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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Whether you have just started or have a business for years, you will have to keep the accounts. Some entrepreneurs have experience with accounting, however some might not have any idea on how to keep their company records.
House of Companies allows you to file your corporate tax return and submit your annual accounts yourself. However, if your company has traded, it should first be able to calculate its profits, and deal with other accounting matters.
It is not easy to choose the best accounting program. It takes some research to determine which package is best for you. The question is how you do that and on the basis of which you assess a package. Important starting points are to start with:
Did your company issue any sales invoices, and received purchase invoices?
Do you have the necessary accounting knowledge yourself? Or would you rather outsource it to an accountant?
What type of entrepreneur are you? For example, are you a self-employed person without any accounting knowledge who would like to do as much as possible himself?
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Saving money: keep your records in Excel
Have you just started and don't you have many customers, and therefore invoices to send? Then Excel may be the best accounting solution for you. With Excel templates you create balance sheets and annual accounts.
An advantage is that Excel is free of charge and that the program, or variants thereof, is programmed on almost all computers.
The disadvantage is that you have to know a number of formulas and that your excel reports might not be compliant to shared with the T&CA if needed.
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Save time: keep your records in accounting software
In case your company is operational and has more than 50-100 transactions per year, you might be able to save time by using accounting software.
The software might allow you to automate a large part of your accounting, such as filing the VAT return and create a bank connection. At the same time, you still have your accounting in your own hands. You have to pay for an online accounting program, but you often get the costs out quickly.
If you want to conduct a healthy and efficient online administration, you look beyond your financial administration alone. You may also want to track hours, record mileage, and make quotes. You also want to be able to work well with your accountant or accountant in your accounting package and be able to file returns. For every business activity there is a package that you can support. In that case, a good online accounting package is a package with which you can link other software or which may even partially replace the other applications.
Also consider whether you want to fully automate things, such as being able to automatically load your bank transactions. Or that you don't mind uploading them manually. Also determine which things you want to do yourself and what you want to outsource to an accountant or trust office, such as the VAT or income tax returns.
It is best to list your requirements and wishes with regard to the functionalities. With a good complete list, you can then search online for accounting packages that meet this requirement.
Examples of wishes and requirements for accounting software:
Corporate Income Tax Filing
Bank statements integration
Draft and Send (pro forma) invoices
Send payment reminders to debtors
debtor management
Process purchase invoices
Scan and recognize
foreign currencies
Working in the cloud
Data well provided ( strong security & well secured mobile app)
Possible integration with eg cash register system, CRM package, payroll, time registration, stock management.
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The pricing of accounting software
There are of course very simple, inexpensive accounting programs and there are very extensive, professional and more expensive accounting programs. What is best for your business depends on what you want to do with your accounting program.
The software should especially suit your service. Also be critical in terms of functionalities. Don't pay for features you never use. But do opt for features that will save you a lot of time in the long run.
Try out a demo!
Do you have an accounting software in mind? Don't tie the knot too quickly. You can try out a lot of (free) accounting and other software before you take out a subscription. Do this to properly test all functionalities. Can you work with it as you intended? Is it practical and logical? Does the program also work well for your customers?
Try different accounting programs before making the real choice. Because the right choice for an accounting package ensures that you can work pleasantly and efficiently for years to come.
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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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Registered address requirement
The legal requirements and conditions of your Dutch virtual office.
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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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