What company information and documents are needed to open a Business account?

bunq

Hey bunqers 🌈

Opening a business account with us is quick and easy, but there’s a bit of information we’ll need to make it happen in just 5 minutes. Here’s what we’ll ask for:

We need to know a few key details about your company:

Your company’s activities
The purpose of the business account
Expected transaction volume per month
Who the UBO (ultimate beneficial owner) is
Company directors
Company website

Pro tip: If you provide us with your company website, we can speed up the verification process even more!

Additional documentation we might ask for

Depending on where your company is registered and its legal structure, we may also need some of the following documents:

Articles of Association (Statuten)
Chamber of Commerce excerpt
Deed of Incorporation
Written consent for jointly authorized directors
IDs of your company directors/UBOs
Shareholders registry
Partnership agreement
Certificate of Beneficial Owners
Organizational chart
Audited financial report
Tax return
Source of funds document
VAT declaration
Director’s proof of residence

Why do we need to know this?

Long story short .. it’s a legal requirement. Under the 4th EU Money Laundering Directive (4MLD), we're required to collect the name, date of birth, and ID of your company’s Ultimate Beneficial Owner (UBO).

For capital companies: A UBO is anyone with more than 25% ownership, whether direct or indirect, or who has control over the entity.
For foundations and associations: The UBO is someone who holds over 25% ownership, has voting rights for more than 25% when amending articles of association, or has control over the entity.
For partnerships: The UBO is a person who directly or indirectly holds more than 25% of ownership or voting rights, or who has control of the partnership.

At bunq, we define UBOs as individuals holding exactly 25% or more ownership in a company. That’s why we ask each person at this level to provide the necessary information.

To get your business account up and running, you may need to provide us with some documentation, which you’ll receive as a request directly in the bunq app.

Overview of the business account requirements per country

What about a VAT number?

A VAT number is NOT mandatory for opening a bunq business account.

Where should I provide these documents?

You can provide all the needed documentation during your verification. If a document is requested additionally from our responsible department after you've finished your verification, you'll receive a pending event on your Profile tab - simply click on it and provide the info requested there. In case you experience issues providing the requested info through the in-app event, you can contact us through our Support Center and provide the needed documents there.