Belgium corporate bank account in 2023
Our sophisticated global banking team carries more than a decade of experience assisting global Clients to open a new corporate bank account in Belgium. Our dedicated relationship managers will prepare all required documentation to support a quality corporate bank account opening for a foreign investor.
Please read below for further information regarding corporate banking services in Belgium.
Belgium banking sector
- Belgium enjoys strong banking system with stable outlook and profitability according to Moody’s at the end of 2016. However, the country is not in the top 40 countries in the Soundness of banks rankings, nor confidence of financial market ranking, issued by the World Economic Form;
- There are 95 banks operating in Belgium with four main players on the banking market in Belgium, including: i) ING bank, ii) Belfius bank (formerly known as Dexia bank), iii) BNP-Paribas-Fortis and iv) KBC bank;
- Foreign banks represent a majority portion of the sector in Belgium. Most of these banks are part from i) French, ii) Dutch or iii) Luxembourg financial conglomerates;
- Belgium enforces a strong deposit guarantee scheme, securing time deposit, sight and savings accounts of both individuals and legal entities of up to €100,000;
- In February 2017, the annual interest rate in € of new 1 year deposit contract was 0.16% which was below the Euro Area average (0.43%).
Belgium corporate bank account
- Both Belgium and foreign banks provide A to Z banking facilities to their local and foreign Clients. This said, to reduce compliance and background checks, we firmly recommend our foreign Clients to open their Belgium corporate bank accounts with a bank with which they already have a bank account in another country,
- KBC Bank is the largest bank in terms of assets in Belgium, amounting to € 159.45 bln in 2014. This bank represents a flexible, forward-thinking institution, excellent for traditional import/export banking structure;
- The banking facilities in Belgium cover all modern communication channels, such as i) mobile application support; ii) online banking platform, iii) email and SMS notifications and iv) phone banking instructions;
- High-quality foreign banks present in Belgium include i) Santander, ii) Commerzbank, iii) HSBC.
Healy Consultants’ Belgium corporate banking services
Our dedicated banking team effortlessly assists both resident and non-resident Clients to open a multicurrency corporate bank account in Belgium, with a top bank.
Please read below for further information:
- When engaging Healy Consultants Group PLC, our Client can expect on average to receive corporate bank account numbers within 4 weeks and activate internet banking facilities within the subsequent week;
- Where applicable, our team will project manage the engagement without personal travel involved, by attending bank interviews and preparing KYC requirements on your behalf of our Clients;
- If our Client is not planning to travel to Belgium, Healy Consultants Group PLC will actively pursue and negotiate a non-travel solution. However, our business experience proves, there is still a 20% chance that the bank’s legal and compliance department may require our Client to attend a one hour KYC meeting;
- Following multicurrency corporate bank account approval, our Client will receive a complete banking kit independently from Healy Consultants Group PLC, for security considerations.
Ongoing financial support
Where required by Healy Consultants’ Client, our team will be happy to negotiate preferential terms and engage local banks to supply additional financial support and complex banking facilities.
Please read below for further information:
- Healy Consultants Group PLC provides business advice and assistance in obtaining quality, tailored finance solutions, including various instruments such as: i) letter of credit, ii) revolving overdraft or extended credit lines or iii) promotional/preferential credit lines and bridge loans. Please contact our Belgium client relationship officer for inquiries regarding these services and related fees,
- Belgium bank’s KYC procedures are extensive. Consequently, our Client and Healy Consultants will need to keep in mind the following standard compliance requirements: i) a sophisticated business-plan, ii) availability of collateral assets or guarantees, iii) appropriate professional and educational background of senior management and iv) recent audited profit and loss statements.
Steps required to open a Belgium corporate bank account
Healy Consultants’ banking team and our Client will follow these steps to secure a Belgium banking solution for our Client, including:
- During a preliminary discussion, Healy Consultants will guide our Client towards choosing the best corporate account currently available, in terms of maintenance and support services;
- To optimize engagement timelines, Healy Consultants will secure a capital bank account at our Client’s preferred bank. The paid-up share capital amounts to €18,550-up for a limited liability company and will have to be injected into this initial account for the bank to provide a certificate of deposit, mandatory to finalize incorporation procedures;
- After successful LLC registration, within a business week, Healy Consultants converts the provisional account into a multicurrency corporate bank account, under preferential terms;
- Once opened, Healy Consultants will negotiate timely release of online banking digital certificate or token device, required to operate the online banking platform.
Exchange controls and other regulation
- Belgium does not implement currency exchange controls, as stipulated by the National Bank of Belgium;
- Both residents and non-residents in Belgium are allowed to open bank accounts in major foreign currencies, including CHF, €, US$ and £, as well as all other currencies available in the European Union;
- There are no restrictions on the amount of foreign currency that residents may hold in their bank accounts.