What is a corporate brokerage account?
A corporate brokerage account is one titled under the legal name of a corporation. Multiple authorized officers may be on this type of account. All tax reporting is done by way of the corporation's Federal ID tax #.
I want to open a corporate brokeage account with your firm. At what point should I send in the completed account opening documentation?
You will first need to make contact with a broker here and discuss the details of your transaction. If our compliance department approves your transaction, you can then proceed to fax or email in the account opening documentation. If you will be depositing shares, you will first want to complete an Equity Deposit Questionnaire (EDQ) or the Quick Facts Questionnaire (QFQ). See Guidelines for Depositing OTC Securities.
What forms are required to open a corporate (cash) brokerage account?
- The New Account Approval Form (Page 1***&2), Customer Account Agreement, Corporate Account Agreement, Initial Privacy Notice, & Receipt of Documentation. These forms can be found under New Accounts>Corporate Account Packet.
- If opening this account as a Margin account, then substitute the Customer Account, Margin & Short Account Agreement for the Customer Account Agreement,
- Each authorized individual or beneficial owner will need to complete a Customer Identification Addendum, as well as submit an unexpired government issued identification. Government-issued identification includes driver's licenses, state identification cards and/or passports. The Customer Identification Addendum form can be found under New Account>Corporate Account Packet
- In addition to these forms, we will need the documentation you used to set up the corporation (i.e. Articles of Incorporation, Corporate Charter, Copy of By-Laws, etc.). We will need documentation from the state or province in which you set up the company, confirming when the it was formed and that it is still active.
- If your company is not a public company and shares have been issued, then we will need a copy of your stock registerr.
***We are now requiring the signature line on page 2 of the New Account Approval
Form to be notarized.
Do you need the original documentation?
You can fax us or scan into an email the required documentation. The only instance for which we require original documentation is in the case of the W-8BEN for a foreign company.
Do you open accounts for corporations in Canada?
If the authorized account holder is living in Canada, but the corporation was formed in the United States and will receive its mail in the United States, then we can proceed to open the account. We are unable to open accounts for Canadian corporations.
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