It’s great that you want to open a bunq Business account!
To make sure you can open an account with us as seamlessly as possible, one of the things we need to know is the UBO (ultimate beneficial owner) of your business.
Why do we need to know this?
Long story short... it’s required by law:
We, as a financial institution, must be capable of identifying the beneficial owners of every legal entity customer in order to avoid unwittingly facilitating the money laundering or terrorist financing agenda (following the DNB rules as well as the 4th and 5th EU AML Directives and EU regulations).
For this reason, you’ll need to provide us with some documentation. We’ll ask you to show us the following in order to successfully open an account for your business:
Chamber of Commerce excerpt
A Chamber of Commerce excerpt is proof of your business registration with the government. In the Netherlands, we call this your KVK statement.
We ask for you to provide this because we want to confirm you are who you say you are. This allows us to identify and verify your company records. After all, your security is our top priority.
What does the Chamber of Commerce excerpt contain?
- Info and identification of your company directors.
- Info related to your company activities and legal form.
- Authorized representatives (if applicable).
Deed of Incorporation (DOI)
This is a legal document issued by the civil notary that proves the registration of your company.
We’ll ask for this document if your Chamber of Commerce excerpt doesn’t provide all of the info we need to confirm your business.
What does the Deed of Incorporation contain?
- Info about your issued shares.
- Info about the division of shares between your shareholders/Ultimate Beneficial Owners (UBOs).
Written consent for jointly authorized directors
Jointly authorized directors (gezamenlijk bevoegd in the Netherlands) can’t act on their own without authorization from all directors involved in their business.
If you are trying to sign up as a jointly authorized director, we need to make sure that all authorized directors are okay with opening the account. If this applies to you, we’ll ask you provide us with:
1. A written statement signed by all directors giving their permission to open the account.
2. A photo of an ID (identification document) from each director that is jointly authorized.
A shareholder register is a list of active owners of your company's shares.
We ask you to provide this in the event that a share transfer takes place and the ownership of your company changes. By providing this, we can verify if your company shares have been transferred between different parties.
Director’s proof of residence
We accept as a proof or residence the following documents:
- A rental agreement (with signatures and no older than 2 years)
- Registration at the municipality
- Recent utility bill (gas, water or electricity from the last 3 months)
We do not accept:
- Bank statements
- Cell phone bills or any other bill
- Proof of property ownership
- Proof of temporary stay (shorter than 6 months)
This is to confirm that you, as the company director(s), live in the same country that you run your business.
What is our Acceptance Policy for Business accounts?
Your safety and well-being are our priority. We have an acceptance policy in place to abide by legal regulations and follow some of our own risk standards as a company.
After you complete the sign-up process, we will quickly review your application. We assess each application individually to make sure every company is held to the same standard and fulfills all account requirements.
In order for us to approve your Business account, the structure and activities of your company must meet all of the following:
A corporate structure can consist of many layers, depending on its legal form and characteristics.
We cannot accept your company if your legal structure is too complex. We classify this by any company whose structure is 3+ layers outside of our acceptance policy. The second layer can consist of 1+ company or people, but the 3rd layer can only consist of people.
We can only accept a company if the second layer is registered in the same country as the first layer. This means the entire ownership structure can only be in one country.
The following fall outside of our risk appetite and will not be accepted:
- Foundations (Stichtings) managed by another legal entity.
- Companies with shares owned by companies without shares.
- STAKs (Stichting Administratiekantoor) or companies with a STAK in their ownership structure.
We will not accept your company if it has activities in any of the following areas:
- Crypto currencies
- Casinos and gambling
- Financial institutions and other entities offering financial services (Trust offices, market makers. mortgage agencies, Fund management, etc.)
- Real estate investment vehicles (renting of real estate/residential/non-residential buildings)
- Governmental entities
- Trusts and private investment companies
- Precious metals and minerals
- Mining, oil and gas
- Pornography and sex industry
- Defence, weapons and ammunition
- Soft and hard drugs (manufacture of tobacco products, wholesale of unmanufactured tobacco. wholesale of tobacco products and smokers' requisites)
- Religious, political and other ideological organizations
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