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. Young entrepreneurs Niek Huggers (18) and Annejet Krijgsman (17) explain what they did to make it happen. We will also explain how minors can apply for a bank account for their business. 

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. 

The benefits of a business account

Opening a bank account for your business costs money, but also has its benefits:

• A business account gives you more options than a personal account. For example, allowing your customers to pay via iDEAL, PayPal, or a payment terminal.
• A business account is linked to your business, which looks more professional. Instead of your name, customers will see the name of your business when they pay.
• Having a business account next to your personal account helps organise and separate your personal assets and business assets. It makes life easier for you, but you will also need it to keep separate financial records.
• Do you use online accounting software? You can link it to your business account. Debits and credits are processed automatically in your administration.

Here is how Niek and Annejet made it happen

Opening a business account if you are not yet 16 is very difficult. Are you 17 or 18? Then there are more options. For example, Annejet opened a bank account for her company with limited legal capacity. Niek was lucky, when he started his company, minors sometimes managed to open a business bank account. Banks are stricter these days.

Banks are a lot stricter now

17-year-old Niek Huggers lives in Venray and still goes to secondary school. He has also teamed up with 16-year-old Yanick Baljet to run The Producer School. This is a YouTube channel about producing music. They have 20.00 subscribers. In addition, they also sell sample packs; digital products you need to produce music. "Opening a business account turned out to be a hassle. It took us a few months. Banks did not love the idea of giving us an account, but at ABN AMRO we finally found someone who was willing to help. Our parents co-signed for the account." Niek has a tip for anyone struggling with opening a business account. "Do not take no for an answer. Just keep trying. Eventually, you will find someone who is willing to help." 

Limited legal capacity is the key

17-year-old Annejet Krijgsman of Dordrecht has a shop and an online store that sells women's clothing: Jet's Favs. "Buying products from wholesalers proved to be easy. Opening a business account was a big problem. I petitioned the court for limited legal capacity. Then, my parents and I had to explain to the judge why it was important that I can act as an adult entrepreneur. Now I have all the official documents, I can start finalising my application form for Rabobank." Krijgsman also has a valuable tip: "Involve your parents in your business. You can learn a lot from them and they will help you get started." 

Where can you go? 

Bank	Allowed to open an account?	Age	Conditions	Monthly fee
ABN AMRO	Yes	Under 18	With limited legal capacity	€9.90 (first 3 months free)
ASN	No
bunq	No
ING	Yes	16-18	With limited legal capacity	€9.90 (first 6 months free)
Knab	No
Rabobank	Yes	16-18	With limited legal capacity	€9.95 (first 6 months free)
Regiobank	No
SNS	No
Triodos	No

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.

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: an extract.

When all is said and done, opening a business account can be very difficult if you are not 16 yet. If you are 17 or 18, you have more options. To find out more, check out the diagram and the information about limited legal capacity. 

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.

Difficult words

When you start looking for a bank that will let you open a bank account as a minor, you will run into some difficult words. For example: 

Legally incompetent

The law states that everyone over 18 is basically legally competent (handelingsonbekwaam

). Anyone under the age of 18, on the other hand, is legally incompetent. This means that as a minor, you cannot make major decisions without your parents' or guardian's permission. Examples include taking out a phone subscription, opening a bank account, or signing a purchasing contract. This is why it is so difficult to open a business account as a minor. 

Limited legal capacity

Some banks will require you to have limited legal capacity to open a business account. The court will partly declare you an adult.16 and 17-year-olds will have some of the same powers that people over the age of 18 have. This only applies to decisions you make for your business. For personal actions, you still need your parents' permission.
Petitioning the court for limited legal capacity costs money. Your application and costs for announcing your limited legal capacity in a newspaper can add up to anywhere from €1,000 to €1,500.

Authorised representative

The bank may also require you to register one of your parents or your guardian as an authorised representative in your business before you can open a business bank account. This gives your parent or guardian permission to act on behalf of the business. The bank will accept their application for your business bank account. You can arrange this representation with KVK. You can do so when you register your business or later on.

Tip! You will run into lots of difficult words as a young entrepreneur. Want to know what they mean? Check the glossary for young entrepreneurs. 

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. 

Important! 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. 

What does a business bank account cost?

Business bank accounts are not free. You will usually have to pay a fixed yearly rate and a fee per transaction, such as debits, deposits and transfers. Many banks offer special package deals for self-employed professionals or offers for new businesses. 

Comparing 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.