Starting your own Business

The first account to open for your business is a Current Account. This allows you to easily keep track of your operational cash flow – both your cash inflow from sales, collection of rental income, or other business activities and your cash outflow to purchase merchandise or to pay operating expenses. Your Operating Account should be the main account where all your business revenue is concentrated. This will help you:

• Facilitate your accountant’s timely reconciliation and preparation of financial statements for bank financing, tax, and/or audit purposes.
• Reduce security risk, as you will have less cash on hand if you deposit your cash on a regular (at least daily) basis into your operating account.
• Make international money transfers (SWIFT payments) to your suppliers and vendors abroad.
• Make transfers to special purpose accounts such as payroll accounts, employee savings plans, construction projects, reserves for future capital investments etc.

Requirements for business (N.V./ B.V.) account at Orco Bank N.V. 

All requested documents and forms should be provided before the account opening process can be initiated. Additional documents may be requested during the process.

In order to properly assess your request, we require the following documents from you:

1. A copy of Articles of Association (signed and stamped by Notary). 
2. An original Chamber of Commerce excerpt not older than two months. 
3. A copy of the Shareholder’s register signed by the Director. 
4. Ownership Structure chart for structures larger than two layers. 
5. Documents to be submitted from the Ultimate Beneficial Owner(s), directors, authorized signatories and/or board members:
   A. An original valid national identification document (sedula).
   B. A proof of address document not older than two (2) months (utility bill, bank statement, official tax document or a civil registry document).
6. For entities with two or more managing directors, a board resolution is required to open and operate the account

Note: Tax Identification Number (CRIB-nummer/Social Security Number/Burger Service Nummer) is mandatory for Bonaire residents as well.

Additional in case of a non-resident client:

• Original passport or a certified passport as a true copy of the original document, by a notary, lawyer or regulated professional or the authorized signatories of a regulated entity.
• A personal and/or corporate tax ID number (CRIB-nummer, Social Security Number, Burger Service Nummer) is mandatory on the CRS-FATCA tax self-certification form.
• Copy of a bank statement not older than 1 month (of every individual and legal entity).