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What are the account limitations during the founding phase?

Updated over a week ago

For entities in formation in the Netherlands (BV i.o., NV i.o)

Founder Accounts for entities in formation in the Netherlands come with no limitations during the founding phase. You can use the account with all its standard features and benefits as usual - this includes sending and receiving payments, issuing cards, and accessing additional account functionalities!

However, please note that you are required to fully register your company within 90 days of account opening. If the registration is not completed within this period, your account may be subject to review or restrictions in accordance with compliance requirements.

For entities in formation in Germany (GmbH i.G., UG i.G.)

Once your Founder Account application is accepted,we will impose some limitations until you provide us with a registration extract to unblock your business account fully.

Here are the accessible features and limitations for your account during the founding phase.

Accessible Features:

  1. Money Account:

    • You can open one money account with a German IBAN. No other additional account can be opened.

  2. Incoming Transfer:

    • You can only deposit your company's share capital into the money account. The incoming transfer should clearly indicate that it is made for the purpose of a capital contribution in cash towards the share capital of the company in formation.

    • Incoming bank transfers that do not contribute to the initial share capital of the company in formation are not supported by a Founder Account and, subject to regulatory requirements, will be returned to the sender.

    • Transfers are supported via SEPA or International Transfers.

    • Note: Transfers should be made directly from the shareholders’ accounts, and the sender’s name must match the shareholders listed during the application process.

  3. Account Statement:

    • You can generate an Account Statement directly from your Founder Account.

    • Account Statements are available in English, French, German, Italian, and Spanish.

    • Statements can be downloaded in PDF format, which is sufficient for registration to confirm that you have authorized capital deposited in your account.

  4. Team Member:

    • You can add a team member to give access to people who are running the business with you, or to employees or accountants, managing their access levels.

    • Note: The number of team members is limited by the tariff plan of your choosing during the founding phase. You cannot add an additional team member beyond your tariff plan limit.

Restricted Features:

  1. Card Issuance and Utilization:

    • You cannot issue virtual, plastic, or metal business cards.

  2. Additional Money Account:

    • Only one money account is allowed during the founding phase, regardless of your tariff plan.

  3. Interest Account:

    • You cannot open an Interest Account, deposit, earn, or withdraw interest during the founding phase.

  4. Limitation on Transfers and Payments:

    • Only incoming transfers from the shareholders listed during the application process for capital deposits are allowed.

    • Other incoming transfers will be rejected and returned back to the sender.

    • Please note that the card Top Up option is not available for Founder Accounts.

    • Outbound payments, including from the capital deposit, are allowed to:

      • a bank account in the company’s name with another institution; or

      • for the purposes of repayment of the initial share capital to the respective shareholder(s) having provided such initial share capital contribution in cash, either to (i) the accounts from which the relevant incoming payments have originated or (ii) in our reasonable discretion, any bank account that is in the name of the company in formation or of the shareholder having effected the initial share capital contribution. In the latter case, we may ask you for reasonable supporting evidence.

  5. Set Up SDD Payment:

    • SDD payments are not allowed during the founding phase.

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