Opening a bank account in the Netherlands

Establishing your business in the Netherlands requires a Dutch bank account—a crucial step for any international company aiming for smooth operations. While some entities, like those only holding shares in foreign companies, might not need one, most businesses will find it essential for managing daily activities, processing payments, and issuing invoices. Additionally, taking advantage of the Dutch tax system mandates having a local bank account. Trust our law firm to expertly guide your company through every step of setting up in the Netherlands, ensuring compliance and a solid financial foundation for your global success.

Why does your company need a business bank account?

An International Bank Account Number (IBAN) allows account holders within the Single Euro Payment Area (SEPA) to make national and cross-border euro payments seamlessly and securely. If you are an entrepreneur outside the SEPA zone, you are required to apply for a business bank account in the Netherlands. If you already have a bank account within the SEPA zone, obtaining one in the Netherlands is not mandatory. However, we highly recommend establishing a Dutch business bank account. This is essential if you want to benefit from the Dutch tax system. Additionally, having a Dutch bank account simplifies your financial management and helps separate finances for different business operations within a large international concern.

What are the requirements to open a business bank account in the Netherlands?

You do not need to be personally registered in the Netherlands to open a business bank account. However, your business must be registered and have a Chamber of Commerce number (KvK). The specific requirements for opening a business bank account are determined by the banks themselves.

Banks may set varying requirements depending on their KYC (Know Your Customer) and CDD (Customer Due Diligence) processes, which differ based on whether your company is foreign or Dutch. Common requirements include, but are not limited to:

• Foreign companies must provide an extract from the foreign chamber of commerce, a copy of the deed of incorporation, the most recent articles of association, and approved annual accounts.
• Dutch companies must provide an extract from the Chamber of Commerce.
• Directors need to present a copy of a valid ID.
• Representatives need a copy of a valid ID and a valid power of attorney declaration.
• Ultimate Beneficial Owners (UBOs) need to provide a copy of a valid ID, details of the ownership structure, and proof of their status as UBOs.
• Finally, banks will want to review the business plan to understand the nature of your company and how you intend to use the bank account.

Blenheim Advocaten

Blenheim has extensive experience and can assist you in setting up your company in the Netherlands. The procedure varies from bank to bank, but with our guidance, you can begin the process as soon as possible. If you need assistance with setting up a business bank account in the Netherlands, feel free to contact us without any obligation!