Open corporate bank account in Germany
Tetra Consultants assists our international clients with Germany corporate bank account opening for their newly-established companies. Over the years, we have established partnerships with multiple reputable German banks with excellent internet banking facilities. Some of the German banks we worked with include Commerzbank and Deutsche Bank. As such, our banking experts are familiar with the different requirements and expectations of each bank. For example, some German banks only have internet banking in German, which may not be too friendly for our international clients.
To open a multi-currency corporate bank account in Germany, most German banks will require our international clients to travel to a local German branch for a face-to-face meeting. Our banking team will accompany our clients to ensure that there is no communication barrier and that the corporate bank account can be opened on the day itself.
Tetra Consultants will prepare a detailed business proposal and present it to the local German banks. Thereafter, we will arrange the bank meeting on the dates preferred by our international clients. If our clients are unable to travel to Germany, we will recommend our clients to either appoint our local nominee director or to consider other non-travel options. Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.
Why do you need corporate bank account in Germany?
- A corporate bank account is required for all the corporate forms that are available for incorporation in Germany, such as the popular GmbH, the German equivalent for the private limited liability company. Depending on the chosen structure, the founders of the company will first be asked to deposit the minimum share capital into the account, in order to complete the incorporation process.
- For the GmbH, the minimum share capital is 25,000 Euros and at the time of registration at least half of this amount (12,500 EUR) is deposited into the bank account (an account that can be verified).
- Investors should note that the corporate bank account is mandatory for the GmbH and other business forms such as the entrepreneurial company (UG), however, it is not expressly required for simpler business forms such as the sole trader. In this case, the assets of the founder are not separate from those of the business (because the business is not a separate business form). Entrepreneurs may, however, wish to open a separate account and in this case, our team of experts can provide more information on the advantages and the actual liability concerns that are in place according to the chosen type of business.
- The bank will request several company-specific documents, most importantly the certificate of company registration as well as other information. The company’s administrator may also be asked to provide personal information.
- Special services for companies offered by German banks can include corporate loans. Banks offer different types of services for startups and they may have promotional programs in place aimed at assisting individuals who wish to start a business or who are already self-employed.
- Small companies can benefit from special packages that include loans for opening or taking over a business. The loan interest rate can be an advantageous one, depending on the chosen bank, and it can be a fixed or a variable one. Small companies or self-employed individuals in Germany that have just entered the market or been providing services for a short period (less than three years, for example) may find special funding packages that allow them to consolidate their business.
- Some of the criteria that can be important when choosing the bank branch with which you will open the account can include the general types of services (mobile and online services, for example), the number of ATM units, and their distribution and the account management fees.
What are the documents required for opening a corporate bank account in Germany?
- For corporations, the bank requires more documents. Founders of a GmbH, UG, or AG must submit not only proof of identity, the list of shareholders (Gesellschafterliste), and articles of association (Gesellschaftervertrag) but also certificates of incorporation (Gründungsurkunden).
- If necessary, the bank will also request a trade license (Gewerbeschein). In this case, this must be submitted after the company has been formed.
- As the companies to be entered in the commercial register are still “in the process of formation” at the time of opening the business account, and the entry in the commercial register can only be made after payment of the share capital, the opening of the account is always subject to reservation.
What is the procedure for obtaining a corporate bank account in Germany?
Tetra Consultants will assist you through the following steps for opening corporate bank account in Germany:
Step 1: Register company in Germany
- To open corporate bank account in Germany you will be required to register company in Germany. As mentioned earlier, a corporate bank account is essential for all the corporate forms that are available for incorporation in Germany, such as the popular GmbH, the German equivalent for the private limited liability company.
- Depending on the chosen structure, the founders of the company will first be asked to deposit the minimum share capital into the account, in order to complete the incorporation process.
- Tetra Consultants provide our international clients assistance with the opening of corporate bank account who are looking to incorporate company in Germany.
Step 2: Understanding your business & selecting the best available bank in the Jurisdiction
- Tetra Consultants’ banking team will fully understand the nature of your business. We will take due consideration of your business goals and needs while selecting the bank to fulfill the corporate banking needs of your company.
- In the due time, Tetra Consultants will provide you with a list of internationally reputable banks and local banks of Germany, which is best suited for your company requirements and transactions. Some of the important factors we will consider when suggesting the list of banks for international clients include the English language services, range of products & services with regards to foreign currency transfers & exchange, and easy access that is opening of account remotely within a short span of time.
- Some of the banks Tetra Consultants has worked with before, with a hundred percent positive outcomes, include Commerzbank and Deutsche Bank. Once the selection of bank is made by our clients we will move forward with the further procedure.
Step 3: Prepare the application and other documents
- Once the bank is selected, Tetra Consultants will start with the preparation of initial documents to be submitted to the banks in Germany. These documents may vary according to the form of business entity, for example, Partnerships (Personengesellschaften), such as oHG or GbR, will be required to provide passports of all partners and the Articles of Association.
- While in the case of corporations, banks usually require more documents. The founders of GmbH, UG, or AG must provide not just the founders’ passports, the list of shareholders, and the Articles of Association, but also the registration certificate. If necessary, the bank will also request a trade license.
Step 3: Formal submission of the application
- Tetra Consultants will move forward and send you a pre-filled application form for bank account opening along with other necessary documents for you to review and sign.
- After the documents are duly verified by the clients, we will make the final submission of the application to the bank. At this point, Tetra Consultants will extensively liaise with the bank to make sure that the application form is duly filled and there is no other requirement left to be complied with.
- Simultaneously if required by the banks in Germany to have an interview we will train our clients for the same and if necessary assist you as a representative in the interview process.
Step 4: Bank account opening & Deposit the initial contribution
- Once the bank’s compliance team approves your application, your corporate bank account will be successfully opened. Our team of experts will ensure everything is in place including activation of internet banking tokens, the courier of bank documents, and injection of initial deposit.
- The minimum capital requirement may vary according to the types of company in Germany to be incorporated, for example, for a GmbH (Gesellschaft mit beschränkter Haftung) form of entity the minimum capital requirement is €25,000.
What are the bank charges and fees for a corporate bank account?
Before you open your business account, you should check the costs and fees involved. The following checklist can help you to compare the most important key points of the business accounts offered:
- Costs for opening an account
- Fees for account management
- Costs for individual bookings
- Amount of interest on credit balances
- Line of credit including at short notice and the fees for it
- Distribution of ATMs and the possibility of withdrawing money from third-party ATMs
- ATM withdrawal fees
- Costs for EC/credit card
As your business will be classified as a local company, the corporate bank account opening process is usually straightforward and swift. Coupled with the preparation of a business plan and required due diligence documents, Tetra Consultants expects the corporate bank account to be opened on the day of your visit. Thereafter, our international clients will receive the internet banking token within the next 2 weeks. See this webpage to find out how Tetra Consultants manages to open each corporate bank account within stipulated deadlines.