In this video, we explain in a few steps how to ending your BV.

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Business.gov.nl
Information for entrepreneurs.
Step-by-step plan: ending your BV.

Host Claire King:

Do you want to end your private limited company, your BV.
First, have your BV dissolved.
Then settle your corporate income tax and deregister your BV with KVK.
In this video, I will briefly take you through the most important steps to closing down your private limited company.
Then you will see what you need to know and arrange.

Let's start with step one: Prepare.

Check the agreements with all the shareholders.
Do you have fellow shareholders?
Check what agreements you have made with them.
You can find these in the articles of association or in a shareholders’ agreement, for example.

Investigate the financial consequences.
If you close down your BV you must draw up a final balance sheet.
This is a final overview of the assets of your BV.
After that, these assets must be financially settled and distributed.
To do so, check the following:

Inventory and equipment.
Your BV may no longer have any assets.
This includes debtors, machinery and money in the bank.
If there is money left in the bank after the dissolution of the BV it will go to the shareholders.
Unless otherwise agreed in the articles of association.
Transferring the registration number.
Does your company own a vehicle?
If so, don't forget to transfer the registration number to your own name.

Repaying financiers.
Does your BV have any loans or lease agreements?
Check what agreements have been made about these and how long the contracts will run.
Are you unable to fulfill your payment obligations?
Then contact the financier and work out a solution together.

Liability.
After you have ended your BV you remain liable for risks.
For example, you still have to pay off your debts.
With some insurers you can include the risks of ending your business in a business liability insurance.
This is called a run-off risk.
It insures you against claims after you have closed down your BV.

Cancelling contracts and insurance.
For example, your current permits, rental agreements lease agreements and subscriptions.

Cancelling your business bank account.
First download all bank statements and the annual financial statement before you cancel your bank account.
Stop direct debit agreements and periodic payments and cancel any business credit cards and insurance policies.
Find out what to do if you are in debt.
Do you have to end your business because you are in debt?

Investigate your options.
For temporary debts you can first request a postponement.
This is called a suspension of payment.
Are there still debts left?
Then you must file for bankruptcy.

Dismissing staff.
Will you need to dismiss staff?
Then you must apply for a dismissal permit from the employee insurance agency, UWV.
You can lay down agreements in a social plan.
For example, about a transition payment and help with finding new work.

Also inform the Netherlands Tax Administration of the dismissal.
The Tax Administration will then determine that you no longer have to withhold payroll taxes and that you are no longer required to file tax returns for your staff.

Inform your staff and customers.
Closing down your business will also have financial consequences for your staff.
So tell your staff as soon as possible that you are going to end your business.
So they can look for other work in time.
Also, carefully review any contracts or agreements you have with customers.
Let your customers and suppliers know that you are closing down.

We now move on to step two: Dissolve your private limited company.

To end your private limited company must first dissolve it.
The General Meeting of shareholders takes the official decision to do so.
The shareholders agree on the moment when the BV will terminate.

Does your BV have no assets?
Then you can carry out a fast-track liquidation.
This is a quick way to dissolve your BV.
Log in with your DigiD on kvk.nl and follow the steps to deregister your BV.

Does your BV have any assets?
If so, you must first fill in form 17a reporting a dissolution of a legal entity.
You must also appoint a liquidator who will assess and distribute the assets.
Once the liquidation (distribution) has been completed and there are no objections, you must fill in form 17b reporting the end of a legal entity after liquidation.
Both forms can be found at kvk.nl.
In both situations, KVK will inform the Tax Administration that your BV has closed down.
The Tax Administration will send you a letter about the consequences for corporate income tax and VAT.

We continue to step three.
Take laws and regulations into account.

Pay turnover tax (VAT).
After the Tax Administration has received notification from KVK that your BV has been deregistered.
You will receive a letter from them.
This letter states that you may have to file a final VAT return.
Only once you have done so will the Tax Administration send you a final confirmation of deregistration as an entrepreneur for VAT purposes.

Settle your corporate income tax.
The Tax Administration will send you a letter to confirm your deregistration and to inform you that you must settle your tax affairs.
You must file a final corporate income tax return.

Are you a director and a major shareholder of the BV and do you receive a salary from the BV?
Then the same tax rules apply to you as to other employees.
You pay income tax on your salary.

Does the BV own a building?
Then you may have to pay the Tax Administration on the increase in value.
Save your business administration After closing down your private limited company you must save your business administration for at least seven years and some data even longer.
The Tax Administration website, belastingdienst.nl lists which data you must keep for a longer period.
Appoint someone who will be responsible for this.
You must give KVK the name of that person when you deregister.
You may also scan your paper records and only keep them digitally.
Also, make sure you submit the published financial statements to KVK.
If you do not do this you may be fined.

Then we move on to the last step: Good to know.

See if you can apply for benefits.
Is your business no longer viable?
Then you may be able to apply for benefits from your municipality.
Depending on your situation you may be able to apply for social assistance benefits or an IOAZ benefit.
Ask your municipality what the possibilities are for you.

You now know the most important steps to take to end your BV.
Want to know more? Go to Business.gov.nl.

A title appears on screen.
Business.gov.nl 
Information for entrepreneurs.