A business IBAN gives your company a dedicated account for receiving and sending euro payments, paying suppliers and managing day-to-day financial activity.
But opening one doesn’t necessarily mean going to a traditional bank. Electronic money institutions (EMIs) can also provide business IBAN accounts, with a different operating model and account capabilities.
This guide explains what you’ll need to apply, how the onboarding process works, the practical differences between a bank and an EMI, and what to consider if your business is based outside Belgium or has previously been declined elsewhere.
This article is for you if:
- You want to open a business IBAN in Belgium and need to understand the requirements.
- You’re comparing a traditional bank with an electronic money institution (EMI) and want to understand the practical differences.
- You operate multiple companies, entities or projects and need dedicated IBANs.
- Your company is newly established or has a more complex ownership structure.
- Your company is registered outside Belgium and you need a EUR business IBAN.
- You’ve previously been declined by another provider and want to understand your options.
Does my company need to be based in Belgium?
No. Paynovate can work with companies registered outside Belgium, subject to eligibility and compliance requirements, provided you are looking for a EUR IBAN.
Where your company is registered will determine the documentation and verification required during onboarding. Companies outside Belgium will generally need to provide equivalent corporate documentation from their local jurisdiction.
If you need a multi-currency account rather than a EUR IBAN, this account is not the right fit.
What you need before you apply
The exact documents depend on where your company is registered. For Belgian entities, have the following ready. For companies registered elsewhere, we’ll ask for the equivalent documents available in your jurisdiction.
- Company registration evidence — your KBO/BCE number and a recent extract from the Crossroads Bank for Enterprises for Belgian entities, or equivalent company registration evidence from your jurisdiction.
- Articles of association — the latest coordinated articles or equivalent constitutional documents.
- Ownership information — a recent UBO register extract (maximum three months old) and shareholder register.
- Director information — the register of directors and evidence of the appointment of directors and representatives.
- Company structure — a company organisational chart and, where applicable, a group organisational chart.
- Financial and business information — your latest financial statements, plus your business model and expected flows. A financial plan may also be required where applicable.
- Licences and authorisations — any professional licences, permits or regulatory authorisations required for your business.
- Proof of address — for example, a recent utility bill or another official document issued in the company’s exact legal name.
For foreign entities, we’ll request equivalent evidence from the relevant jurisdiction. Depending on the documents and jurisdiction, a certified translation may also be required.
If your company is newly established or has limited financial or trading history, we may need additional information to understand and verify the business. That’s a normal part of the review process.
Bank account or EMI account: what’s the difference?
Both banks and electronic money institutions can provide a euro IBAN in your company’s name. However, they are regulated differently and offer different types of services.
How your funds are held
- Bank — Funds are held as deposits and may be used by the bank as part of its lending activities.
- Electronic Money Institution (EMI) — Customer funds are safeguarded separately in accordance with regulatory requirements.
Protection if the institution fails
- Bank — Eligible deposits may be protected by the applicable deposit guarantee scheme, subject to its terms and limits.
- Electronic Money Institution (EMI) — Customer funds are safeguarded separately and are not covered by the bank deposit guarantee scheme.
Overdrafts / lending
- Bank — Available, depending on the bank and customer.
- Electronic Money Institution (EMI) — Not offered.
Multi-entity / holding structures
- Bank — Group structure and entities are assessed as part of onboarding.
- Electronic Money Institution (EMI) — Group structure and entities are assessed as part of onboarding, with dedicated IBANs available per entity or project.
Typical onboarding speed
- Bank — Varies depending on the business profile and required checks
- Electronic Money Institution (EMI) — Varies depending on the business profile and required checks
Best fit if you need
- Bank — Lending, overdrafts or other traditional banking services.
- Electronic Money Institution (EMI) — EUR accounts, payments and related payment services without a lending requirement.
Paynovate is an electronic money institution licensed by the National Bank of Belgium since 2019.
Learn how we safeguard client funds →
Neither option is inherently better. The right choice depends on the services your business needs. If lending or an overdraft is essential, a bank may be the better fit. If your priority is a EUR account and payment services, an EMI can provide an alternative.
How long does it take to open a business IBAN?
For a straightforward application with complete documentation, most Paynovate clients can be live within days.
Timelines can vary depending on the company structure, jurisdiction, completeness of ownership information, sector and any additional checks required.
A group structure may need to be understood in more detail, for example, while shareholders or entities in certain jurisdictions may require additional verification. Similarly, we may need more information about the business model or expected flows before completing the review.
