Here are a few things you will need to know and documents you will need to have on hand when setting up corporate bank accounts.

You will need to be able to identify and provide documentation related to the following people and/or legal entities:

•     the legal entity or BV: i.e. the legally registered company
•     the names of the director(s) or legal representatives of the company
•     the owner(s) or ultimate beneficiary owner(s) of the company

The following documentation is required for each of these individuals and/or entities.

The legal entity or BV

1.    The deed of incorporation (also referred to as “articles of incorporation” or “articles of association”) of the company as has been drawn up by a civil-law notary with an office in the Netherlands. A “draft” or “working” version of this documentation can be submitted if the legal entity/BV is “in preparation” – i.e. is still in the process of being formed.

Director(s) and legal representatives

2.    A verified and certified copy of the passport of each director and of each legal representative mentioned in the deed of incorporation.
3.    For any director or legal representative who is not registered with the Dutch authorities as a resident of the Netherlands, proof of address in the country of origin must be provided. Depending on the country of origin, this may consist of a certified copy of a national or state ID card or driver’s license, a certified copy of information from a national register (the equivalent of to the Dutch bevolkingsregister), or other valid forms of identification.

The owner(s) or ultimate beneficiary owner(s)

In this context, the “owner(s)” of the company include any legal entity (parent company or companies) and/or any person(s) who own or control at least 10% of share capital or voting rights – these are also referred to as ultimate beneficial owners. The following documentation needs to be provided for any owner(s) of the company:

1.    A certified copy of Business License of the parent company showing the latest annual review status.

2.    A certified copy of the Enterprise Code Certificate.

3.    State and local Tax Registration Certificate.

4.    A certified copy of the latest Memorandum and Articles of Association including all revisions.

5.    An organizational chart, submitted and signed by the director of the entity or his/her legal representative, showing all intermediate businesses. Such a chart must show which ultimate beneficial owners are involved in this business and what percentages of ownership each has.

6.    Verified and certified copies of the passports of ultimate beneficial owners who own or control at least 10% of share capital or voting rights. In the case that a UBO does not have a passport, a notarized document stating and providing proof of the person’s identity is required.

7.    All individual owners who are not legal residents of the Netherlands must provide a notarized document stating their legal addresses in the country of origin (see # 3 above.).