The Dutch banking system is different from what is obtained in many other countries. Banks there has a preference for companies with local substance and possess stringent requirements for creating an account. The local substance here refers to the company’s investment in the Dutch landscape, meaning you stand a higher chance of success if you can demonstrate that your company has Dutch leadership, local presence, or creates economic benefits for citizens. However, while it is not mandatory to site your business in the Netherlands, the bank may impose stricter due diligence requirements while screening your company.

Another important facet of opening a bank account is the specialty nature of these banks. Unlike the norm, Dutch banks tend to have subsidiaries who specialize in particular areas of business. This means understanding the nature of this system will inform the bank you end up approaching. In addition to this, you cannot open an account simply by communicating with an account manager. Rather, the process entails an interview where the bank assesses your business. Results here may vary from a rejection of your proposal to closer scrutiny. Under EU regulations, the bank is not mandated to provide reasons for the rejection. Some companies provide expert provision of company incorporation in the Netherlands, which includes all amenities for businesses.