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How is KBC Business Banking any different to the rest of the banks?

KBC will have a dedicated Business Partner available to every customer, with no requirements for higher levels of turnover or lending. We are also committed to innovation in our services so that we can offer new and better services in the market to you and your business.

How do I open a KBC Business Product?

The first thing to do is speak to one of our Business Partners to request a meeting, you can request them to contact you here.

What documents do I need to open an account?

Every customer will need to complete an application form. We are also required to identify the beneficial owners/controllers of the business by Photo ID and Address Verification. For limited companies you will also need to provide a copy of your incorporation documents (certificate of incorporation & Constitution or Memo and Articles). Your Business Partner will advise you on the exact requirements in advance of your meeting.

Who is eligible to apply for KBC Business Banking products?

Our business offering is currently targeted at Professionals, i.e. any member of a professional organisation, for example Accountants, Engineers, Doctors, Dentists, Pharmacists etc.

I’m not a professional; will KBC’s Business offering expand to non-professionals in the future?

We are committed to regularly reviewing our offering on an ongoing basis, subject to demand.

Is it a lot of hassle to move my business accounts from my current bank?

No. We are committed to making the switching process as easy as possible. We have a dedicated switching team who will look after this process for you. Further details on the process can be found here. The Department of Finance also has a website at www.switchyourbank.ie for further information.

Can you come to me, or do I have to come into a Hub?

Of course! Our Business Partners will meet you wherever and whenever is most convenient for you, whether that’s at your Business Premises, KBC Hub or somewhere else. Contact us here to arrange.

There is no KBC Hub near me, can I still open a KBC Business account?

Yes! We offer nationwide coverage and as we are a digital first bank, there is no reliance on our Hubs in order to fully operate an account with us. Your Business Partner can explain more about our services at your meeting.

Can I have a chequebook on my KBC Business current account?

As a digital first bank, chequebooks are not part of our business offering. Your Business Partner can bring you through quicker and more secure ways to transfer funds. If only a cheque will do, we can issue a cheque if required.

I have not received authentication codes to access KBC Business Banking Online?

Please contact our Business Support Team here or your Business Partner and we will investigate immediately.

I need to be able to accept debit/credit card payments, can you offer this?

Yes, this can be arranged through KBC’s preferred provider of Merchant Services. Your business partner will be able to give you further information. See here.

Can I pay my staff payroll from my account?

Yes, this is part of our standard Business Banking Online service. 

I’m a solicitor - can you provide a Client’s Account?

Yes, we have a dedicated Client’s Account available if requested.

What rates do KBC offer for qualifying business loans?

Our rates are negotiable depending on the purpose and details of the loan, but are competitive based on similar offerings in the market. Your Business Partner will be happy to give you an indication of rates after gathering some basic information. Please contact us here to find out more.

I’d like to purchase the building my business is renting. Can KBC assess a loan application for this?

Of course! KBC are happy to be able to assess a loan application for this purpose, as we know how important owning your own premises is to a business.

Are my business deposits safe with KBC?

KBC Bank Ireland plc is a 100% subsidiary of KBC Group N.V., which is the second largest bancassurer in Belgium. KBC Bank Ireland plc has provided banking services in Ireland for over 40 years and eligible deposits are covered by the Central Bank of Ireland’s Deposit Guarantee Scheme for amounts up to €100,000 per person, per institution.

Further details of the scheme can be found at https://www.depositguarantee.ie/

Information on CRS and FATCA for Business Banking Customers Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA)

Tax Advice

We recommend you contact a professional and independent tax advisor to discuss your business tax situation, to help you understand the international regulations and ensure you comply with them. We do not offer tax advice and are unable to help you decide your tax status or guide you with filling in forms. We can however provide some general explanatory information which we have included below.

What is the CRS?

The CRS was approved by the Organisation for Economic Cooperation and Development (OECD) in 2014, and is a new single global standard on Automatic Exchange of Information (AEOI). The aim of CRS is to have a globally co-ordinated approach to the disclosure of financial account information in respect of individuals and organisations, in order to combat tax avoidance. The CRS imposes on all financial institutions in participating jurisdictions, duties of identification, classification and reporting of accounts held by reportable customers to its local country tax authorities. There will then be a reciprocal automated exchange of this information between tax authorities in participating jurisdictions. Section 891F of the Taxes Consolidation Act 1997 implements CRS into Irish Law.

What is FATCA?

The Foreign Account Tax Compliance Act (FATCA) is a piece of U.S. legislation. Its aim is to combat tax evasion by U.S. citizens and residents who hold assets off-shore by improving the exchange of information between the U.S. and foreign tax authorities. In December 2012, the Irish Government signed an agreement with the U.S. in relation to the implementation of FATCA in Ireland. The agreement provides for the automatic reporting and exchange of information on an annual basis in relation to Financial Accounts held in Irish Financial Institutions by U.S. persons, and the reciprocal exchange of information regarding U.S. Financial Accounts held by Irish residents. Section 891E of the Taxes Consolidation Act 1997 implements FATCA into Irish Law.

