivalent to an approved everyday chequing account.
Scotiabank — How to open a business bank account in Canada
The business account-opening page lists online-customer conditions, branch assistance for non-residents, personal/business information, SIN, company registration documents, information on owners holding at least 25%, and some existing business documents. It also explains that fees and balance conditions vary by business account product.
FINTRAC — When to verify the identity of persons and entities: Financial entities
FINTRAC explains the regulatory obligations for financial entities to verify the identity of individual and entity account holders and authorized persons giving account instructions when opening an account, the timing for completing verification, and requirements to update client information.
FINTRAC — Beneficial ownership requirements
FINTRAC’s beneficial ownership guidance requires obtaining and taking reasonable measures to confirm beneficial ownership information when verifying an entity. This generally includes individuals who directly or indirectly own or control at least 25%, corporate directors and information about the organizational structure.
CRA — Information for individuals holding accounts with Canadian financial institutions
The CRA explains requirements for personal-account applicants to self-certify tax residence and provide foreign TIN and SIN information, and distinguishes the Canada–U.S. FATCA intergovernmental agreement from information reporting and exchange under CRS for accounts held by other non-residents.
CRA — Information for entities holding accounts with Canadian financial institutions
The CRA explains tax-residency and U.S.-status self-certification for entities, entity classification and controlling-person identification, as well as reporting and exchange of account information under applicable FATCA/CRS rules.
Global Affairs Canada — Current sanctions imposed by Canada
Canadian government pages list the legal basis for sanctions and the countries/issues covered by current sanctions regimes, providing a jurisdictional baseline for sanctions screening in Canadian financial business; this does not represent a bank’s individual list checks or case conclusions.
Office of the Privacy Commissioner of Canada — PIPEDA requirements in brief
The Privacy Commissioner of Canada explains the scope of PIPEDA’s application to federally regulated organizations, including banks, and the principles governing the collection, use, disclosure and retention of personal information, safeguards and access.