Opening a business account? You will need these documents

What documents are required to open a business account?

When you want to open a business account, you will have to submit your details to the bank. The details can differ depending on the bank and your company’s legal form. So always ask the bank which details you need to provide. Sometimes you can open an account online.

Shielded visiting address

Have you shielded your visiting address in the Business Register? Then you may not be able to open a bank account online. In that case, visit your bank. The bank may ask additional questions. This way, your bank will assess the risks. If the outcome is positive, the bank will still open a business account for you.

Opening a business account for an eenmanszaak (sole proprietorship)

Do you have an eenmanszaak (sole proprietorship)? Then you are personally liable. A business bank account is not mandatory but it is useful. And usually a bank's general terms and conditions state that you cannot use a private account for business purposes. Do you use a payment platform such as Mollie, PayPal, Stripe, or Klarna? They require a business bank account. This also applies to online sales channels such as Amazon and Bol.

What documents will the bank ask for?

Most banks will ask for at least the following documents:

• a valid proof of identification.
• an extract from the KVK Business Register
• a list of the countries where you do business, if you will also use the account for foreign transactions

A bank will always ask you for proof of identification even when you open an account online. Always make a secure copy Never give someone your identification document; .

Opening a business account for a VOF, maatschap or CV

Do you do business as a vennootschap onder firma (general partnership, VOF), commanditaire vennootschap (limited partnership, CV), or maatschap (professional partnership)? Then, just as with an eenmanszaak, you  are personally liable. A business bank account is not mandatory but it is useful. A business account is in the name of the VOF, CV, or maatschap and you can then agree that for transfers above a certain amount, several people must give their consent. This is called joint authority (gezamenlijke bevoegdheid). Through your bank, you can arrange which representatives of the business must give authorisation. This could be the partners, but also employees or the bookkeeper or accountant.

What documents will the bank ask for?

For a VOF, maatschap, or CV, the bank will often ask for the following documents:

• a copy of the partnership contract
• a copy of a valid proof of identification for all partners, with any additional necessary information
• an extract from the KVK Business Register
• a KVK UBO report
• a list of the countries where you do business, if you will also use the account for foreign transactions

Opening a business account for a BV or NV

If you have a BV (private limited company) or NV (public limited company), then you must use a business account for your finances. That is because a BV or NV is a legal entity. You are not personally liable; the BV or NV is. So you must keep your private finances separate from the finances of the BV or NV.

What documents will the bank ask for?

The bank will ask you for the following documents:

• a copy of the articles of association for the BV or NV
• a copy of the register of shareholders for the BV or NV. 
• an extract from the KVK Business Register
• a KVK UBO report
• a list of the countries where you do business, if you will also use the account for foreign transactions

The notary gives you the register of shareholders when you found the company. This may be a paper or digital document. Does the bank have a problem determining who is the owner of which shares for a structure with different companies? Then you must also provide an organisational chart.

Opening a business account for a vereniging or stichting

Verenigingen (associations) and stichtingen (foundations) receive membership fees or donations. That means they need to have a business account. A vereniging or stichting can only open a business bank account if it is registered with KVK.

What documents will the bank ask for?

The bank will ask for:

• a copy of the articles of association for the vereniging or stichting

• a copy of a valid proof of identification for each board member
• a KVK UBO report
• a list of the countries where you do business, if you will also use the account for foreign transactions

The overview card of the CBF (regulator of Recognised Charities in the Netherlands, in Dutch) contains questions a bank can ask charitable organisations.

Why is this information needed?

Banks are gatekeepers. By law, gatekeepers must help keep the financial system clean. Banks therefore investigate their customer. If a bank discovers unacceptable (integrity) risks after examining the data, the bank may refuse to open a business bank account.

Even after opening a bank account, banks are required to investigate unusual transactions. Where does the money come from and what does the customer use the money for? Banks must report unusual transactions to the Financial Intelligence Unit.