How long does business verification take?
Why do I need to provide business information?
Why do I need to provide beneficial owners?
What is the Jurisdiction of Incorporation?
Where do I find Address of Incorporation?
What is a Business Number and where can I find it?
What is a Corporation Number and where can I find it?
How does Float protect my business and personal information?
How long does business verification take?
Business verification typically takes 2 to 3 business days. This timeframe allows us to conduct a thorough review and ensure accuracy in our processes. If we require any additional details or if necessary information is missing, our team will reach out within that period. Verification will continue as soon as we receive the required information.
Why do I need to provide business information?
Float is required to verify the identity of all entities under FINTRAC regulations.
Verifying identity is a foundational element of Canada’s anti-money laundering and anti-terrorist financing regime. More information on this can be found here.
Why do I need to provide beneficial owners?
Float is required to verify the identity of all beneficial owners under FINTRAC regulation. The concealment of beneficial ownership information is a technique used in money laundering and terrorist activity financing schemes.
Identifying beneficial ownership removes the anonymity of the individuals behind the transactions and account activities, which is a key component of Canada's anti-money laundering and anti-terrorist financing regime.
How do I complete the "Business Owners" section of the registration form if my organization is a non-profit?
Since non-profit organizations do not have shareholders, please fill the registration form with the information of one of the following members of your organization instead:
- President
- Chairman of the Board
- Head of Finance
- Treasurer
Our approvals team will review your organization structure with you during the onboarding process.
What is the Jurisdiction of Incorporation?
This refers to the province or territory where your business is incorporated. Some companies may also be federally incorporated. You can find this information in your Articles of Incorporation or Business License.
Where do I find Address of Incorporation?
Every incorporated business must have a registered office address, which Float uses as your Address of Incorporation. The registered office is where official documents will be served on the corporation.
You can find this address on your articles of incorporation or through a free Government of Canada search if you are federally incorporated.
What is a Business Address?
This is the location where your business operates. If your operational address differs from your registered address, attach a recent bill or bank statement to avoid delays. Additionally, If your business operates from a PO Box or a lawyer's address, please provide a bill or bank statement reflecting the operational address. This is necessary for verifying the location where your business operates.
What is a Business Number and where can I find it?
A business number is a nine-digit identifier assigned by the Canada Revenue Agency (CRA). It allows businesses to access government services and programs. You can find it by logging into your CRA account, through a free Government of Canada search or by consulting Canada's Business Registries.
What is a Corporation Number and where can I find it?
Your corporation number is assigned by Corporations Canada or a Provincial Business Registry upon incorporation. You can find your corporation number through a free Government of Canada search or by consulting Canada's Business Registries. This number may also be referred to as your Registry ID. If you have both a business number and a corporation number, please provide your corporation number.
What is signing authority?
Signing authority refers to the individuals within a company who have relevant decision making power internally.
Your company may have an explicit corporate policy on who has signing authority, in which case you should refer to it. Signing authority is commonly held by founders, senior officers, directors, and finance employees.
What is Persona?
Float uses a third party provider, Persona, to securely verify our customers’ identities. You can learn more about how they protect your data in their Privacy Policy (https://withpersona.com/legal/privacy-policy).
How does Float protect my business and personal information?
Float has implemented reasonable administrative, technical, and physical measures in an effort to safeguard the personal information in our custody and control against theft, loss, and unauthorized access, use, modification, and disclosure.
We store information for 7 years based on requirements from our issuing bank, People's Trust.
For more information on the safety and security of your personal information, please review our privacy policy.
I'm trying to submit an application for a business and keep getting logged into a different Float account
If you have an existing Float account, you can apply for a new business account directly within the app and re-use your existing email on file with Float.
To complete your new application, go to app.floatcard.com, log in to your existing business account, click on your business name in the top left and select Create a business.
See: Guide to Registering Multiple Business Accounts
Only administrators have this functionality. If you hold a spender, manager or bookkeeper seat and need to apply for a new business account with your existing email, please reach out to our support team for help.
If you are registering for an unrelated business using a distinct email, you can apply at welcome.floatfinancial.com.
Am I eligible to join Float?
At Float, we’re dedicated to helping your business thrive. While we support many industries, some may not be eligible for specific programs due to regulatory requirements, our partner bank requirements or our risk and compliance policies.
Below are the industries currently not supported by each program:
We know every business is unique, and we're here to help! If you're unsure about your eligibility or have questions, reach out to us at help@floatfinancial.com.
We'll work with you to explore all available options and find the best way to support your business goals.