Hey bunqers 🌈
To make sure you can open an account with us in 5 minutes, one of the things we need to know is the UBO (ultimate beneficial owner) of your business. We'll need one or more of the following documents as proof:
What do you need to provide in general?
Why do we need to know this?
Long story short... it’s required by law:
We're obliged under the 4th EU Money Laundering Directive (4MLD) to register the name(s), date of birth and ID of the businesses’ Ultimate Beneficial Owner.
For capital companies an UBO is a natural person who has an interest of more than 25% through direct or indirect ownership, or who controls the entity. For foundations and associations an UBO is a natural person who directly or indirectly holds more than 25% of ownership or is entitled to vote for more than 25% with respect to an amendment of the articles of association, or has control of the entity. For partnerships the UBO is a natural person who directly or indirectly holds more than 25% of the ownership, or is entitled to vote for more than 25% or has control of the partnership.
At bunq, we identify UBOs as individuals who hold precisely 25% or more ownership in a company. Consequently, we request each person with this level of ownership to share the necessary information about themselves.
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:
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 Home 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 centre and provide the needed documents there.
Want to learn more? Explore more bunq knowledge here ✨