Welcome to Canada, a new world of opportunity
You have big dreams for your new life in Canada. Let us help get you on your path to success with a Small Business chequing account before you arrive, expert advice from your Dedicated Business Relationship Manager and more.
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Award-winning small business banking
Winner of “Best Small Business Bank in Canada” by Cosmopolitan Business Awards 2022.6
Small Business banking made easy
In Canada or abroad?
We'll help you open an account whether you're here already or before you arrive. Choose from three account options that suit your needs. Monthly account fees start at just $5 a month or pay no monthly account fees when you meet a minimum Total Relationship Balance criteria.**
Open an HSBC Small Business chequing account and receive a $100* cashback when you maintain a minimum balance of $1,000 for the first 3 months.
Choose from one of our Small Business chequing accounts below.
HSBC Start Chequing
A low fee option for businesses just starting out.
- $5 monthly fee
- Minimum TRB: $10,000
- 10 transactions per month
- Deposit fees:
‒ Cheques: $0.20 each
‒ Cash: $2.50 per $1,000 deposited / month
HSBC Smart Chequing
Best for businesses that require additional transactions each month.
- $30 monthly fee
- Minimum TRB: $60,000
- 60 transactions per month
- Deposit fees:
‒ Cheques: First 45 included, then $0.20 each
‒ Cash: First $5,000 included, then $2.50 per $1,000 deposited / month
HSBC Unlimited Chequing
A great plan with all the benefits of the Smart Chequing account plus enjoy unlimited transactions.
- $60 monthly fee
- Minimum TRB: $120,000
- Unlimited transactions per month
- Deposit fees:
‒ Cheques: First 100 included, then $0.20 each
‒ Cash: First $15,000 included, then $2.50 per $1,000 deposited / month
Benefits of opening an account before you arrive
- Travel safety. Any cash in hand over $10,000 CAD must be declared to the Canadian border officer. Moving money into a chequing account before you arrive means you don’t have to travel with as much cash.
- Have your small business ready before you arrive1. As soon as you become an HSBC Fusion Small Business Customer, you can access your funds immediately, giving you the opportunity to get your small business up and running before you arrive.
- One less thing to do. Setting up your business banking is an essential first step. When you pre-open your account, you can cross this off your list of “to do” items.
Already in Canada?
Get a Small Business credit card
If you are already in Canada, you can get the HSBC BusinessVantage® Mastercard® with up to $5,000 limit with no credit history2.
The HSBC BusinessVantage® Mastercard® is a convenient and secure way to pay for business and travel-related expenses. Earn cash back or rewards, save with partner rebates, manage expenses, protect with optional travel insurance and more.
What you need to know before you apply
If you are abroad, at least one owner must be an existing HSBC Premier or Private Client Services customer in their home country
Make sure you’re comfortable with the fees and service charges relating to the account you choose. You can refer to our fee guide
A Business Relationship Manager will walk you through documents and requirements for onboarding
Multiple ways to get you started
Why bank with HSBC?
No Monthly Account Fees
Have your monthly account fee waived on up to 5 HSBC Small Business chequing accounts when you meet the minimum Total Relationship Balance (TRB).
HSBC Fusion
With HSBC Fusion, you can manage your small business and personal accounts in one place. Also access extra services to help your small business thrive, so you can spend more time running your business and less time managing your banking.
Issued by HSBC Bank Canada. For businesses in Canada.
* Terms and Conditions apply.
**Please refer to fee guide for minimum Total Relationship Balance criteria to have monthly small business chequing account fees waived.
1 HSBC Fusion Small Business Newcomer means a person who is not a citizen of Canada, who has reached the age of majority in his or her province of residence in Canada and who either (i) obtained permanent resident status in Canada within the last five (5) years before opening the Eligible Product or (ii) holds a valid Canadian work permit (excluding a Co-op/Internship Program Work Permit) issued for a term of twelve (12) months or greater within the past five (5) years before opening the Eligible Product or (iii) is making their way to Canada and is in the process of obtaining a permanent resident status in Canada or a valid Canadian work permit.
2 HSBC BusinessVantage® Mastercard® is subject to standard credit review and approval. No credit history customers must have, but not limited to, the following:
- Total personal or business HSBC account(s) deposits must be greater than or equal to $5,000 CAD
- Majority of the ownership (51%) must be residing in Canada (have a Canadian Address)
3 To be eligible for HSBC Small Business Banking, your business must be a sole proprietorship, partnership or corporation domiciled in Canada and generate an annual gross revenue below $5 million CAD. Other requirements may apply.
4 HSBC Mastercard is subject to standard HSBC credit review and approval. HSBC Advance Mastercard is available to HSBC Advance customers. HSBC Premier Mastercard is available to HSBC Premier customers. HSBC Premier World Elite® Mastercard® is available to HSBC Premier customers with a minimum annual gross personal income of $80,000 or a minimum annual gross household income of $150,000 or a minimum of $400,000 in assets under management (based on liquid, investable assets with financial institutions in Canada).
5 The fee for sending wire transfers valued under $10,000 CAD equivalent from HSBC Bank Canada personal accounts is waived if the currency of the wire is different from the account currency. The CAD equivalent is determined at the time the transfer is processed. Exchange rate will apply; transfers may incur agency and/or beneficiary bank fees.
6 For Cosmopolitan The Daily award information, visit site: https://cosmopolitantdaily.com/awards/award-winners-2022/
® Mastercard, Cirrus and Mastercard Easy Savings are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated.
® HSBC BusinessVantage is a registered trademark of HSBC Holdings plc used under license by HSBC Bank Canada.