Opening a Business Account in Belgium Made Easy

Did you know that over 1.2 million businesses operate in Belgium, with more than 60% relying on dedicated business accounts to handle their finances? A business account is more than necessary for entrepreneurs—it’s a gateway to financial organisation and professional transactions. With over ten central banks offering business-specific services, opening an account can be straightforward if you know what steps to follow. In this blog post, we will learn how to open a business account in Belgium, including the requirements, processes, and top banks offering tailored solutions.

Why Do We Need a Business Account in Belgium?

A business account is crucial for separating personal and business finances, which is not just a best practice but often a legal requirement in Belgium. Keeping your finances separate simplifies tracking income, expenses, and taxes, ensuring compliance with Belgian regulations. Additionally, having a business account enhances credibility and professionalism, as clients and suppliers can transact with a dedicated business IBAN.

Belgian business accounts often come with features such as credit lines, business loans, and advanced payment solutions, all essential for growth. Furthermore, a business account makes accounting more manageable, as transactions are easily categorised and linked to financial software.

Types of Business Accounts Available in Belgium

Basic Business Accounts

These accounts cater to startups and small businesses with minimal banking requirements. They typically include essential services like deposits, withdrawals, and online banking. Basic accounts often have low fees, making them an affordable choice for starting businesses.

Professional Accounts

Professional accounts are ideal for self-employed individuals and SMEs. They offer features such as multiple payment methods, debit and credit cards, and enhanced online banking tools. These accounts may also include options for managing employee salaries and international transactions.

Multi-Currency Accounts

For businesses engaged in global trade, multi-currency accounts provide the flexibility to hold and transact in multiple currencies. These accounts reduce conversion fees and simplify international payments, making them a smart choice for cross-border business operations.

Digital-First Accounts

Banks like Revolut and Satchel offer online-only accounts tailored for modern businesses. These accounts focus on accessibility, cost-efficiency, and advanced digital features, such as integration with financial management tools.

Popular Banks in Belgium and Their Offerings

ING Belgium

ING Belgium offers the Professional Current Account, designed for self-employed individuals and SMEs. This account includes unlimited transactions, online banking access, and options for additional payment cards. The bank also provides a Corporate Plus Account tailored for larger businesses and includes cash management and international payment services. New customers can benefit from a promotional offer: free business account services for the first year.

KBC Brussels

KBC Brussels provides the Business PRO Account, tailored for SMEs and professionals. This account includes multiple debit cards, online banking tools, and a separate personal account for business owners. Additional services, such as financing and insurance, are also available. For larger enterprises, KBC offers a Corporate Account with advanced payment options, credit cards, and support for international trade transactions.

Satchel

Satchel provides a fully digital platform for opening business accounts. Businesses can open accounts remotely and access multi-currency services, enabling transactions in up to 38 currencies. The platform offers robust security measures, including two-factor authentication, and integrates seamlessly with online banking tools.

Revolut Business

Revolut Business focuses on global payment solutions and offers features such as multi-currency accounts, expense management tools, and accounting software integration. The platform is ideal for businesses that value simplicity and cost-effectiveness in financial management.

BNP Paribas Fortis

BNP Paribas Fortis provides a range of business accounts, including basic options for SMEs and comprehensive solutions for larger companies. Their services include cash management, international payment support, and financing options tailored to specific industries.

HSBC Belgium

HSBC Belgium focuses on corporate banking services, offering solutions such as risk management, working capital support, and international trade financing. Its business accounts primarily serve medium and large enterprises.

Critical Requirements for Opening a Business Account

Opening a business account in Belgium involves meeting specific requirements, including:

Proof of Identity

To open a business account in Belgium, you must provide a valid form of identification, such as a passport or a national ID card. This is required to verify your identity and confirm your legal authority to operate a business. Ensure that the ID is not expired and matches the name used in your business registration documents. Some banks may also ask for additional identification forms for co-owners or authorised signatories.

Proof of Address

Banks in Belgium require proof of your residential address to establish your connection to the country. Accepted documents include a recent utility bill, such as electricity or water, or a rental agreement. These documents should display your name and address and typically must not be older than three months. Some banks may accept proof of foreign address if you’re a non-resident, but it’s always best to confirm this beforehand.

Business Registration Documents

Register your business with the Crossroads Bank for Enterprises (CBE) before opening a business account. Upon registration, you’ll receive a unique 10-digit company registration number. This number serves as the official identification of your business and is used for all legal, administrative, and tax-related purposes. Providing this document confirms the legal existence of your business in Belgium.

VAT Registration Certificate

If your business activities are subject to VAT, you must apply for and provide a VAT registration certificate. This certificate proves your compliance with Belgian VAT regulations and allows you to charge and claim VAT on applicable transactions. You can apply for a VAT number through the Federal Public Service Finance, and this document is essential for businesses engaged in taxable activities.

Articles of Association

For incorporated companies, the articles of association are a mandatory requirement. This legal document outlines the company’s structure, objectives, and operational guidelines. It includes the company’s name, registered office, share capital, and governance structure. These articles must be notarised and filed with the relevant authorities as part of the business registration process. Providing this document demonstrates the legal framework within which your company operates.

