Applying for a Dutch Bank Account Made Easier for Foreign Companies
Jacqueline van Lier
This new uniform process applies to both larger established companies and innovative foreign start-ups from outside the EU.It will be easier for companies outside the Netherlands to apply for a bank account with a Dutch bank. This is due to an initiative of ING, ABN Amro and Rabobank, together with the Dutch Banking Association (NVB) and a number of public parties.Since 20 May 2019, entrepreneurs outside the Netherlands can apply for a Dutch bank account using the ‘Quick Scan Dutch Business Bank Account’. Based on the information which a company must provide, the bank will be able to assess whether a bank account is feasible. As a result, the company will know where it stands more quickly. If the assessment is positive, the bank will then commence its usual customer due diligence procedure.With this service, the banks, the NVB, the government and various other parties involved, hope to improve the attractiveness of the Netherlands as a business location without raising unrealistic expectations or infringing on banking regulations.“The banks want to contribute to the ambition of ‘The Netherlands Incorporated’ to attract foreign businesses,” says Chris Buijink, chair of the Dutch Banking Association. “Being able to arrange your banking affairs quickly and efficiently is an important precondition for an attractive business location.”In coming months, the new methodology will be tested in practice. Other banks will be able to join at a later stage if they so wish.Click here to read more about how it contributes to the ease of setting up business.