What do you need to open a business account?

To open a business account you need a KVK number and a valid passport or driving licence. When a company is being registered, the registration through the notary must also be complete before you apply for the account. If your company is already registered with the KVK, you can start the application straight away.

Which details may be added per legal form is covered in the overview of what you need to open an account.

Why does a provider ask for so much information when you open a business account?

A provider asks for so much information when you open a business account because the law requires it to know who it is doing business with. The Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) obliges providers to carry out customer due diligence, at the application and for as long as the account runs.

Part of that check is who the ultimate beneficial owners are, the UBOs. A UBO (ultimate beneficial owner) is the person who ultimately owns a company or controls it. How much digging that takes depends on your structure:

• Sole proprietorship: the owner is the UBO straight away, so this check is quickly done.

• BV with one shareholder: the provider checks the details of the shareholder and the director against your KVK registration.

• Several shareholders or a holding: the provider looks through all the layers to the people with ultimate control, which more often leads to follow-up questions.

If a provider asks for extra information, that is not a rejection but a normal part of the process. The fastest application is a complete one: if what you fill in matches your KVK registration, nobody needs to ask you for more.

What costs do you pay on top of the monthly fee for a business account?

On top of the monthly fee for your plan, a business account usually comes with costs per transaction and for one-off actions. At GoDutch those costs are the same in every plan:

• SEPA transfer: €0.12 per transfer.

• Cash withdrawal: €1 per withdrawal at an ATM within the SEPA area.

• Rejected direct debit: €0.40 when an outgoing direct debit fails because of insufficient balance.

• Currency exchange: at the mid-market rate.

• Inactivity in Free: €5 for a calendar month without transactions, this does not apply in the paid plans.

You pay nothing for the customer check and for opening your account. All amounts exclude VAT. What each of these costs means and when you run into it, you can read in the extended overview of all transaction costs of a business account.

How do you set up your business account?

You set up your business account by deciding who gets access and how you divide your money flows. You arrange both yourself in the app, without forms.

Access for your accountant and team

Every user gets their own login with the rights you decide. How many people you add depends on your plan:

• Free: only you as the owner have access.

• Starter: you add your bookkeeper, accountant or partner.

• Pro: up to 10 team members, with spend management per person.

• Max: unlimited team members.

Your bookkeeper can, for example, only view, while a team member with their own card pays within a limit you set. If something changes in your team or board, you adjust the access online right away.

Extra IBANs per money flow

In the paid plans you create extra virtual IBANs next to your main account, for example for a project or a second business activity. This way you see clearly what comes in and goes out per money flow, without opening a separate account.

How do you switch to a GoDutch business account?

You switch to a GoDutch business account by first mapping your payment flows and then moving them over step by step. That way no direct debit or customer payment is left hanging on your old account. Switching takes five steps:

1. Map your payment flows: list customer payments, fixed costs, subscriptions and direct debits, and look back a few months so you do not miss quarterly and annual payments.

2. Choose your plan: use that overview to decide how many cards, users and integrations you need.

3. Open your account: the application takes 3 minutes and within 1 day you have your IBAN and card, while your old account keeps working.

4. Move your payments: give your new IBAN to customers and suppliers, change your account number with parties that collect from you by direct debit and connect your accounting software.

5. Finish the switch: keep your old account open for a while and close it once nothing has come in for some time.

Why open a business account with GoDutch?

You open a business account with GoDutch because you want your payments, your team’s access and your administration arranged from one app. If you run into something, real people help you 24/7 by chat, email or phone. Want to start right away? Open your business account with GoDutch and apply for it in 3 minutes.