Starting a business in the Netherlands often comes with a classic chicken-and-egg conundrum; you need a bank account to operate, but the bank wants your KVK number first.
As a team of internationals, we’ve all been there. Here’s what you need to know about KVK requirements for business bank accounts.
Your KVK registration comes first
In general, you’ll need to have a KVK number to open a business bank account, so the standard advice is to register your business before applying.
This is largely because Dutch banks operate under strict anti-money laundering legislation, and a KVK registration is the main way a bank can verify that your business legally exists.
Without one, banks in the Netherlands won’t be able to perform the KYC (Know Your Customer) and AML (Anti-Money Laundering) checks they’re legally required to complete before opening an account.
This requirement applies whether you’re setting up as a ZZP’er (freelancer) or incorporating a BV (a private limited company).
In addition to this, banks may also ask for certain documents. It pays to have those details ready even before you set up your account.
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What business documents will Dutch banks ask for?
Most banks in the Netherlands require certain documents before you can open a business banking account.
According to the Dutch government, these documents include:
- a valid form of ID (either a passport or national ID),
- proof of address in the Netherlands,
- proof of registration with the KVK,
- a description or plan of your business activities,
- your UBO (Ultimate Beneficial Owner) registration details, if applicable,
- and a copy of the partnership contract and proof of identification for all partners, if you’ve formed a general partnership (VOF)
Are you setting up a business bank account for a private limited company (BV) or public limited company (NV)? Dutch banks may require even more information from you.
Typically, required documents for BVs and NVs also include:
- articles of association,
- a copy of the register of shareholders,
- and a detailed list of the countries where you do business, if you plan to use your account for foreign transactions.
Do you actually need a Dutch business bank account?
This depends on your legal structure and your current IBAN.
If you’re setting up an eenmanszaak (sole proprietorship) or VOF (general partnership) and already have a private bank account, you’re not legally required to open a separate business account.
READ MORE | Switching bank accounts in the Netherlands: the full guide
Meanwhile, if you’re setting up a BV or NV, you’re legally obligated to open a business bank account for your company’s transactions.
Location also plays a huge role: if you already have a business bank account in the SEPA zone, you do not need to open a new one in the Netherlands. This is because the Dutch Tax Administration accepts any SEPA-zone IBAN.
Unfortunately, if you’re based entirely outside the SEPA zone, you’ll likely need to apply for a business account with a bank in the Netherlands.
Have you opened a business bank account in the Netherlands? Share your thoughts in the comments below.