Eligibility Requirements for Non-Residents

For non-EU nationals planning to open a business account in Belgium, additional documentation may be required depending on the bank’s policies and your residency status. These requirements ensure compliance with Belgian banking regulations and anti-money laundering laws. Here’s a detailed breakdown:

Residence Permit

A residence permit is often required for non-EU nationals to demonstrate their legal right to live and work in Belgium. This document proves your immigration status and connection to the country. The Belgian Immigration Office typically issues it and must be valid at the time of your application. Providing this document helps banks verify your eligibility to establish financial ties in Belgium.

Work Visa

You may need a work visa if you do not hold a long-term residence permit but intend to work or run a business in Belgium. This applies to non-EU nationals who require authorisation to perform professional activities within the country. The type of visa you need depends on your business activities and length of stay. Banks may request a copy of your work visa to ensure your activities align with Belgian regulations.

Proof of Business Activities or Intent

Some banks might ask for additional documentation to establish the purpose of your account. This could include your professional card required for non-EU nationals engaging in self-employed activities. Other examples include contracts with Belgian clients or suppliers or a business plan demonstrating the scope and intent of your operations in Belgium.

Translation and Certification

Banks may sometimes require foreign documents, such as residence permits or work visas, to be translated into Dutch, French, or German, depending on the region. These translations must often be certified to meet official requirements. You must check with your bank to determine if this applies to your situation.

Proof of Ties to Belgium

To further establish your connection to Belgium, banks may ask for documents such as a rental agreement, utility bills for a Belgian address, or proof of local business registration. These documents help validate your intention to conduct business within the country.

Bank-Specific Requirements

Each bank in Belgium may have its own set of policies for non-EU nationals. Some banks are more flexible, offering tailored services for expatriates or non-residents, while others may have stricter criteria. For example, digital banks like Revolut or Satchel may offer simplified processes compared to traditional banks like ING or KBC.

Step-by-Step Guide to Opening a Business Account

Research and Select a Bank

Start by comparing services and fees offered by different banks. Consider factors like transaction costs, online banking capabilities, and additional services such as credit facilities or multi-currency support.

Features of a Good Business Account in Belgium

• Low fees: Competitive transaction and maintenance costs.
• Online and mobile banking: Easy access to account management tools.
• Multi-currency support: Flexibility for international payments.
• Integration options: Compatibility with accounting and payroll software.
• Robust security: Two-factor authentication and encryption for secure transactions.

Prepare Documentation

Gather all required documents in advance. Ensure they are up-to-date and meet the bank’s specific requirements. For non-residents, additional paperwork may include proof of residency or work permits.

Submit Your Application

Most banks in Belgium allow business account applications to be submitted online or in person. Digital banks like Satchel and Revolut offer fully online applications, while traditional banks may require a branch visit.

Account Approval

Once your application is submitted, the bank will verify your documents and business details. Approval times vary, but most banks process applications within a few days.

Start Using Your Account

After approval, activate online banking and request debit or credit cards. Familiarise yourself with the account’s features, such as transaction limits and integration options with accounting software.

Costs Associated with Opening a Business Account in Belgium

Opening a business account in Belgium involves various costs depending on the bank and the specific services you choose. Here’s an overview of the potential expenses:

Account Opening Fees

Some banks charge a one-time fee for setting up a business account. For instance, Satchel’s business account opening fees start from €4.00, with the exact amount depending on your company’s jurisdiction and other factors.

Monthly Maintenance Fees

Banks often charge monthly fees to maintain accounts. Depending on the bank and the account’s features, these fees can range from €4 to €50. For example, ING Belgium offers a Professional Current Account with a monthly fee of €7, excluding VAT.

Transaction Fees

Charges may apply for various transactions, including:

• Domestic Transfers: Some banks offer free domestic transfers, while others may charge per transaction.
• International Transfers: Fees for international transactions can vary significantly, especially for non-SEPA (Single Euro Payments Area) transfers.
• Cash Deposits and Withdrawals: Certain banks may impose fees for cash-handling services.

Card Fees

Issuance and maintenance of business debit or credit cards may incur additional costs:

• Debit Cards: The account package often includes it, but some banks charge an annual fee.
• Credit Cards: Typically, annual fees can vary based on the card’s benefits and features.

Additional Services

Optional services like overdraft facilities, multi-currency accounts, and enhanced online banking tools may attract extra charges.

VAT

Please note that many of these fees are subject to Value Added Tax (VAT), which is currently 21% in Belgium.

Comparison of Business Account Options in Belgium

Notes:

• * Satchel offers tiered plans based on business needs, with advanced features in premium tiers.
• * Revolut Business includes a free basic plan and premium options offering increased allowances and additional features.
• * Fees and features may vary based on the account type and specific services the business chooses.