What is the impact of FATCA and CRS on You?

When opening business accounts, we have a legal requirement to obtain a CRS and FATCA Self-Certification from the customer as part of the account opening documentation. This Self-Certification is required to (a) determine whether the account holder is a U.S. Citizen, (b) determine the account holders’ residence(s) for tax purposes, and (c) obtain the applicable foreign Tax Identification Number (TIN) if appropriate. We must also confirm the reasonableness of the Self-Certification based on information obtained in connection with the account opening. If customers do not provide all the information requested, we will not be able to proceed with opening the new account until the relevant information is provided.

If a business customer is a U.S. Citizen and/or has a tax residence outside of the Republic of Ireland and does not provide us with a foreign TIN*, we cannot open the account. (*except in limited circumstances e.g. where foreign country does not issue TIN)

We are obliged to submit an annual return to the Irish Revenue providing information on reportable customers (e.g. U.S. Citizens and other customers who are tax resident outside of the Republic of Ireland). The Irish Revenue will then forward this information to the relevant participating jurisdiction.

Under the CRS and FATCA, we are required to undertake certain identification and due diligence on our customers. We may contact customers requesting that they complete a CRS and FATCA Self-Certification form. If the customer does not provide us with a completed Self-Certification we may be required under law to provide some of your details to the Irish Revenue as someone who has not replied. Providing a completed Self-Certification form will help us to decide if we need to share your information or take you out of scope of reporting.

Who will be reported?

U.S. citizens and persons who are resident outside of the Republic of Ireland for tax purposes are reportable.

What information will be reported?

If a customer has a tax residency outside of the Republic of Ireland or are a U.S. Citizen, we are required to report the following details in respect of all accounts that a customer holds with us to the Irish Revenue (where relevant): name, address, date of birth, place of birth, account number, U.S. citizenship and/or jurisdiction(s) of residence, Tax Identification Number (TIN), account balance at year end and interest payments made during the calendar year. Irish Revenue will report this data to the tax authorities of each participating country where the customer is tax resident or to the IRS in the case of U.S. citizens.

Information on Tax Residency and Citizenship

Tax residence relates to where you live, and citizenship relates to where you were born or the country of your passport. You can be tax resident in one country and a citizen of another. Each country has its own rules on tax residence.

Further information on U.S. Citizenship and tax residence is available at https://www.irs.gov/individuals/international-taxpayers

Further information on tax residency of jurisdictions is available at
http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760

What is a TIN?

A Taxpayer Identification Number (TIN) is a generic term for the unique reference number held for an individual or entity issued by the relevant Tax Authorities. For example this might be your National Insurance Number or Social Security Number for individuals. For entities, this might be your Employer Identification Number, Unique Business Reference or Corporation Tax Number. Other examples can be found via the Tax Identification Numbers (TINs) webpage: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/#d.en.347759

Unable to provide a U.S. TIN

Where a customer is a U.S. citizen by reason of having been born in the U.S.A., we cannot proceed to open the account where the customer is unable to provide us with a U.S. TIN. Where a customer advises that they have never received a U.S. TIN, in order to open an account, the customer must apply to the U.S. for a TIN, or, renounce their U.S. Citizenship. The FATCA FAQ’s for U.S. Citizens at the following link gives more information on how this can be done. This direction has been received from the Irish Revenue. https://www.revenue.ie/en/companies-and-charities/international-tax/aeoi/what-is-the-foreign-account-tax-compliance-act-fatca.aspx.

When might you have to recomplete a Self-Certification form?

  • If you have not completed all the mandatory sections of the form
  • If the TIN is missing without explanation or in an invalid format
  • If the form is not signed and dated correctly
  • If the person signing the form is not listed as an authorised signatory on our records for the account or does not have the capacity to sign on your behalf
  • Altering the documents would also mean we would have to send them back to you. For example:
    • If you cross out any information, including the pre-printed text,
    • If you over-write any information, or use correction fluid to change the content
  • If you haven’t submitted all the relevant additional documentation you’ve been asked for, e.g.  copy of passport/driving licence etc

Information Sources

You can find more information on https://www.revenue.ie/en/companies-and-charities/international-tax/aeoi/index.aspx

Tax Advice and Disclaimer

We recommend you contact a professional and independent tax advisor to discuss your tax situation, to help you understand the international regulations and ensure you comply with them.

Please note that the information contained in this document is for information purposes only and is intended for general distribution.  Please note that KBC does not offer taxation advice and will not be liable for any errors contained in Self-Certification forms. If you have any questions on CRS/FATCA you should contact your tax advisor or the Irish Revenue.

My question is not listed here

If you have any questions not covered by the above, please contact our Business Support Team here or your Business Partner.