The notary appointment is booked, the name of the bv is settled and the first client already wants to be invoiced next month. Then comes the practical question: when and how can you open a business account for the bv? The answer follows a fixed order. First the deed of incorporation, then the registration with the KVK (the Dutch Chamber of Commerce), then the account. Anyone who wants to start earlier has the route of the bv in formation, with rules of its own.
Below is why a bv (Dutch private limited company) needs its own account, which documents a bank asks for and where you get them. After that come the bv in formation, the holding, choosing an account and the steps to open one.
In short:
- A bv is a legal entity with its own money. A business account in the name of the bv is therefore needed in practice.
- The bank usually asks for an ID document, the KVK number, the articles of association, the shareholder register and details of the UBOs.
- The starting capital is at least €0.01, and according to the KVK a business account goes with it.
- For a bv in formation, whoever acts on behalf of the bv is personally liable until the incorporated bv ratifies the agreements.
Why a bv needs its own account
A bv is a separate legal entity, with its own rights and obligations and its own money, apart from the private assets of the shareholders. The KVK puts it practically: for a bv you need a business account in practice, and banks open that account in the name of the legal entity. A business account for a bv is therefore not a choice made for the overview, as with a sole proprietorship (eenmanszaak), but follows in practice from the legal form.
The starting capital also runs through that account. In its overview of incorporation costs, the KVK explicitly lists (translated) “you need a business account with at least €0.01”. When a share is taken, the nominal amount has to be paid in, says the Dutch Civil Code, unless it is agreed that this happens later. The amount may be as small as the founders like; if it is paid in cash, the bv’s account is the place for it.
The difference with a sole proprietorship lies in liability. The owner of an eenmanszaak answers for the business’s debts with their own money. With a bv, the business’s finances are separate from the owner’s private money. That separation is clearest when it is also visible on the account: private and business payments should therefore not run together, as the KVK also says.
Before or after the notary: the right moment
A bv only exists after the notarial deed. The notary draws up the deed of incorporation, registers the bv and its directors in the KVK’s Handelsregister (business register) and enters the UBOs in the UBO register. The notary also gives you the shareholder register. These are exactly the documents a bank asks for in the application, which makes the usual route obvious: anyone who wants to open a bv account does so after the deed and as soon as the KVK number is there.
What the notary arranges
The incorporation can be done in person or digitally, and in the deed the notary sets out the rules that apply to the bv. The KVK puts the notary costs at a minimum of €500 to €1,500. For the account, what matters most is what the notary arranges afterwards: the registration of the bv and its directors in the Handelsregister, the registration of the UBOs and the shareholder register. Once those three are in place, everything a provider wants to see in the application is ready.
Anyone who wants to do business even earlier can register the bv in advance as a bv in formation (bv in oprichting). The KVK gives examples such as ordering goods or renting business premises before the deed exists. For that registration the KVK needs a statement from the notary showing that the notary has been instructed with the incorporation. Whether a provider already opens an account for a bv in formation differs per provider; further down is how that works.
Which documents does the bank ask for from a bv?
Anyone who wants to open a bank account for a bv puts more documents on the table than for an eenmanszaak. Exactly which depends on the legal form and sometimes on the provider. The KVK lists the documents for a bv and an nv. The overview below also shows where each document comes from:
| Document | Where you get it |
|---|---|
| Valid ID document of the directors | Your own passport or identity card |
| KVK number | After registration in the Handelsregister, which the notary takes care of |
| Articles of association of the bv | Part of the notary’s deed of incorporation |
| Shareholder register | From the notary, at incorporation |
| Details of the UBOs | The KVK’s UBO register, entered by the notary |
| Overview of countries the bv does business with | Drawn up yourself, if the account is also used abroad |
If the company has a structure with several companies and it is hard to see who owns which shares, the bank can also ask for an organisation chart. Banks ask for this many documents because of their statutory gatekeeper role: they have to check who they do business with. You also agree with the bank who has access to the account.
In summary: most documents for the account come from the notary, who also takes care of the registration with the KVK and in the UBO register. With the deed and the KVK number in hand, you have most documents for the application.
The UBOs of the bv
UBO stands for ultimate beneficial owner: the ultimate owner or the person who takes the final decisions. According to the KVK, the UBO register is mainly meant to stop fraud, crime and the financing of terrorism. Anyone starting a bv alone is the UBO themselves. With a bv that has several shareholders or a holding in between, that is less obvious, and that is where the organisation chart comes in.
Business account for a bv in formation
A bv in formation, abbreviated bv i.o., is a bv that has not yet been incorporated at the notary but already does business. The registration with the KVK then happens in advance, with the notary’s statement. Business partners must know that they are dealing with a bv in formation; that is what the KVK and Ondernemersplein (the government portal for entrepreneurs) say. For a business account of a bv in formation, that registration is the starting point, because without a KVK number the first detail a provider asks for is missing.
An important rule comes with it. Whoever makes agreements on behalf of the bv in formation is personally liable for them. The Dutch Civil Code puts it precisely: whoever performs a legal act on behalf of a company still to be incorporated is jointly and severally bound until the company has ratified that legal act after incorporation. Even after incorporation, the directors remain liable alongside the bv for what they do before the bv has been filed for its first registration in the Handelsregister.