Time Taken to Open a Business Account in Belgium

Legal and Tax Implications of Business Accounts in Belgium

Opening a business account in Belgium is a crucial step, but it comes with various legal and tax obligations that businesses must address to remain compliant. These obligations ensure that your operations adhere to Belgian laws and European regulations.

Registration with Tax Authorities

Once your business account is established, you must register with the Federal Public Service Finance to obtain a tax identification number (TIN) and, if necessary, a VAT identification number. These identifiers are essential for filing taxes and maintaining communication with tax authorities.

Value-Added Tax (VAT) Compliance

Businesses exceeding the VAT threshold must register for VAT. The standard VAT rate in Belgium is 21%. VAT-registered businesses must submit periodic VAT returns, maintain detailed records of all taxable transactions, and comply with all VAT regulations to avoid penalties.

Corporate Income Tax Obligations

Corporations operating in Belgium are subject to corporate income tax, typically at a rate of 25%. Smaller companies may qualify for reduced rates under specific conditions. Maintaining accurate financial records is essential for determining taxable income and ensuring timely filing of corporate tax returns.

Social Security Contributions

Employers must register employees with the National Social Security Office (NSSO) before their first working day. This registration ensures mandatory contributions for health insurance, pensions, and other social benefits are made. Non-compliance with social security obligations can result in fines or legal action.

Financial Record-Keeping

Under Belgian law, businesses must maintain clear and accurate financial records for at least seven years. These records are essential for preparing tax filings, annual reports, and VAT returns. Proper documentation ensures compliance during financial audits and supports monitoring your business’s economic health.

Annual Financial Statements and Audits

Depending on your business’s size and structure, you may need to prepare annual financial statements and undergo mandatory audits. These audits ensure financial transparency and accountability, particularly for medium and large companies. Hiring a certified accountant or auditor can simplify the process and ensure accuracy.

Registration of Beneficial Owners in the UBO Register

To comply with EU anti-money laundering regulations, businesses must register their ultimate beneficial owners (UBOs) in the UBO register. This includes providing detailed information about individuals who own or control the company. Non-compliance with this regulation can result in significant penalties.

Data Protection and GDPR Compliance

Belgium enforces strict data protection laws under the General Data Protection Regulation (GDPR). Businesses must ensure that all financial and customer data handled through their accounts meet GDPR standards. This includes securing sensitive information, obtaining consent for data processing, and implementing robust data protection measures.

Trade Licences and Sector-Specific Approvals

Certain businesses may require trade licences or specific approvals depending on their industry. For example, companies in regulated sectors such as finance, healthcare, or construction must secure the necessary permits before conducting transactions through their business accounts.

Reporting Obligations for Cross-Border Transactions

If your business engages in cross-border activities, you must comply with Belgium’s reporting requirements for international transactions. This includes submitting reports for transactions exceeding specific thresholds under the EU Directive on Administrative Cooperation (DAC). These measures ensure financial transparency and combat tax evasion.

Compliance with Environmental or Social Obligations

Specific industries, like manufacturing, may face additional environmental or social compliance requirements. These could include reporting on ecological impact or adhering to sustainability regulations, which could indirectly influence financial reporting and operations.

Common Challenges and How to Overcome Them While Opening a Business Account in Belgium

Document Verification

Banks may require extensive documentation, which can delay the process. Preparing your documents in advance and ensuring they meet Belgian standards can help avoid delays.

Fees and Services for Non-Residents

Non-residents may face higher fees or limited account features. Research banks that cater specifically to non-resident businesses to find the best options.

Language Barriers

Some banks may only provide services in Dutch, French, or German. Choosing banks with English-speaking support or seeking assistance from a local advisor can help bridge the gap.

FAQs

Can a foreigner open a bank account in Belgium?

Yes, foreigners can open a bank account in Belgium. The process depends on your residency status and the bank’s requirements. Generally, you’ll need a valid passport, proof of address, and possibly evidence of your connection to Belgium, like an employment contract or business registration. Some banks cater specifically to non-residents and expatriates.

How much does it cost to register a business in Belgium?

Registering a business in Belgium costs around €92.50 for a sole proprietorship with the Crossroads Bank for Enterprises (CBE). For companies like limited liability entities, additional expenses include notary fees, publication costs, and capital requirements, ranging from €1,350 to €1,650.

How do you start a business in Belgium as a foreigner?

To start a business in Belgium as a foreigner, decide on a legal structure such as a sole proprietorship or company. Register your business with the Crossroads Bank for Enterprises to obtain a company number and apply for VAT registration if needed. Join a social insurance fund and open a business bank account. Non-EU nationals may also need a professional card to operate independently. Consulting local advisors can simplify the process.

Is Belgium a good country to start a business?

Belgium is strategically located in Europe. Its skilled workforce and excellent infrastructure make it attractive for businesses. However, the regulatory framework and high taxes can be challenging. Proper research and advice are crucial to assess its suitability for your venture.

What is the easiest country in Europe to start a business in?

Denmark and the United Kingdom are considered the easiest European countries to start a business with due to their simplified processes and supportive regulations. However, the ideal choice depends on your business goals and industry requirements.