Get answers to the most common questions about registering and onboarding with Loop — including which role to assign yourself, what documents to have ready, how identity verification works, how your data is protected, and how long approval takes.
What 'role' should I assign myself?
Loop's onboarding process recognizes 3 roles:
Ultimate Beneficial Owner (UBO) — the natural person (not a corporation) who directly or indirectly owns or controls 25% or more of the business.
Directors — a person elected by shareholders to sit on the governing board of the corporation.
Signing Officer — the person with legal authority to bind the corporation through contracts and accounts, and to act on the company's behalf.
The role that you assign yourself should be congruent with your Corporate Registration. To facilitate onboarding, all relevant roles within your Corporate Registration documents should be listed, and each should complete an individual identity verification check.
What if I am both a director and a Signing Officer?
That's completely normal — in fact, it's the most common setup for small and medium-sized businesses. If you hold both roles, simply select both when filling out your application. You'll only need to complete identity verification once.
What documents do I need if my business is not a corporation?
Sole Proprietorship
Your provincial Business Name Registration — for example, a Master Business Licence in Ontario or a Trade Name Registration in Alberta. You may also provide a CRA document linking your Business Number to you as the proprietor.
Partnership
Your provincial Partnership Registration, Partnership Agreement, or CRA documentation linked to your Business Number.
I don't have a Tax ID — can I still apply?
Yes! Not all businesses in Canada are required to have a Tax ID (GST/HST number) assigned by the CRA.
Sole Proprietorships
If you operate under your own legal name, you may not need a Tax ID and can simply file business income as part of your personal tax return.
Sole Proprietorships with GST/HST Registration
If your sole proprietorship has registered for GST/HST, the CRA will have assigned you one — please enter it in the Tax ID field.
Small Suppliers
If your business earns less than $30,000 in taxable revenues over four consecutive calendar quarters, you are not required to register for a GST/HST number.
If you don't have a Tax ID, enter your Business Number in the Tax ID field instead.
Can I use my toll-free business number for my account?
Unfortunately, no. Loop uses your phone number to verify your identity and send authentication codes via SMS. Toll-free numbers are not able to receive text messages, so you'll need to use a mobile number when signing up.
Why is Loop asking for this information during sign-up?
We know it can feel like a lot — but Loop isn't a consumer account. We offer business banking products that most banks reserve for large enterprises, like multi-currency accounts, cross-border payments, and US-domiciled accounts. To give you access to these, we're required to verify both your business and the people behind it before you can get started.
The good news: you only have to do it once.
What is a related company?
A related company is any business entity that owns 25% or more of the shares in your company. This could be a parent company, a holding company, or another incorporated entity with a significant ownership stake.
We're required to collect this information as part of our Know Your Business (KYB) process to understand the full ownership structure behind your account. If a related company exists, you'll need to provide their legal business name and registered address.
If no business entity owns 25% or more of your company, you can leave this section blank.
Where do I upload supporting documents, and how does it help speed up the process?
When you log into your Loop application, you'll find a document upload portal in your waiting room — simply drop your files in there and our team will be notified to review them.
Why upload? Supporting documents help us verify that your business is operational, which is one of the key steps in getting your application approved. The faster we can confirm this, the faster we can get you onboarded.
What we accept:
Bank Statement — Issued within the last 90 days, showing recent business activity.
Revenue Proof — A signed customer invoice, purchase order, or platform report (e.g. Shopify, Stripe, Amazon payout statement).
Contracts — A signed client or supplier contract, or a valid commercial lease.
Tax Documents — Your most recent CRA Notice of Assessment or official tax filing.
Financial Statements — A recent Profit & Loss statement or Balance Sheet.
Professional License — A valid, unexpired trade or industry license.
Seller Portal Exports — Reports or statements from platforms like Amazon, eBay, Etsy, or similar.
Online Presence — A link to your business website, LinkedIn company page, or other active professional profile that demonstrates your business is operational.
We understand that every industry is different — if you're unsure whether a document qualifies, feel free to reach out via the support chat in the bottom right corner.
What is identity verification?
As part of our onboarding process, we're required to verify the identity of individuals associated with your business.
Depending on your role, this may involve providing some personal information or completing a quick ID verification through a secure, third-party tool. Some roles will require a photo of a government-issued ID (e.g. driver's licence, passport).
Where is my link?
Check your spam or junk folder. The link is sent via the email provided. If you still can't find it, reach out to our support team and we can resend it.
Why didn't my verification go through?
Make sure you're in a well-lit environment, holding your original physical ID — not a photo of one or an image on a screen. If your image is blurry or your ID is expired, the verification won't go through. If you've tried again and are still having trouble, contact our support team and we'd be happy to help!
Is my information safe?
Yes. Loop uses industry-standard encryption to keep your data private at every step.
All data transmitted through our platform is protected using HTTPS with TLS 1.2 or higher, meaning your information is encrypted in transit between your device and our servers. Data stored on our platform is encrypted at rest using AES-256 bit encryption — the same standard used by leading financial institutions worldwide.
How long will it take for my application to be approved?
We endeavour to review all applications within 2 business days. During periods of high volume, there may be a short delay — but we're always working to get you approved as quickly as possible.
Want to check on your application? You can reach our support team anytime by clicking Contact Us in the bottom right corner of this page.
Want to speed things up? The fastest way to move your application along is to upload any requested documents in your waiting room as soon as possible. Incomplete applications are the most common cause of delays, so the sooner we have everything we need, the sooner we can get you approved.
Does getting approved mean I'll automatically receive a credit card?
Not quite! Completing onboarding unlocks access to Loop's core banking features — including sending and moving money, currency conversion, a US-domiciled operating account, and adding payees. The credit card is a separate product with its own application process.
Once you're approved and logged in, connect your bank account under Settings > Bank Account. After that, an application form for the Loop credit card will automatically appear on your home screen.