Opening a business account? You will need these documents

Having a business account alongside your personal account keeps your money matters separate and clear. This makes administration for your business easier.

Required documents

When you want to open a business account, you will have to submit your details to the bank. The details can differ depending on the bank and your company’s legal form. So always ask the bank which details you need to provide. Sometimes you can open an account online without going to the bank in person.

If you have shielded your visiting address in the Business Register, you may not be able to open a bank account online. In that case, visit your bank. The bank may ask additional questions. This way, your bank will assess the risks. If the outcome is positive, the bank will still open a business account for you.

Eenmanszaak (sole proprietorship)

Do you have an eenmanszaak (sole proprietorship)? Then you are personally liable and a separation of your private and business finances is not necessary. A business account is not mandatory. But usually a bank's general terms and conditions state that you cannot use a private account for business purposes.

Most banks will at least ask for the following documents:

• a valid proof of identification. A bank will always ask you for proof of identification, even when you open an account online. But never give someone your identification document; always make a secure copy (in Dutch).
• an extract from the KVK Business Register
• a list of the countries where you do business, if you will also use the account for foreign transactions

If you have shielded your physical address in the Business Register, then you may not be able to open a bank account.

Vof, maatschap or cv

Do you do business as vennootschap onder firma (general partnership, vof), commanditaire vennootschap (limited partnership, cv) or maatschap (professional partnership)? Then you are personally liable, and you do not need to separate your private and business finances. But the obvious solution is to use a business account in the name of the vof), cv or maatschap. You can 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 which representatives of the business must give authorisation. This could be the partners, but also employees or the bookkeeper or accountant.

For a vof, maatschap or cv, the bank will often ask for the following documents:

• a copy of the statues of the vof, maatschaps- or cv-contract
• a copy of a valid proof of identification for all partners, with any additional necessary information
• an extract from the KVK Business Register
• a KVK UBO report
• a list of the countries where you do business, if you will also use the account for foreign transactions

Bv or nv

If you have a bv (private limited company) or nv (public limited company), then you are required to use a business account for your finances. That is because the bv or nv is a legal entity. You are not personally liable; the bv or nv is. You must therefore keep your private finances separate from the finances of the bv or nv. 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 notary gave you the register of shareholders when you founded the company. This may 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.
• an extract from the KVK Business Register
• a KVK UBO report
• a list of the countries where you do business, if you will also use the account for foreign transactions

Vereniging or stichting

Verenigingen (associations) and stichtingen (foundations) receive membership fees or donations. That means they need to have a business account. A vereniging or stichting can only open a business bank account if it is registered with KVK. Usually, the bank must also know all active board members. The bank will ask for:

• a copy of the articles of association for the vereniging or stichting

• a copy of a proof of identification for each board member
• a KVK UBO report
• a list of the countries where you do business, if you will also use the account for foreign transactions

Why is this information needed?

Banks are gatekeepers. By law, gatekeepers have to keep the financial system clean. Banks therefore investigate their customer. If a bank discovers unacceptable (integrity) risks after examining the data, the bank may refuse to open a business bank account.

Even after opening a bank account, banks are required to investigate unusual transactions. Where does the money come from and what does the customer use the money for? A bank must have sufficient insight into the money flows within the company, association or foundation. Banks must report unusual transactions to the Financial Intelligence Unit. The overview card of the CBF (regulator of Recognised Charities in the Netherlands, in Dutch) contains questions a bank can ask charitable organisations.