Why Branch Registration in the Netherlands is Important to consider as option to enter a new market
Registering a branch is an efficient, cost-effective way to expand your business into a foreign market. The Netherlands, with its robust...
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Every entrepreneur is legally obliged to keep his administration for 7 years (fiscal retention obligation). However, we strive to minimize administrative burdens and sometimes use shorter retention periods. How long you have to keep your administration depends on the importance we have with the different types of data in your administration. Certain parts of your administration are regarded as basic data.
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Basic data storage for 7 years
The Tax and Customs Administration distinguishes various data within your administration. The fiscal retention obligation of 7 years applies to the so-called basic data. These are the most interesting for the tax authorities.
The basic data includes the general ledger, the debtor and creditor administration, the stock administration, the purchasing and sales administration and the payroll administration. After 7 years, the tax authorities will no longer request this information from you.
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Keeping data for immovable property for 10 years
There are also data that you must keep for 10 years. These are the details of real estate, such as your business premises.
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Making agreements about keeping documents
You can make agreements with the Tax and Customs Administration about the form in which you keep the data and about the level of detail (such as timesheets or counters of the cash register). Most you can archive digitally.
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Agreements about shorter retention periods
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For all data that are not regarded as basic data, you can make agreements with the tax authorities about possible shorter retention periods. Be careful that if you make agreements with the Tax and Customs Administration about shorter retention periods, there may also be other government institutions that do adhere to the statutory retention period of 7 years.
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Keeping your records is your own responsibility
The obligation to keep your records also applies to computer programs and files. You are therefore obliged to make regular updates and backups of the computer on which you keep your administration. In principle, all data that you record on paper or electronically belongs to the administration of your company. Think of cash administration, receipts, invoices and bank statements.
Please note: a crashed laptop or stolen hard drive is no excuse for the Tax Authorities not to comply with the retention obligation.
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Scan all your documents
Scan invoices, receipts, contracts and other important papers as much as possible. Paper is fragile; many receipts are even printed on paper that becomes illegible under the influence of sunlight within a few months. For example, use an accounting tool like Basecone to scan all your receipts directly on your smartphone.
What is part of your ‘Administration’ ?
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All information about your company that you record on paper or in digital form is part of your administration. Examples of this are:
cash administration (also draft notes) and receipts
financial notes, such as the purchase and sales book
interim calculations made
invoices received and copies of invoices sent
Bank statements
contracts, agreements and other arrangements
agendas and appointment books
Correspondence
software and data files
A lot of data is first digitally recorded. This not only concerns the files of the financial administration, but also, for example, the business agenda that you keep with your mobile phone. Or the sales data that you register with a cash register system and the administration and parts of the business process (such as sales via a web store) that go via the internet.
You can organize and maintain your administration in a way that suits your company. You must take into account that your administration is the basis for your returns. If your records are not complete and cannot be checked within a reasonable period of time or if you do not keep your records long enough, this can have unpleasant consequences. We can then determine your turnover and profit and calculate the tax.
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Category | Business Formation
This article will inform you on the different types of Dutch legal entities
How to start a sole proprietorship in the Netherlands in a few simple steps.
A holding company is really just a BV (Private Limited Company).
In this article we will explain you the details of the Formation Deed, and why they are so important.
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Our Services
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What is House of Companies?House of Companies is in first instance a new concept in offering flexible office solutions and registered office addresses, covering more than 4.000 locations. Aside from full service office facilities (from dealing with your mail, to answering the phone) , we offer a ‘branch out membership’ which provides you the tools to start a new business, or keep your business running, at the lowest costs possible. House of Companies is located at an amazing mansion, on a 50.000m2 estate in the Netherlands offering room for hundreds of companies. But we also offer +4.000 locations in cooperation with partners.
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Can anybody use the services of House of Companies?Yes, basically anybody can use the services of the House of Companies. Even if you are not an entrepreneur yet! Our services are very low-key which allows companies of any sizes to expand overseas. We do have a strict onboarding process in place, and don’t deal with companies focused on tax avoidance, or who have operations in sanctioned countries, as well as certain sensitive industries.
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Is using a registered office address legal?Yes, 100% legal! Our team has over 10 years experience in providing registered office services, and our locations meet the standards of the Dutch Chamber of Commerce. Our locations provide a full time reception, and our locations are always able to provide you a working space when need be.
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Do I pay taxes when I use a virtual office in the Netherlands?A ‘virtual office’ typically does not pay taxes (yet). This is not due to a special tax status, but simply because a virtual office has no actual operations (or substance) yet (or has not started to make a profit, doing sales, or employing staff). In fact, a ‘virtual office’ is typically considered a ‘representative office’ and is not required to be registered at the Chamber of Commerce. Such requirements might change, once you perform any actual services from the Netherlands, or goods are stored and processed here. In case of doubt, it might be necessary to discuss your situation with a lawyer or accountant, but much information on this topic is available in our Dashboard.
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Does a Dutch company require a local address?In many cases a local company registration requires a local business address. Especially in (Western) European countries this is very common. There are some exceptions, especially in case of a branch registration (or a representative office). A registered office address is required to receive official government letters, and in come cases also to open a local corporate bank account.
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Can my Dutch business open a bank account?Yes, a business dealing on the Dutch market can also open a corporate bank account. However, this is becoming more challenging. House of Companies can inform you about European banks that can open bank accounts for any kind of European entity, without a visit to the bank required.
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When is a registered office address convenient for me?A registered office address is convenient for any kind of business, that is planning to expand to a new market, and is taking it step by step. A registered office address (or virtual office) allows you to explore a new market, while limiting your expenses. It’s not about being ‘virtual’, but it’s about avoiding as much bureaucracy and legal expenses as you can, while your business is not yet at its full capacity. Our tools allow you to get an understanding of the legal framework of a country, so you are able to make the decisions for yourself, rather than having to rely on an accountant or lawyer.
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Can I really submit my corporate tax return myself, without any charges?"Yes, anybody can submit their corporate tax return themselves, without any help from an accountant. Our Dashboard provides you the detailed information, step by step, on how to login to your online Tax Portal, and to file your tax return. Obviously, the more complicated your company activities (and transactions) the more complex your tax return will look like. But if you have almost no operations, then you can save thousands of euros in accounting fees, without requiring any accounting skills! Once your company grows, we offer more detailed information, so you can learn along the way. Or you can decide to involve an accountant at that stage.
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