Opening a professional account in Belgium: a practical guide

Do you need a professional account?

It depends on the form of your business. An SRL, SA or SC (Belgian limited company forms) has legal personality, and therefore its own assets. For an SRL or SA, cash contributions first go to a bank, in the name of the company being formed. The company then operates with a professional account in its own name, separate from the founders' money.

For a sole trader, the law does not require separate banking. A professional account is still strongly advisable. It simplifies bookkeeping, clarifies your tax returns and makes any audit easier. Above all, it stops a client payment from mixing with your Saturday shopping.

To choose between those two forms, read our comparison of a sole proprietorship versus a company.

The capital deposit, before the notarial deed

For a company, the bank comes before the notary.

SRL: no minimum capital, but sufficient funds

Since the 2019 Companies and Associations Code, the SRL no longer requires minimum capital. However, founders must provide sufficient starting equity, justified in a financial plan. Cash contributions go into a special blocked deposit. The bank then issues a certificate, which you hand to the notary before signing the deed.

SA: €61,500 fully paid up at incorporation

The SA keeps a minimum capital of €61,500. The founders pay up that minimum in full at incorporation. Here too, cash contributions go through the bank before signing.

The documents to prepare

To open a professional account, the list varies from bank to bank. Still, these documents come up almost every time.

If you do not have a number yet, follow our guide to CBE registration. The bank also runs an in-depth identity check, known as KYC, which anti-money laundering rules require. Allow a few days, sometimes several weeks for a complex file. For the UBO register, the FPS Finance website sets out what companies must do.

Traditional bank or neobank?

Two types of offer sit side by side on the Belgian market.

• BNP Paribas Fortis, KBC or CBC, ING and Belfius offer full packages.
• Qonto, Revolut Business, Wise Business or Finom focus on opening online.

A traditional bank mainly brings credit, guarantees and a named adviser. A neobank tends to win people over with speed and a slick app. On the other hand, it does not always offer credit or a capital deposit. So check that point before choosing your professional account if you are setting up a company.

The fees on a professional account

Rates change often, so treat the amounts below as indicative.

• Monthly management: from €0 at some neobanks to €15 or €30 at a traditional bank.
• SEPA transfers: often free, sometimes a few cents each.
• Payment card: from €0 to around €50 a year.
• Payment terminal: a monthly subscription, plus a commission on each transaction.

Compare the total yearly cost of a professional account against your real usage. For example, a consultant paid by bank transfer does not have the needs of a shop. A business that sells to consumers must also offer at least one electronic payment method.

The steps to open a professional account

Follow this order to avoid back and forth.

Mistakes to avoid

A few mistakes often delay the opening of a professional account.

• Paying private expenses with the company's money.
• Contacting the bank too late, a few days before the notary appointment.
• Choosing a neobank without checking the capital deposit.
• Forgetting to update the UBO register after a change of shareholders.

And after opening?

Once your professional account is active, think about the next steps. Show its number on your invoices and share it with your clients. Also activate your VAT number if your activity requires it: our guide to VAT activation explains the process. Finally, a good accountant will often connect your bank statements to their software. For general company formation steps, see the FPS Economy website.