How to open a bank account as a minor

Opening a business bank account can be difficult if you are under 18 years of age, but it is not impossible. Opening a business bank account can be difficult if you are under 18 years of age, but it is not impossible. Want to find out which 3 banks will help you, what conditions you have to meet, and what it will cost you? Keep reading.

A business account is an account specifically for your business. This is the account that your customers pay money into and your business expenses come out of. Minors can open a business bank account with ABN AMRO, ING, and Rabobank, but only under certain conditions. 

Using your personal account

If it is so difficult to open a business account, why would you not ‘simply’ use your personal account for your business? This is no problem with the Tax administration, as long as you keep business and personal expenses strictly separate in your administration.

For banks, it is a different story. Most banks state in their terms and conditions that personal bank accounts are only intended for personal use. They perform random checks. 

Apply for limited legal capacity

If you are a minor (under 19), you are legally incompetent. This means that you cannot make any major decisions without the permission of your parents or guardian. This also applies to opening a (business) account.

Are you 16 or 17? Then you can apply for limited legal capacity. This allows you to do the same business things as an adult. Legal capacity only applies to decisions you make for your business. For private matters, you still need permission from your parents.

Applying for limited legal capacity costs money. You will have to pay between €1,000 and €1,500 euros for court fees and the publication of the dispensation in the newspaper.

Where can you go? 

The information in this diagram was provided by the banks. Banks can change their rules, so always ask the bank what rules apply to you.

Apply for a business bank account

To apply for a business account, you have to be registered with KVK. The bank will ask for your KVK number or proof of registration.

Intake interview at the bank

When you apply for a business account, most banks will check that you meet the requirements. They will also ask you to explain your plans and business model in an intake interview. Based on this interview, they will decide whether or not to allow you an account. If you are allowed to open an account, know that it can take weeks or even months to finalise the process.

Compare business accounts

Comparison sites for business accounts will help you explore your options and potential discounts. There are lots of different banks and packages and they will all have a different price and options. Estimate how many transactions you expect to make and ask yourself what other options you would like, such as a link to online accounting software.

VOF with an adult

Starting a business with one of your parents does not guarantee that you will be able to open a bank account. Ask your bank about their rules.

If you start a business together with one of your parents, you cannot start a sole proprietorship, but can choose to start a general partnership. This is a business structure with several owners. 

Your parents must meet certain requirements to be officially considered an entrepreneur by the tax administration. In other words, they must be real co-owners of your business.

Banks will often require a vof contract. This outlines agreements you have made about the division of roles, profit and loss. You will also need an UBO statement. This describes who has control - the right to make decisions - within your business.