How to Verify a Company in the Netherlands? An Ultimate Guide

Being one of the most advanced economies in the world, the Netherlands is located in a favourable position in Europe, where it also has first-class infrastructure. It is considered the ideal business hub for Asian, European, and American organizations aiming to elevate their global reach. However, the business world of the Netherlands has high levels of government transparency and low levels of corruption. Still, business verification remains a significant challenge, especially for new businesses. This guide showcases challenges associated with corporate verification while explaining how to verify a company in the Netherlands and its Ultimate Beneficial Owners (UBOs).

How To Verify If a Company is Registered in the Netherlands?

To verify a company in the Netherlands, it must be registered with the Kamer van Koophandel (KVK). The primary lawful task of this registry portal is to register all businesses within the Netherlands and allow them to access other businesses’ data. KVK Netherlands is controlled by two Directors, who are ultimately responsible for portal management and its overall operations. There are three central registers in this portal, namely:

• Business register: There is a public register (Handlesregister) which is the key register of all companies and legal bodies. All organizations involved in transactions must register in the main business register.
• UBO register: The company registry in the Netherlands contains the data of the ultimate beneficial owners (UBOs) and shareholders.
• UBO Trust Register: KVK maintains the UBO trust register as well. Trustees must register their trusts and their ultimate beneficial owners in them. KVK UBO register search gives you the data of the ultimate beneficial owners if you fulfil the accessibility criteria.

Step-by-Step Guide to Verify a Company in the Netherlands

To verify a company in the Netherlands, there are certain input parameters that you can enter in the portal search bar to fetch the required document. You can fetch company details by entering the input parameters such as:

• Company Name: On the Netherlands business portal, you can also search the company by its official name. Just type the correct company name and you can find its legal status.

• Chamber of Commerce Number: The Netherlands business portal also provides the search option for the Chamber of Commerce number. Just add it to the search bar and by pressing enter you will be taken to your searched business.

• Relevant Keyword: To verify a company in the Netherlands, the portal allows users to search for a particular business in Dutch and English. So, if you are not acquainted with the native language of the Netherlands, you can also verify a business in English. In addition, organizations’ documents are available, but they are not free. 

Challenges of Verifying a Company in the Netherlands

• Language Barrier

In the KVK business business portal, there is a huge language barrier. The portal has a dual language (Dutch and English) option. However, when you select English language and click search, it automatically translates the page into Dutch. This makes it difficult for anyone who needs help understanding Dutch.

• Access Restrictions

Secondly, legal documents are available but only in paid versions. These paid business documents pose challenges in business verification by limiting accessibility, increasing costs, and creating barriers to due diligence, especially for small enterprises and business owners. Furthermore, the registries of some businesses have charges even if you just want to view the document.

• Registered Names of Businesses

Different registries use different data formats and names, making it complicated for the people. In cases, where an organization changes its name verifying a particular business becomes a great challenge because access to the previously registered name is not free.

Related: Current State of Business Verification in Germany

How to verify Ultimate Beneficial Owners (UBOs) in the Netherlands?

As per the standards of the Netherlands, the ultimate beneficial owner is the individual(s) who owns a share of 25% or more in the organization. UBOs have ultimate control and authority to exercise power on the company’s major operations through voting rights or ownership of shares. A company may have multiple UBOs at the same time, and directors and trustees can also be considered as UBOs. In the Netherlands, the UBOs must be registered within one month after registering with the Chamber of Commerce (KVK). However, it is important to note that the Ultimate Beneficial Owner (UBO) register is not available to everyone. You have to be either a UBO yourself or a signatory of a corporation with UBOs. Private companies’ withholding structures may also prevent them from viewing UBO data for all of the entities to which they are connected.

Conducting AML Checks on Businesses in the Netherlands

Business verification comprises two steps. In the first type, a company under question undergoes a thorough KYB procedure. The second type of verification checks for the individuals associated with a particular business. To verify a company in the Netherlands, these checks are crucial for ensuring the transparent structure of a business. The procedure of AML checks is as follows:

• Sanction Lists Checks: This list is maintained by either government or foreign authorities. They have all the relevant information about entities and individuals that have been sanctioned. The sanction list contains the following information:

1. Other/ false name
2. Place of birth
3. Date of birth
4. ID numbers
5. Nationality

• Politically Exposed Persons (PEPs) Check: PEPs include high-ranking individuals and their families due to potential money laundering or corruption risks. To verify a company in the Netherlands, businesses need to understand a customer’s political exposure to build an accurate risk profile.

• Watchlist Check: This list contains the data of the individuals who may be involved in financial crimes. It is, therefore, crucial to keep this check to not only prevent money laundering but other financial crimes.

• Adverse Media Checks: Media monitoring of the ultimate beneficial owners and company is important in searching for negative news or adverse media associated with them. Regulatory checkups ensure the ultimate legitimacy of the businesses and their operations.

License and Certifications

Belastingdienst Douane

In the Netherlands, the Ministry of Finance is responsible for all the customs regulations. Dutch Customs Administration (Belastingdienst Douane) manages and controls the regulations related to the customs. This includes the payment of taxes and control of goods that are imported and exported, ensuring compliance with EU customs regulations. The Ministry provides a list of authorized businesses with quick and useful links to the EU regulations and Value Added Tax (VAT) in the Netherlands.

Kansspelautoriteit

In the Netherlands, Kansspelautoriteit is an independent regulatory body for gambling services. To minimize the potential risk, it has a public register of licensees, enabling gamblers to ensure that they play within a safe environment. You can access important data such as organization name, app or license number, and website to verify whether it is authorized. However, there is a language constraint on the portal that provides data on authorized companies in Dutch only.

Farmatec

In the Netherlands, this is the ministry of health, welfare, and sport. All pharmaceutical businesses need to be registered with Farmatec and get verified. It provides approvals, permits, and registrations for medical equipment and medical products. For pharmacies operating online in the Netherlands, it is important to check the list of authorized suppliers to verify their legal status.

Authoriteit Financiële Markten

For operations related to finance in the Netherlands, you must get a license from the Authority Financial Markets Authoriteit Financiële Markten (AFM) to ensure compliance with the Dutch Central Bank. On the permit register, the AFM provides licenses. Similarly, licenses granted by the De Nederlandsche Bank (DNB) are also available on the public registry of the DNB. To operate in the Netherlands, all financial institutions must be registered with either AFM or DNB.

Agentschap Telecom

Providers of public telecommunications in the Netherlands must be registered with Agentschap Telecom (AT), ensuring that the connections are secure and building customer trust.

Read More: How to Verify a Company in China? An Ultimate Guide

How Can The KYB Help You Verify a Company in the Netherlands?

At the KYB, you can access additional company information. We have ample sources that can help you gain insight into the business you are verifying. Our platform eliminates different hurdles related to business verification, such as foreign language and inaccessibility of legal documents. In order to verify a company in the Netherlands, you can easily retrieve business registries and gain access to necessary data without language barriers.

The KYB consolidates data from 40+ official data sources for company verification in the Netherlands in one platform. With integrated AML checks, the credibility of the business verification process is significantly enhanced. The KYB is the all-in-one platform offering global reach by providing access to over 250 corporate registries and 120+ million legal entities, including the Netherlands, streamlining and expediting the verification process. With our real-time data integration, which includes highly swift API and record keeping, you can verify a company in the Netherlands within no time.

Please contact us today to get the full sources and understand how we can help you in verifying businesses worldwide.