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Finance

Key differences between a holding BV and operational BV

Designing a BV structure that protects assets while keeping operations lean.

6 nov 2025

•

23 min

Intro

If you’re creating a Dutch BV, one of the first strategic choices is whether you set up one BV or a holding structure: a Holding BV (parent) plus an Operational BV / Werkmaatschappij (subsidiary that runs the day-to-day business). The structure affects risk, taxes, bookkeeping complexity, payroll setup, and how you pay yourself as a DGA.

Below is a practical guide for entrepreneurs that covers the differences, plus the tax/accounting/payroll gotchas to plan for.

Quick definitions

What is a Holding BV?

A Holding BV primarily owns shares in one or more other companies (like a work BV). It often also holds IP, cash reserves, or investments, and may invoice the work BV for management services (via a management fee).

What is an Operational BV (Werkmaatschappij)?

An Operational BV (also called Werk-BV) is the entity that employs staff, signs client contracts, runs operations, and carries most business risks (claims, warranties, liabilities).

The key differences (high intent section)

Topic	Holding BV	Operational BV / Werkmaatschappij
Core function	Owns shares, holds assets, can provide management	Runs the business, contracts, revenue, operations
Risk exposure	Usually lower (if structured correctly)	Higher (commercial and legal risks sit here)
Where profits “land”	Receives dividends/management fee	Generates operating profit from activities
Employees	Often only the DGA (sometimes none)	Staff are commonly employed here
VAT posture	Often nuanced (active vs passive holding)	Typically straightforward VAT entrepreneur
Financing	Can lend to work BV; may hold reserves	Uses working capital; may be financed by holding
Sale readiness	Often easier to sell a subsidiary (shares deal)	The company being sold (often the work BV)

Why entrepreneurs use a Holding + Work BV structure

Risk segregation and asset protection

A classic reason: keep valuable assets (cash, IP, brand, long-term investments) in the holding, and keep operational risk in the work BV. If the work BV faces a claim, the holding’s assets may be better shielded—if you avoid improper intercompany transactions and keep governance clean.

Flexibility for growth (more subsidiaries later)

Want a second business line? You can add another work BV under the same holding. That’s often cleaner than mixing everything in one entity.

Easier exit options

You can sell the work BV shares while keeping the holding (and other assets) intact. In many cases, the participation exemption matters here (more below).

Tax implications you must understand (before you incorporate)

This is general information, not personal tax advice.

Corporate income tax (Vpb): each BV is its own taxpayer (unless fiscal unity)

Each BV normally files its own corporate income tax return. A holding structure increases admin, but can provide planning options.

Fiscal unity for corporate income tax (FE Vpb)

In some situations you can request a fiscal unity so profits and losses are effectively pooled (loss offset between group companies is a common benefit). But there are conditions and consequences.

Practical founder takeaway: if one BV is loss-making (startup phase) and another is profitable, FE Vpb may speed up tax relief—but it’s not “free” (think liability and compliance).

Dividends between work BV → holding BV: participation exemption (often the point)

If the holding owns a qualifying participation in the work BV, dividends and gains on sale can often be exempt at holding level under the participation exemption (deelnemingsvrijstelling).

Founder translation: profit can move from work BV to holding BV via dividend without another layer of corporate tax at holding level (in qualifying cases).

Paying yourself: DGA salary rules (payroll + income tax)

Most founders with a BV are a DGA (director-major shareholder). The “gebruikelijk loon” (customary salary) rules apply.

For 2026, the Belastingdienst norm amount referenced is €58,000 (and it was €56,000 in 2025/2024), with the salary requirement based on the highest of the statutory comparisons.

Structure choice implication: many founders pay themselves from the holding (with a management agreement + management fee from the work BV), but paying from the work BV can also be valid depending on your setup.

VAT (BTW): holdings are tricky—especially since 1 July 2025

VAT is one of the most misunderstood parts of holding structures.

VAT fiscal unity (FE BTW)

If you form a VAT fiscal unity, the group is treated as one VAT entrepreneur, which usually means:

one VAT return, and
no VAT charged on internal services between members (like management fees).

Big update: policy changes affecting holdings (from 1 July 2025)

From 1 July 2025, new policy rules affected how holdings are treated for VAT purposes (including who can be included in a VAT fiscal unity and how VAT deduction works, depending on whether the holding is “active”/intervening in management).

Founder checklist (VAT):

Is your holding a pure holding (only shareholding) or an active holding (charging management services)?
Are you relying on VAT deduction on holding costs (advisors, acquisitions, IP costs)?
Do you need a VAT fiscal unity to prevent VAT leakage on management fees?

Accounting & administration implications (what changes in your bookkeeping)

Two BVs = two administrations (minimum)

With a holding structure you’ll typically have:

separate bookkeeping files
separate bank accounts
separate annual accounts and filings (in most cases)

Even with fiscal unity for tax, the legal entities still exist and should be administered properly.

Intercompany transactions must be documented (don’t wing it)

Common intercompany items:

management fee (holding invoices work BV)
intercompany loan
IP license fee
cost sharing (insurance, software, office)

If you book “random transfers,” you risk:

messy year-end reconciliation,
VAT errors,
challenges proving business purpose.

Payroll implications (and common founder mistakes)

Who employs whom?

You must decide where:

the DGA is employed (often holding),
the team is employed (often work BV)

This affects:

payroll tax registrations,
employment contracts,
who bears wage costs,
potential wage subsidies/insurance positioning (case-specific).

Management fee vs salary cost allocation

If the DGA is on holding payroll, the work BV often pays the holding a management fee to cover:

salary + employer charges,
overhead,
a margin (sometimes).

VAT angle: if there’s no VAT fiscal unity, management fees typically have VAT implications.

Common setups (and when they make sense)

Setup A: One BV only

Best when:

low risk, simple business,
you want minimal admin costs,
no near-term plan for multiple entities or sale structuring.

Trade-off: fewer levers for risk segregation and future flexibility.

Setup B: Holding BV + one Work BV

Best when:

you want risk segregation,
plan to build cash/investments safely,
expect growth, acquisitions, or a potential exit.

Trade-off: more accounting, more compliance, more moving parts (VAT + payroll coordination).

Step-by-step: what entrepreneurs should decide before forming a BV structure

Do you need risk segregation now?
Will you build significant reserves or IP?
Where will contracts and employees sit?
How will you pay yourself (DGA salary + dividends later)?
Do you need VAT fiscal unity (and do you qualify)?
Do you expect a sale within 2–5 years?
Can you maintain clean intercompany documentation?

FAQ

Is a Holding BV always better than one BV?

No. It’s often better for risk management and flexibility, but it increases admin and VAT complexity—especially after the VAT policy changes effective 1 July 2025. Cite: [S6]

Can I move profits from the work BV to the holding BV?

Often yes via dividends, and in qualifying cases the participation exemption can prevent another corporate tax layer at holding level.

What DGA salary do I need to pay in 2026?

Belastingdienst references a €58,000 norm amount for 2026 (with specific comparison rules).

Do I need to charge VAT on a management fee?

If there’s no VAT fiscal unity, management services often trigger VAT. If there is a VAT fiscal unity, internal services are typically outside VAT.

SERP + GEO optimization suggestions (Framer-ready)

Written by

Nick Knuppe

CEO en oprichter

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