Business bank account in the Netherlands: Dutch BV or foreign firm

The BV, the most common form for Dutch business

A business bank account in the Netherlands is a euro account opened in the name of a company registered with the KvK Chamber of Commerce, or of a foreign company active in the Netherlands. Banks check the directors, beneficial owners and actual business first. The besloten vennootschap, or BV, is set up before a notary with no meaningful minimum capital, and its registration number serves as a reference for banks and the tax authority.

The besloten vennootschap, or BV, is set up before a notary without any meaningful minimum capital since the 2012 reform. Once registered with the KvK, it receives a registration number used as a reference by banks, the tax authority and business partners.

KvK extract, articles and UBO register

For a Dutch business bank account, the bank asks for a recent KvK extract, the notarial deed, identification of the directors and registration of beneficial owners in the Dutch UBO register. Since the November 2022 ruling of the EU Court of Justice, this register is no longer freely public.

Foreign company without a Dutch establishment

A French or British company with no Dutch subsidiary or branch will struggle to get a local account, as the bank looks for an economic link. A KvK-registered branch, a warehouse, staff or documented Dutch customers make the application far more credible.

Bank questions on business model and transaction countries

Under the Wwft act, the compliance officer asks about the business model, main customers and suppliers, expected volumes and any countries outside the European Union involved. Invoices, contracts or a working website help answer these questions without delaying the opening.

VAT number and the company’s tax obligations

After registration, the Belastingdienst issues a VAT number, known as the btw-id, used on invoices and returns. Dutch corporate income tax has two brackets, with a lower rate on the first part of profits, and the bank sometimes asks for the first tax returns.

Collecting payments online: iDEAL, cards and payment providers

Dutch customers pay overwhelmingly by iDEAL. Online shops generally work through a payment service provider, such as the Dutch companies Adyen or Mollie, which pay collected funds into the business account after their own identity and business checks.

International trade and currency management

The Netherlands is a logistics hub built around the port of Rotterdam and Schiphol airport. Import and export companies use foreign currency accounts, documentary credits and bank guarantees, services that in practice are reserved for clients with a well-established trading record.

Opening times at a large Dutch bank

At ABN AMRO, an application for a business account for a BV owned by foreign shareholders goes through an in-depth compliance review that may take several weeks. Preparing a complete ownership chart and evidence of the source of funds avoids repeated requests.

Bookkeeping and annual filing of accounts

Every BV with a company bank account in the Netherlands keeps proper accounts and files its annual accounts with the KvK within the legal deadlines. Together with bank statements, these documents feed the bank’s periodic review, during which it may ask for updated information on the company.

Sole traders and freelancers

A freelancer registered with the KvK as an eenmanszaak can open a business account separate from the personal one, a separation banks strongly encourage. For a non-resident working in the Netherlands, a BSN and a Dutch business address are generally required.

Documents for a business bank account in the Netherlands

The file starts with a recent KvK extract, the notarial deed of incorporation, the articles and the identity of the directors. To these is added the registration of beneficial owners in the UBO register, which the bank compares with the ownership chart you provide. Check that names, addresses and percentages are identical in every document before sending.

For a trading business with a business account in the Netherlands, prepare concrete items: invoices, contracts with customers and suppliers, a working website and, after registration, the VAT number issued by the Belastingdienst. These items answer the questions asked under the Wwft act about the business model, expected volumes and any countries outside the European Union involved.

If the company is owned by foreign shareholders, add evidence of the source of funds and the identity documents of the beneficial owners. Depending on the bank, the compliance review may take several weeks. A complete, consistent file limits back-and-forth, although no institution can guarantee in advance that the account will be opened.

Questions to ask before opening a business account in the Netherlands

First ask the bank whether it accepts your profile: a BV owned by foreign shareholders, a branch of a foreign company or a sole trader. Specify whether an economic link with the country, such as a warehouse, staff or Dutch customers, is required. Getting this answer early avoids building a file that will be set aside for a question of profile.

Next ask the institution about collection methods: compatibility with iDEAL and with a payment provider such as Adyen or Mollie, foreign currency accounts, documentary credits and bank guarantees for international trade. These services are in practice reserved for clients with a well-established activity, so ask from when they are available.

Finally, raise follow-up for your company bank account in the Netherlands: frequency of the periodic review, documents requested when the file is updated, account and transfer fees, and support if there is a blockage. A bank that explains its compliance rules clearly will help you anticipate requests. Keep its answers in writing so that you can compare them.

Common mistakes with a Dutch business bank account

The most frequent mistake concerns foreign companies with no local establishment. A French or British company with no Dutch subsidiary or branch will struggle to get a local account, as the bank looks for an economic link with the country. It is better to build and document it before applying than to send many applications that go nowhere.

Another mistake is to neglect the UBO register and the consistency of the ownership chart. If the registered beneficial owners do not match those you declare to the bank, the file is blocked. Also keep regular bookkeeping and file the annual accounts with the KvK on time, since the bank uses them in its periodic reviews.

Lastly, some directors underestimate the bank's questions about transaction countries and the source of funds. Answering vaguely or late delays the opening. Prepare precise answers backed by contracts and invoices, and avoid presenting as certain a business volume that you cannot yet justify.

Local or foreign account: CRS, FATCA and obligations

For a business really carried on in the Netherlands, a local account eases euro payments, VAT and relations with customers. A foreign account may complement the set-up, but it does not replace a business bank account in the Netherlands when the company operates there. Compare the fees, tools and services of each option before deciding.

Automatic information exchange, notably CRS and FATCA, leads the bank to ask for the tax residence of directors and beneficial owners. The accounts of the company and those of its officers may be reported under each country's rules. Check each person's reporting duties with their own tax authority.

Before choosing a Netherlands business bank account, compare at least two banks, check their status with the regulator and ask for the account terms in writing. A Dutch accountant and, if necessary, a lawyer can review the file before it is sent. This precaution is modest compared with the time lost when an application is refused or suspended.