These factors don’t necessarily mean an application will be refused. Providing complete and accurate information from the outset helps keep the process moving.
When your business doesn’t fit the standard profile
Not every business has a simple ownership structure or a long trading history. That doesn’t remove the need for KYC, KYB and AML checks, but different providers may have different risk appetites, onboarding approaches and customer profiles.
Multiple entities or a holding structure
If you operate several companies, or a holding company with operating subsidiaries, onboarding will typically require information on the wider group structure and the entities involved.
With Paynovate, you can hold dedicated IBANs per entity or project under one relationship, helping simplify reconciliation, reporting and day-to-day account management.
Companies registered outside Belgium
Your company does not necessarily need to be registered in Belgium to apply for a Paynovate EUR IBAN.
For foreign entities, we’ll request corporate and supporting documentation equivalent to the Belgian requirements from the relevant jurisdiction. Additional verification or certified translations may be required depending on the company and jurisdiction.
All applications remain subject to Paynovate’s eligibility, compliance and risk requirements.
Another provider has already refused your application
A previous refusal does not automatically mean another provider will reach the same decision.
Different institutions can have different risk appetites, sector policies and onboarding requirements. A company’s structure, jurisdiction, business model or limited trading history can all influence an institution’s decision.
What doesn’t change are the regulatory checks. Regulated providers must comply with applicable KYC, KYB and AML requirements. What can differ is their risk appetite, onboarding approach and the types of businesses they are prepared to serve.
What you can do with a Paynovate business IBAN
A Paynovate business IBAN can support the day-to-day movement and management of euro funds, including:
- SEPA Credit Transfer — send and receive standard euro payments across the SEPA zone.
- SEPA Instant — make eligible euro payments that settle in seconds, around the clock.
- SEPA Direct Debit — collect recurring euro payments from your customers.
- Open Banking — connect your account to compatible accounting or treasury tools.
- Dedicated IBANs — create dedicated IBANs per entity or project under one relationship.
- Cards — issue cards from the same balance, bringing spending and settlement together.
What’s not included?
Being clear about what the account doesn’t offer is just as important:
- EUR only — Paynovate does not offer multi-currency accounts.
- No lending — there are no overdrafts, credit lines or business loans.
If multi-currency accounts or lending are core requirements for your business, you may need a bank or another provider alongside your Paynovate account.
How to open your business IBAN: step by step
- Speak with our team: start with a quick introductory conversation with one of our Account Executives. We’ll discuss your business, requirements and structure and determine the appropriate setup.
- Send your documents: we’ll confirm the corporate and supporting documentation required for your company and jurisdiction.
- Complete KYC and KYB review: we verify the entity, beneficial owners, business activity and other required information. If something needs clarification, we’ll ask for additional information.
- Open your account: once onboarding is successfully completed, your IBAN is issued and you can start receiving and sending euro payments.
- Add what you need: depending on your setup, you can add dedicated IBANs per entity or project, cards and Direct Debit capabilities.
Talk to us about opening a business IBAN →
Frequently asked questions
Do I need a Belgian company to open a business IBAN?
No. Paynovate can work with companies registered outside Belgium, subject to eligibility, compliance and risk requirements, provided you are looking for a EUR IBAN. Documentation requirements will depend on the jurisdiction where your company is registered.
Can a non-resident director open a business IBAN in Belgium?
Directors and beneficial owners do not necessarily need to reside in Belgium. Additional documentation or verification may be required depending on their jurisdiction and the company’s structure.
What documents do I need to open a business IBAN?
The exact requirements depend on your jurisdiction and company structure. They typically include company registration evidence, constitutional documents, ownership and director information, company structure, financial and business information, relevant licences or authorisations and proof of company address.
Foreign entities will generally need to provide equivalent evidence from their jurisdiction, and certified translations may be required where necessary.
How long does it take to open a business IBAN?
For straightforward applications with complete documentation, most Paynovate clients can be live within days. More complex structures, jurisdictions or additional verification requirements may extend the process.
Can I apply if another bank or provider declined my business?
Potentially. A previous refusal doesn’t automatically determine the outcome of a Paynovate application. Providers have different risk appetites and onboarding policies, while all applications remain subject to the required KYC, KYB and AML checks.
Can I hold currencies other than euros?
No. Paynovate’s business IBAN offering is EUR-only. If you need to hold and manage multiple currencies, you’ll need another solution alongside it.
