Getting Started Page Outline
Are you ready to expand to the Dutch market and are looking for information on how to get started? Or perhaps you’re already set-up and are looking for some help to manage the administration and keep your business compliant?
Whatever stage you’re in with your expansion to the Dutch market, we’re here to help you out. We help our clients with everything from starting off in the Dutch market by forming their company or bank account, to assisting with virtual office set up, maintaining the books and keeping up-to-date with the administration.
We know that expanding to a new market can be both exciting and nervewracking, but we’re here to make sure that you know what you should be doing, when and how. No matter the stage, we’re here to help you out.
If you have no idea where to begin, scroll down and review the steps of moving into the Dutch market and find out where we can help, or contact us directly.
FORM YOUR DUTCH COMPANY
To expand to the Dutch market, you’ll need to start a Dutch company.
A Besloten Vennootschap (B.V.) is one of the most common types of company structures, and over the past few years, it’s become both easier and affordable to start one (for both foreign and local investors).
We make setting up a Dutch B.V. a breeze. Starting from €1,000 + VAT, we help our clients prepare the correct documents and submit them and register their new company. With a little work on our end, you can have your new Dutch company set up in no time!
Button: Set Up Your Dutch Company Now (link to: https://www.smesolutions.nl/contact/)
SET UP A REGISTERED OFFICE
To set up a Dutch company, you need to have a business address located in the Netherlands.
For foreign investors that aren’t planning on picking up and moving to the Netherlands, the most common option is to set up a virtual office. We help our clients set up virtual offices so they can register at KVK and start operating in the Dutch market for as little as €70 +VAT.
Button: Set Up Your Virtual Office (link to: https://www.smesolutions.nl/contact/)
OPEN A DUTCH BANK ACCOUNT
Before the rise of virtual banks in the Dutch market, most companies choose to set up a bank account with a good old-fashioned brick-and-mortar bank. The most popular of which are Rabobank, ABN AMRO and ING.
But many foreigners experience difficulties setting up Dutch bank accounts because they’re unable to meet with the bank in-person (sometimes you even have to go twice). To make matters more complex, you’re not able to grant a proxy or POA to go in your place and act as your representative.
Seeing the challenges that our clients were having, we created an in-depth guide on opening a Dutch bank account. While you can go with virtual banking options, there are some great reasons to use a traditional bank, including:
- To obtain letters of credit—this is especially important in the case of businesses that operate in the trading space, many virtual banks don’t have the infrastructure to issue these letters set up
- Applying for a business credit card
- Getting a lower monthly fee
Of course, if those advantages don’t appeal to your particular business, then a virtual bank could be your best option. Virtual Dutch bank accounts are significantly easier to open because there’s no need to show up in person—perfect for those who require flexibility or live abroad.
While some virtual banks prefer to do business with local residents (those who have BSN numbers), Transferwise and WorldFirst both allow foreign directors to open bank accounts for Dutch B.V.s, making the process quicker, easier and completed all online.
A successful application through one of these banks will get you an IBAN number, which is sufficient for your B.V. to accept and make payments. IBAN numbers are recognized and trusted within the Netherlands and SEPA countries. Not sure which are SEPA countries? Check the European Central Bank’s website.
Fees for virtual banks vary. Some charge monthly fees, others opt for transaction fees. In either case, it’s definitely prudent to check out the different fees before picking up your bank. Not sure where to look? Check out the World First fee and Transferwise fee.
DUTCH CORPORATE SECRETARIAL REQUIREMENTS
As a Dutch business director, you’ll have incoming official correspondence from places like the tax authorities, KVK or banks, that needs to be dealt with and it’ll be in Dutch!
For as little as €50 per month, we help our clients deal with this incoming correspondence in a timely basis, so they don’t have to worry about it (or learn to read Dutch).
DUTCH BOOKKEEPING REQUIREMENTS
Some of the most time-consuming work is seen in your bookkeeping. Uploading monthly invoices and receipts, and allocating them to transactions on the right ledger—you can lose hours of your day!
We like to help take work off our client’s plates so they can focus on the important things. We offer bookkeeping services to help make sure this is done regularly and right.
For clients that have just opened their Dutch B.V. with low transactions who want to save money on bookkeeping, we help review their transactions every quarter to ensure it’s done correctly, and reduce the annual costs by as much as one-third!
CORPORATE TAXES IN THE NETHERLANDS
Opening a Dutch B.V. means paying taxes in the Netherlands.
Your corporate tax rate for the Netherlands depends on the taxable amount of money you make, which is the taxable profit in a year less deductible losses.
If your taxable amount is less than €200,000, then your tax rate is 20%. But, if your taxable amount is €200,000 or higher, your tax rate is 25%.
We help our clients deal with many tax-related matters from dealing with the tax authorities to filing their yearly taxes.
PAYROLL IN AMSTERDAM
If you’re planning on hiring Dutch employees, then there’s payroll to think about. This can be a big feat, and you need to ensure you’re on par with the laws and processes in the Netherlands.
GOING TO DUTCH MARKET
Entering into the Dutch market can be overwhelming when you’re first starting out. From finding distributors to tapping into the e-commerce industry, there’s a lot to think about. If you’re wondering where to start, we’re here to answer your questions.
MAINTAINING YOUR DUTCH COMPANY
Maintaining your Dutch company can be time-consuming and expensive if you have to hire someone to do everything for you. But we’ve made it easier with our guides!
Expanding your company to a new market can be a challenge. But with the right people on your side, entering the Dutch market can be much easier.
Still not sure where to get started? Contact us today!