Opening a bank account in the Netherlands

If you are a foreign company doing business in the Netherlands, it is important to open a Dutch bank account. This will make it easier to collect and issue payments, pay salaries, and file your VAT returns.

Requirements
The requirements for opening a bank account as a foreign company may differ from one bank to another. In general, you have to provide information about the:

• Foreign business structure: an extract from the foreign trade registeror a copy of the deed of incorporation, the most recent version of the article sof association and approved annual accounts;
• Dutch business structure (if applicable: for the advantages, please read 'Setting up a business in the Netherlands'): this can be an extract from the Chamber of Commerce;
• Directors: a copy of valid proof of identity (this may be a passport, identity card or driving license);
• Proxies (if applicable): a copy of valid ID and a power of attorney declaration;
• Beneficial owners (‘UBOs’): a copy of valid proof of identity, disclosure of ownership structure and proof of who the beneficial owners are;
• A business plan: the bank would like to know what your business is about and how you plan to use the bankaccount.

Procedure
The procedure for opening a bank account as a foreign company may vary from one bank to another. In general, you can follow these steps:

1. Choose a bank: there are several banks in the Netherlands that offer business accounts to foreign companies. Do your research and compare the various offers;
2. Contact the bank: contact the bank you have chosen and ask about the procedure for opening a business account;
3. Gather the necessary documents: collect all documents required by the bank (see above under the heading Requirements);
4. Make an appointment: make an appointment with the bank to submit the application;
5. Sign the contracts: read the contracts carefully (and have your advisor check them) before signing them;
6. Activate your account: the bank will give you instructions on how to activate your account.

‍Tips
With these tips, you will be well prepared:

• Start on time: it may take some time to open a bank account. So start the procedure on time.
• Compare the various offers: there are several banks in the Netherlands that offer business accounts to foreign companies. Conduct your research and compare the different offers.
• Ask for help: contact an advisor for help and advice on opening a bank account.

Conclusion
Opening a bank account as a foreign company in the Netherlands is an important step in order to be able to conduct your business in the Netherlands. The procedure may differ from one bank to another, but following the steps above will make the procedure run smoothly. The specialists at Heron Legal have extensive experience on this matter and will be happy to help you. Do not hesitate to contact us.