Opening a business account? You will need these documents

What documents are required to open a business account?

You can usually open a business account online. The documents the bank will ask for depend on your business's legal structure. Check in advance which details you need to provide. This will help you avoid delays with your application

Documents by legal structure

Check which documents you need to provide when opening a business account depending on your legal structure.

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 for your business? 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.
• your KVK number
• 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 who may give authorisation. This could be the partners, but also employees, a bookkeeper, or an 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
• the KVK number of the VOF, maatschap, or CV
• a KVK UBO Register extract, the confirmation letter from KVK containing UBO details, or other documents that clearly identify the ultimate beneficial owners 
• a list of the countries where you do business, if you will also use the account for foreign transactions
• sometimes an extract from the KVK Business Register

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. You agree with the bank who has access to the account. This could be the directors, but also staff, a bookkeeper, or an accountant.

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
• the KVK number for the BV or NV
• a KVK UBO Register extract, the confirmation letter from KVK containing UBO details, or other documents that clearly identify the ultimate beneficial owners 
• a list of the countries where you do business, if you will also use the account for foreign transactions
• sometimes an extract from the KVK Business Register

The notary gives you the register of shareholders when you found the company. This document states who owns the shares. It can 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. This is an overview of how businesses within a group are linked to one another.

Opening a business account for a vereniging or stichting

Verenigingen (associations) and stichtingen (foundations) almost always use a business bank account for membership fees, donations, and payments. A vereniging or stichting can only open a business bank account if it is registered with KVK. You agree with the bank who has access to the account. This depends on the articles of association and the registration in the KVK Business Register. For example, the treasurer and the chairperson may have joint authority, or a single board member may have sole authority.

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
• the KVK number for the vereniging or stichting
• 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 may ask charitable organisations.

Why is this information needed?

By law, banks are gatekeepers. This means they must check who they do business with. They will want to see your personal details and know what your business does. They also check for risks of fraud, money laundering, or other forms of abuse. If a bank identifies excessive risks, it may refuse to open a business bank account.

Even after you have opened an account, the bank will continue to monitor payments. The bank checks where the money comes from and what you are using it for. The bank must report any unusual transfers to the Financial Intelligence Unit (FIU-Nederland).

Can the bank reject my application?

Yes. A bank is free to decide whether to offer a business account to a new customer. A bank may, for example, reject your application if:

• the bank identifies an increased risk of fraud or misuse
• your activities do not comply with the bank’s policy
• the bank does not have sufficient information about you and your business

If your application is rejected, you can try opening an account with another bank. If you disagree with the decision, please contact the bank. You can also submit a complaint (in Dutch).

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, contact your bank. The bank may ask you extra questions to verify who they are dealing with. This is part of the mandatory customer due diligence that banks must carry out. If the outcome is positive, the bank will still open a business account for you.