Have you just started as a self-employed person? Then you'll soon come across the extract from the Commercial Register. Maybe your bank asks for it when you want to open a business account. Or a client may want to see a recent extract before working with you.
But what exactly is such an extract? And when do you need one of these? In this article, we explain. We explain what an extract is, why it is important for freelancers and how you can easily obtain one yourself.
What is a Commercial Register extract?
An extract from the Trade Register is an official paper from the Chamber of Commerce (CoC). It contains the most important details of your company. Consider the following.
- The name of your company and its legal form
- Your registration number and the address of your establishment
- The date your company was founded
- What activities your company does
- The owner or people authorised
So you can think of the extract as your company's 'passport'. It is proof that your company is officially registered with the Chamber of Commerce.
When do you need it as a self-employed person?
At first, you might think, "Why do I actually need this?" But as a self-employed person, you will often have to deal with it anyway. It can happen in these cases:
- If you want to open a business account at the bank
- When leasing a company car or taking out insurance
- To rent an office or workplace
- When applying for certain government schemes or grants
- Sometimes also when working with larger clients
They usually ask for a recent extract, which is not older than 3 months. Don't have such a thing now? Then you often cannot complete the application or appointment.
How to apply for an extract?
Applying for an extract is thankfully a snap. Go to this link and search for your company name or Chamber of Commerce number. Then choose the type of extract you need:
- Digital excerpt (PDF)
You can download this extract directly. For most situations, this is more than sufficient. Cost: €9.25 - Paper extract with stamp
This will be sent by post or you can collect it. Only needed if an organisation specifically requests it. Cost: €18.55
So the digital version is the quickest and most convenient. Good to know is that you can deduct the cost as a business expense.
Is a screenshot or printout also OK?
No, a screenshot of such an extract is not enough. You really need the official document from the Chamber of Commerce. A screenshot of your profile page does not count. So always request the correct version and save it in your digital records.
Useful to know
As an entrepreneur, you would do well to always have a recent extract ready. For example, in your digital folder of important business documents. That way you don't have to stress if someone suddenly asks for it.
Small tip: check your details at the Chamber of Commerce from time to time. Have you moved? Are you doing other business with your company? Make sure your extract is correct. If the details are not correct, this could cause delays or confusion for applications or collaborations.
Conclusion
An extract from the Trade Register may seem like a small thing, but as a self-employed person, you really need it. It is proof that your company officially exists and you need it for all kinds of business things. Fortunately, applying for it is easy. With a little preparation, you can avoid stress. Make sure you always have a recent version. That way you come across as professional and well prepared.
