Opening a Business Bank Account in the Netherlands
How opening a Dutch bank account gives your company access to сredit cards and loans, making it easier to manage your business finances.
If you are planning to register or run a business in the Netherlands, it’s important to know how to open a business bank account there. Opening a Dutch business bank account will give your company access to financial services such as credit cards and loans, making it easier for you to manage your business finances in a jurisdiction with well-developed state services and a huge investment sector. In this article, we’ll explain the process of opening a business bank account in the Netherlands, what documents are needed, and any additional requirements for setting up an account.Why the Netherlands?The Netherlands is known for its strong economy, which is why many businesses choose to do business there. It has a well-developed financial sector, with many banks offering services for businesses of all sizes. According to Statista, in 2023 the Dutch remain one of the twenty largest economies by GDP, despite the population being a relatively small — only 17 million inhabitants.The Dutch government also offers incentives for entrepreneurs who want to start their own companies, such as tax breaks and grants.If you aren’t necessarily looking to open your business in the Netherlands, but instead want to take advantage of their financial services, the country is still a great option. The Netherlands also has an established banking system with several banks offering competitive rates and services. This makes it easier for businesses to find the right bank and open a business account that suits their needs.Offline optionsFor those that prefer to open a business bank account in the Netherlands offline, you will have to make an appointment with your chosen bank. During the meeting, you will need to provide certain documents and answer some questions about your company. This can include information on its size, operations, finances, and ownership structure. In general, banks may also ask for proof of identity (such as a valid passport or ID card) from all directors and shareholders of the company. You will also likely be asked to provide a copy of the company’s articles of association, as well as proof that you have registered your business in the Netherlands. Other documents that may be required include a valid business license and proof of address.
How to open a business bank account in Holland
Opening a business bank account in the Netherlands works just like it is anywhere else. The first step is to find the right bank for your company, as each will offer different services and fees. A basic checking account is a good place to start, but more established businesses may want to look into savings accounts and other services such as loans or credit cards.Once you have chosen a bank that suits your needs, you’ll need to gather all of the necessary documents. For instance, evidence of identity, proof of address, and information about your business such as its name, type of activity, and financial statements.The bank will review your application and may ask for additional information or documents if needed. After they are satisfied with your application, they will set up a business account for you.Can a foreigner open a business bank account in the Netherlands?If you're a foreign company and do business cross-border, there are some other considerations to take note of:SEPA - The Single Euro Payments Area (SEPA) is a payment system that allows for the transfer of funds within Europe. In order to use SEPA, you will need an international bank account number (IBAN).VAT - The Dutch government requires companies to have a valid VAT identification number to make purchases from other EU countries and pay taxes. If your company does not have one, then you will need to apply for it before setting up a business bank account.KVK - The Chamber of Commerce (KVK) is the official Dutch government agency responsible for registering and regulating businesses. All companies doing business in or from the Netherlands must be registered with the KVK.TIN number is the unique identifier your business has that a financial institution will request to see. Find out how to locate your TIN number — this depends on the country your business is registered in.paperwork
What documents do you need to open a business bank account in the Netherlands?
Let’s look a little closer at the documents you may need to open a business bank account:- Proof of identity - This could include a valid passport, driver’s license, or other government-issued photo identification.
- Proof of address – Wherever your business is located, you need to provide proof that your business is located there. This could be an official document with your company name and address, such as a utility bill or lease agreement.
- Information about your business - This includes details such as its name, type of activity (e.g., retail, manufacturing), and financial statements.
- Certificates - A Certificate of Business Name and/or a Certificate of Incorporation (for LLCs)
- SEPA – As mentioned above, you will need to provide an international bank account number (IBAN) if you plan on using the SEPA payment system.
- VAT – A valid VAT identification number is required in order to make purchases from other EU countries and pay taxes.
- KVK registration – All companies doing business in or from the Netherlands must be registered with the Chamber of Commerce (KVK).
- Details of authorized persons: Signatures of those authorized to use the account and details of directors, shareholders, or/and beneficial owners of the business.
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Published February 23, 2023. Updated November 6, 2024.Authors
This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from Narvi Payments Oy Ab or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
- Ayomide Adeleye, a writer with a strong focus on finance and technology who contributes to Narvi on the topics of igaming, cryptocurrency, and banking services.
- Valeriya Kushchuk, now Narvi's Digital Marketing Manager, previously a business reporter and marketer in the crypto space.
This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from Narvi Payments Oy Ab or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
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