Removing barriers to business
A new initiative aims to make it easier for foreign companies to open Dutch bank accounts. Known as the Quick Scan Dutch Business Bank Account, it will be offered by three of the biggest Dutch banks – ING, ABN AMRO and Rabobank – and is hoping to make the Netherlands a more attractive destination for entrepreneurs from abroad. Created with the support of the Dutch Banking Association (NVB) and several ministries and interest groups, the initiative will allow foreign companies to receive clarity concerning their ability to open an account within five days. Previously, it could take several weeks.
Strengthening the business climate
The initiative’s organisers hope the new scheme will bolster the Netherlands’ business climate without weakening banking rules or creating unrealistic expectations for applicants, who will still be legally required to undergo an extensive screening process to assess risk factors before opening a business account.
The Netherlands is a leading destination for international companies due to the country’s excellent quality of life, highly educated workforce and the prominence of the English language. Additionally, Amsterdam is home to a growing startup ecosystem that enjoys significant government support. It’s finance and FinTech industries employ more than 200,000 people in the Amsterdam region. An English-language court to resolve complex international business disputes was also established in Amsterdam at the start of 2019 to make it even easier for international businesses to settle legal disputes in the Netherlands.
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