In practice it comes down to clear agreements. Ondernemersplein advises always letting business partners know clearly that a contract is being concluded on behalf of the bv i.o., for example in the lease of business premises or on an order. That way everyone knows who the agreement is with, and it is clear which agreements the bv can ratify after incorporation.
Good to know: after incorporation, the bv can ratify, expressly or tacitly, the agreements made on its behalf. Only then do rights and obligations arise from those agreements for the bv.
An account for the holding
Many founders opt for two bv’s: an operating company (werkmaatschappij) where the work happens, and a holding that holds the shares of that operating company, alongside, for example, profit or business premises. The holding is itself a bv, the parent company. If the founder is the holding’s only shareholder, it is called a personal holding. For a holding structure, the notary first incorporates the holding, then the holding incorporates the operating company. A holding structure therefore has at least two bv’s.
Anyone who wants to open a holding account does it just as for any other bv: each bv is a legal entity of its own and gets an account in its own name. A business account for the holding is therefore separate from the operating company’s, and payments between the two run visibly from account to account. With such a structure, the bank can ask for an organisation chart, so that it is clear who the ultimate owner is.
How to choose a business account for a bv
Anyone searching for the best business account for a bv mostly finds rankings. A list of questions that fit your own bv is more useful. These points make the difference:
Putting these questions next to two or three providers quickly shows which account fits the set-up of the bv. For a holding with an operating company, what matters most is that two accounts stay workable under one login or in one overview.
For a bv in formation there is one more question: what the provider expects after incorporation. That can be an updated extract from the Handelsregister showing that the bv i.o. has become a fully incorporated bv. Putting that moment into the planning with the notary in advance avoids the provider asking for new documents at an awkward moment.
Opening a business account for a bv in 5 steps
This order follows the route of the KVK and Ondernemersplein:
Have the notary record the deed of incorporation with the articles of association. If the bv wants to do business earlier, register it in advance as a bv in formation, with a statement from the notary.
The notary registers the bv, its directors and the UBOs with the KVK. That gives you the KVK number, the detail every application for a bank account for a bv starts with.
Have the ID document of each director ready, with the articles of association, the shareholder register and, for a structure with several bv’s, an organisation chart.
Fill in the application in the name of the bv, with the chosen plan. With an online application, too, the provider asks for an ID document of the directors.
Pay the starting capital, if it is contributed in cash, into the bv’s account, put the IBAN on invoices and link the account to the accounting software. Record who gets which access.
Vivid for bv’s and bv’s in formation
With Vivid, a bv or nv opens a business account with a Dutch IBAN, and anyone who wants to start without monthly costs chooses the free plan Free Start at €0 per month. Paid plans start at €6.90 per month with annual billing (€8.90 with monthly billing). Vivid pre-fills as much company information as possible from official registers, and each director verifies their own identity via a link sent by e-mail.
With the Founder account, you can use the account without restrictions for the first three months after opening. After that you provide an updated KVK extract showing that the bv i.o. has become a fully incorporated bv; otherwise Vivid can restrict or close the account. Because the account is fully functional, the regular fees of the chosen plan apply.
Vivid in short: a business account with a Dutch IBAN for bv’s, also in formation, from €0 per month on Free Start. All directors verify themselves online and opening usually takes 10 minutes to 1 hour.
A business account for the bv
Open the account in the name of the bv, even in formation: Dutch IBAN, unlimited team members and bookkeeping in one app. Free Start costs €0 per month.
Frequently asked questions
In whose name is a bv’s business account?
In the name of the bv itself. A bv is a separate legal entity with its own money, and banks open the account in the name of that legal entity. The starting capital is also paid into the bv’s account. That keeps the bv’s money and the shareholders’ private money separate.
Can you open a business account for a bv in formation?
That differs per provider. The starting point is always the registration as a bv in formation with the KVK, with a statement from the notary. Whoever makes agreements on behalf of the bv i.o. is personally liable for them until the incorporated bv ratifies them.
Which documents do you need for a business account for a bv?
Usually the directors’ ID documents, the KVK number, the articles of association, the shareholder register and details of the UBOs. For foreign payments, the bank can also ask which countries the bv trades with.
Does the starting capital have to go into the business account?
As a rule yes, if the starting capital is paid in cash. The minimum is €0.01; a contribution in kind, for example with goods, is also possible. According to the KVK, a bv needs a business account, and it can be agreed that the amount is paid in later.
Is a bank declaration (bankverklaring) still needed when incorporating a bv?
No. The statutory rule for the bank declaration at incorporation, article 2:203a of the Dutch Civil Code, lapsed on 1 October 2012. The starting capital is still paid in, with a minimum of €0.01.
Does a holding need its own account?
Yes, in practice. A holding is itself a bv and therefore a separate legal entity. Each bv in the structure gets an account in its own name, and the bank can ask for an organisation chart.
Who has access to the bv’s account?
You agree that with the bank or provider. Often the directors get access, and sometimes also a bookkeeper or employee with their own role and rights.
This article provides general information and is not legal, tax or accounting advice. The rules mentioned are as published by the KVK, Ondernemersplein and in Book 2 of the Dutch Civil Code and may change. Vivid’s payment services are provided by Vivid Money S.A., an electronic money institution authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg; its Dutch branch is registered with De Nederlandsche Bank (DNB) as an electronic money institution.
