Incorporate a BV, Firm24 vs a regular notary

1. Exploring your options

As an entrepreneur you will need to explore your best options. This is the phase where you will most likely be seeking advice and help. Most entrepreneurs do not have the substantive knowledge if it comes to incorporating a company, such as the tax or the legal consequences. To make sure you chose the legal form and structure that suits you and your business, we would always recommend getting the right advice.

Advice at a regular notary

• Having to make an appointment to get advised
• Only being able to request information through email
• Always being charged the hourly rate when given advice
• Only being able to have contact with your notary during working hours (9am - 5pm)

Advice at Firm24

• Speaking to competent advisors directly
• Advice and contact through phone, chat or email
• Free advice and help before, during, and after the process
• Open 7 days a week (until 10:00pm on weekdays)

2. The procedure of requesting

When you feel like you have enough information on what legal form and structure suits you best, it is time to start the procedure. This is where you decide how the business is going to operate; what will the exact structure be, who will hold the shares, who will be the directors and what is the share capital gonna be? Most important: what is the goal of your BV and what will the activities of the company be? Although this is a lot to think about, it is important to get this right straight away. The right assistance is a must, especially when you are starting your first incorporation.

Requesting an incorporation at a regular notary

• Usually an appointment at the office is mandatory
• You depend on the availability of the notary
• Additional questions during the process are not incorporated in the standard prices
• Questions and assistance only at hourly rate + no tax advice

Requesting an incorporation at Firm24

• A well explained online requesting form
• You stop and continue with the process whenever it suits you
• Free expert assistance whenever you need it
• Providing legal and tax expertise

3. The process of incorporation

Once you have decided how the BV will be operating and what the business structure will be, the notary is ready to start your incorporation. The notary will start by making a draft deed of incorporation. The deed of your new BV will be incorporated into this draft. The deed can be seen as the ‘rules to play by’ for your BV. How everything is managed internally, how the decisions will be made and how the shares are divided is all laid down in the deed. Because of the importance of this document, changes can only be made through the notary.

The process of incorporation at a regular notary

• An appointment at the notary’s office is mandatory for identification
• Longer waiting times to make an appointment
• Documents are not available online

The process of incorporation at Firm24

• Unique provider of online identification
• Digital identification conform the GDPR
• Confirming your draft deed online
• Signing your power of attorney online
• The final meeting with the notary through Facetime or Skype

4. The cost of incorporation

The cost of incorporation varies a lot. One notary might charge € 700,- ex. VAT, while another notary might be charging € 2.500,- ex. VAT. You might think that will be a very special BV, for such a high price. Unfortunately, nothing could be further from the truth; it still is the same deed. Although a lot of sites that help you compare prices suggest that there are also prices underneath € 500,-, this is usually not completely true. A lot of additional costs usually have to be made in these cases. For the most basic advice or assistance these parties will easily charge hundreds of euros. Be aware of that.

The cost of incorporation at a regular notary

• High cost of incorporation (somewhere between € 700 ex. - € 2.500 ex.)
• Non-transparent pricing
• Extra proceedings at hourly rate
• Mandatory contribution to client investigation
• Mandatory office costs and advances

Cost of incorporation at Firm24

• Low price for incorporation (€ 549 ex.)
• Transparant pricing
• A discount (25%) when incorporating a BV in combination with personal holdings
• Customization is always a possibility for the best pricing

5. Your BV is incorporated

After the deed has passed, the BV is incorporated. The notary will then submit a request at the Kvk (Dutch Chamber of Commerce) to register your new BV in the Dutch Business Register. You will then receive the Kvk extract and you will now be able to open a business bank account!

After your incorporation

• The shareholders register only on paper
• Losing the shareholders register is a known problem
• Expensive document to replace (€100 - €200)
• Sensitive to fraud

After your incorporation via Firm24

• One of a kind online shareholders register
• In anticipation of the plans of the government
• A clear overview in your dashboard to manage your BV
• 100% guarded and fraud resistant

Concluding

As an entrepreneur you do not want to waste time doing things that are not directly beneficial to your business. You want to spend as much time running your business; that is the part you are best at. By providing the services that suit you and using the newest innovations, we hope to make everything as easy as possible for you. Go and try out our services! It is completely without obligation, you do not commit to anything and our experts are here to help you.

Firm24 - Your company starts here