Procedure
Dutch advisor should comment on tax/and legal requirements of intended set-up.

Timing
10 business days

Executer
Dutch (tax) advisory firm

Procedure
Engage with Dutch notary, who will draft PoA for incorporating person or body and draft the articles of the to be incorporated company.

Timing
5 to 10 business days

Executer
Dutch notary

Procedure
Provide local director(s) to enable to local company to comply with local substance requirements (at least 50% of board should consist of resident directors).

Timing
5 to 10 business days

Executer
First European

Procedure
Current merchant agreements with US PSP’s may need to be amended or appendices need to be added to ensure the local entity will be collecting local revenue at regional interchange rates.

Timing
10 to 30 business days

Executer
US payments team and First European can assist

Procedure
Bank account(s) in the name of the DutchCo should be opened. Can be a bank in any jurisdiction as long as local board is managing the bank account.

Timing
10 to 90 business days

Executer
Finance or Treasury team or First European can assist

Procedure
Upon incorporation DutchCo will be registered with the local Chamber of Commerce and a tax identification number will be issued. In case applicable specific VAT and wage tax numbers can be applied for and DutchCo will be registered with the Dutch Central Bank.

Timing
2 to 5 business days

Executer
Dutch notary and/or First European

Procedure
When local staff will be hired looking office space will be required. There are multiple commercial lease opportunities in Amsterdam and surrouding areas.

Timing
10 to 30 business days

Executer
Amsterdam in Business and/or First European

Procedure
If local staff will be hired recruiment agencies can assist with finding personnel both locally as abroad.

Timing
pm

Executer
local recruitment agencies and/or First European

Procedure
Staff of DutchCo will require labor contracts based on Dutch labor law.

Timing
pm

Executer
First European in collaboration with Dutch law firm where appropriate

Procedure
For locally hired personnel a Dutch pay-roll needs to be set up and local wage tax and social security premiums will have to be paid by DutchCo to the local tax authorities monthly. If staff in other EU jurisdictions will be hired by DutchCo a local pay-roll will have to be set-up in that specific jurisdiction.

Timing
5 to 10 business days

Executer
First European

Procedure
When staff will be recruited from abroad and will work from the Netherlands residence and work permits will have to be applied for. In case DutchCo would qualify as recognized sponsor it could even fasttrack the permit application process.

Timing
30 to 40 business days

Executer
First European in collaboration with Dutch law firm where appropriate

Procedure
Staff recruited from abroad that qualify can apply for a so-called 30% ruling. This ruling allows for a deduction of taxable wage and results in an effective income tax rate of 36%.

Timing
10 to 20 business days

Executer
First European and/or Dutch tax advisory firm

Procedure
DutchCo will have to arrange for local bookkeeping and file annual financial statements

Timing
1 business day

Executer
First European

Procedure
DutchCo will most likely have to register for (European) VAT reporting. If MOSS registration is necessary this can be arranged with Dutch tax authorities.

Timing
year-round

Executer
First European and/or Dutch tax advisory firm

Procedure
DutchCo will have keep books, in case desired monthly reporting can be provided. Monthly or quartly VAT returns will have to be filed and annually financial statements will have to be filed.

Timing
year-round

Executer
First European and/or Dutch tax advisory firm

Procedure
In case needed assistance can be provided with finding apartments for staff, arranging (mobile) phone subscriptions, insurances, pension arrangements etcetera.

Timing
year-round

Executer
First European

Procedure
Our accounting team can process and initiate payments of local invoices or other payments in collaboration with the client’s Finance or Treasury team.

Timing
year-round

Executer
First European

Procedure
In case First European provides for a local director we will review all corporate documents and sign these off after approval.

Timing
year-round

Executer
First European

Procedure
In case First European will provide for a business address we will review and process all incoming mail.

Timing
year-round

Executer
First European

Procedure
Between group companies arm’s length pricing needs to be determined and documented.

Timing
10 to 20 business days

Executer
tax advisory firm

Procedure
The DutchCo may perform services (sales/BD/collecting) on behalf of the group so rights, obligations and liabilities and a remuneration will have to be agreed upon.

Timing
5 to 10 business days

Executer
tax advisory and law firm

Procedure
In case data of EU citizens will be processed and/or controlled then the GDPR is applicable. Some minimum requirements should have been met by 25 May 2018.

Timing
within one year aiming for full compliance and year-round maintenance

Executer
First European, in-house counsel and privacy lawyer

Procedure
DutchCo will have to file an annual corporate income tax return with the Dutch tax authorites. This tax return is based on the approved financial statements.

Timing
annually

Executer
Dutch tax advisory firm

Procedure
DutchCo’s website and other external documents may need to be checked for compliance with local laws and regulations. Same for any contracts DutchCo and suppliers would enter into.

Timing
year-round

Executer
First European in collaboration with Dutch law firm where appropriate

Procedure
As soon as a platform has landed in the Netherlands and it would like to look into ways to support the local community and/or environment, implementing a local CSR program could be interesting to look into.

Timing
year-round

Executer
First European in collaboration with Plastic Whale