Opening a business bank account in the Netherlands
If you want to start a business in the Netherlands, you may need a Dutch business bank account. This depends on the type of bank account you have now, your location, and the legal structure you choose for your business. This article explains when an IBAN business account with a Dutch bank is needed and how you go about opening one.
When do you need a Dutch business bank account?
Whether you need a Dutch business bank account depends mainly on where your current bank account is located and on the legal structure of your business.
IBAN account
Do you live in a country in the Single Euro Payment Area (SEPA)? And do you have a bank account there? Then you already have a SEPA IBAN account that may also be used for your business in the Netherlands. The account must be suitable for business use and be in the name of the business or entrepreneur. In this situation, you may not have to open another bank account in the Netherlands, although it may be advisable in practice.
If you only have a bank account in a country outside the SEPA zone, you will need to apply for an IBAN account with a bank located in the Netherlands.
Legal structure
Whether you need a business bank account also depends on the legal structure of your business. For example, it is mandatory for private limited companies (BVs) and public limited companies (NVs) to have a business bank account. You use this account to deposit share capital, receive payments, and pay taxes and salaries.
For a sole proprietorship (eenmanszaak) or a general partnership (VOF), you may legally use a personal IBAN bank account. However, it is useful to have a separate business account as it keeps your business and private finances apart. Also, some banks state in their terms and conditions that you cannot use a private account for business purposes.
How to open a Dutch business bank account
Banks in the Netherlands are covered by strict regulations aimed at preventing money laundering and fraud. This means they will do due diligence on any customer applying for a business bank account. Depending on the legal structure of your business you will need to supply these documents:
- a valid identity document
- proof of your home address
- proof of registration with KVK
- information about ultimate beneficial owners (UBOs)
- articles of association (for BVs and NVs)
- a copy of the partnership contract and proof of identification for all partners (for a VOF, CV, or professional partnership)
- a list of the countries where you do business, if you will also use the account for foreign transactions
Check if there are extra requirements
Banks may also ask for extra information about your business. For example, a business plan, expected turnover, and the source of your capital.
Entrepreneurs from outside the EU may need to provide more documents including a visa or (provisional) residence permit. Some banks require that you have a permanent address in the Netherlands. Banks may also require a Dutch business address. Some banks accept a foreign address if at least 1 owner lives in the Netherlands. Rules differ between banks, so check before applying.
Read more about the documents needed to open a business account on KVK.
Please note that the approval process can take some time, often between 2 to 8 weeks. And banks may charge a fee for the cost of any extra checks needed.
Use the Quick Scan for foreign entrepreneurs
Are you a foreign entrepreneur using the services of the Netherlands Foreign Investment Agency (NFIA) to establish a business in the Netherlands? Or are you launching a startup with the help of a facilitator recognised by the Netherlands Enterprise Agency? Then you can use the Quick Scan Dutch Business Bank Account to find out if you are eligible to open a business bank account in the Netherlands before coming here. This scan is provided by the Dutch Banking Association (NVB) and is for entrepreneurs who are in the process of registering with KVK and applying for a residence permit.