Opening business bank account in 7 steps

Introduction

When you start a business, you need a business bank account. Opening a business bank account in the Netherlands follows a standard process in most cases. Keep in mind that not all banks like you. For example, KNAB prefers not to want entrepreneurs with a bv with multiple directors, vof, maatschap or other legal form. Therefore, make sure you have multiple options.

Roadmap to opening a business account

1. Preparation:

• Make sure you have valid identification (passport or ID card).
• Make sure your registration with the Chamber of Commerce (CoC) is complete. This is because the bank will want to see an extract from the Commercial Register of the Chamber of Commerce. If you have a sole proprietorship, these documents are usually sufficient. If you want to open a bank account for another legal form, for example vof, cv or bv, then additional documents will be requested.

2. Choose a bank:

• Research which bank best suits your business needs. Look at things like cost, service, online banking capabilities, and reviews from other business customers.
• Major banks in the Netherlands are ING, ABN AMRO, Rabobank and SNS Bank. But smaller banks often have more interesting offers such as KNAB, which is geared entirely toward zzp'ers and Bunq.

3. Make an appointment:

• Most banks allow you to open a business account online. Some banks require you to make an appointment at a local branch.

4. Documentation:

• During the application you will need to provide a number of documents. You should have these on hand if you followed step 1.
  • A valid identification document.
  • An extract from the Trade Register of the Chamber of Commerce (not older than 3 months).
  • Depending on the bank, other documents may be required such as a business plan, information about shareholders, and so on.

5. Open the account:

• After providing the required documentation and completing the necessary forms, the bank will open the account for you. You will receive bank cards, login information for online banking and other relevant information.

6. Start banking:

• Once everything is set up, you can begin business banking. Remember to also arrange any other business services (such as a business credit card or a business savings account) if desired.

7. Accounting:

• Keep your business and personal finances strictly separate. Not only is it more professional, but it also simplifies your accounting and tax returns.

Banks with terms and conditions business account

As can be seen below, conditions for business accounts vary quite a bit. This overview will be completed further.

KNAB

Costs per month sole proprietorship: €7,-
Cost per month limited liability company: €9
Free transactions: 500 per year

Bunq

Cost per month from: €7.99

ING

Cost per month from: €9.90
Transaction: €0.13 each both additions and withdrawals

Tips:

• If you are a sole proprietor, there is no legal requirement to have a business bank account. However, banks' terms and conditions usually state that you cannot use a private account for business purposes. If you use a private account for your business, then the bank may force you to take out a business account but as long as they don't, it may be interesting to use your private account.
• Accounting software can be linked directly to a business bank account. Look carefully to see if your bank can link to your accounting software and what the additional costs are.
• With a business account, you can usually apply for a business credit card. It is usually more interesting to take a credit card from a separate party such as American Express.

Good luck with your business venture and managing your finances!