Your Dutch BV and a Dutch bank account
Congratulations your into business! Your BV in The Netherlands is incorporated. You received all required documents and now it is time to open a bank account for the BV. This is of course a mandatory to make sure the share capital will be transferred to its bank account. You schedule an appointment at a local bank. Suddenly you discover, opening a bank account for your BV is not as easy as you thought. The bank will ask you all kinds of questions regarding your (future) business especially when you live outside The Netherlands you can encounter some hurdles and issues.
What exactly is required for a bank before they are willing to open a bank account?
CCD
Dutch banks and other companies work with a Customer Due Diligence (CCD) procedure
Certain institutions are legally required to identify customer identities and report unusual actions. The CDD obligations are enshrined in the Netherlands in the Financial Supervision Act (WFT), the Sanctiewet 1997 and Prevention of Money Laundering and Financing of Terrorism Act (Wwft). It differs by institution and company whether they fall under the Wwft or the so called “Sanctiewet”.
There are international standards that serve as a guide to a CDD policy. To promote the integrity of the financial sector, the Basel Committee on Banking Supervision issued the Customer Due Diligence for Banks report in October 2001. The basics of the Basel Committee are primarily prepared for banks, but have now been translated into legislation and regulations at a wider level.
Since June 26, 2017 the Wwft has reached a new stage with more stricter rules and regulations. This is one of the reasons banks need to check your business ideas and intentions.
Application
One of the most important things banks want to know and find out what your purpose is of incorporating a BV in The Netherlands. What are your intentions as a business? What are the expectations for the first and upcoming years? By knowing this, applying for a bank account comes down to a good preparation. Sounds like preaching to a choir? Experience learns a lot of people starting a business without a proper preparation.
Advice
Our advice;
- Be prepared because if you start a business in an unknown country a good preparation must be your priority number 1.
- Make a business plan with all the hurdles you might expect so not only your opportunities .
- Aways make sure you have enough knowledge of the country rules and regulations before starting.
- Check not only the internet but also check at local authorities. The Dutch Chamber of Commerce (KvK) has a lot information for startups.
- Make sure you have a good local advisor who can help you translate and understand documents and regulations
Our team knows all ins and outs when staring up a business in The Netherland. We assisted hundreds of clients and would be happy to assist you!
