Company Bank Account in Germany
A business account is opened independently from your private bank account when you start a business. The business account is used to conduct the financial transactions of your business. Due to the commercial structure of your business, you are required to supplement the share capital of your business account.
The law requires companies to open individual business accounts. These include, for example, GmbH, UG, AG, eG, KGaA, or eV. Such corporations are legally considered legal entities with independent legal capacity and legal responsibility.
Read our FAQ’s about company bank accounts in Germany!
Your Options
If you have a corporation, you are required by law in Germany to have a business account. Again, don’t think of this as a chore. Think of it as something that makes your life a little easier. Explore the respective provider by clicking on the logo. Read our FAQ’s about company bank accounts in Germany and which documents are required to open an account.
Commerzbank
Commerzbank is a leading German financial institution supporting around 30,000 corporate customer organizations and more than 11 million private and business customers in over 40 countries.
Opening a business account at Commerzbank is simple and fast: you can enter your data, such as name, date of birth, and address, and directly enter your desired access data for online banking. After entering the data, you will already see your future account number (IBAN). Then you need to download the app, register, and that’s it.
Commerzbank advantages for your business
To open a bank account with Commerzbank, you must be registered in Germany and be at least 18 years old. Opening a bank account with Commerzbank has many advantages, which we would like to introduce to you:
ClassicKonto – Get-to-know offer
Current offer: the account is free for 7 months. After that it costs 12,90€/ month
Low-priced and reliable basic account – ideal for newcomers, self-employed persons, and legal entities.
Included for you:
Founder Offer
Current offer: 17,90€/month for 25th months. After that 29,90/month.
Discounted premium business accounts for companies in startups or younger than 3 years.
Included for you:
Premium Business Account
Price: 29.90/ month
Comprehensive business account for established companies – with many services included for your daily transactions.
Included for you:
Qonto
Qonto is an online bank account designed specifically for business owners and small startups. With Qonto, entrepreneurs need to spend less time on banking and can focus on running their businesses. It takes only a few minutes to register a Qonto account.
Invoice-tracking special: Interestingly, business account holders at Penta can get their invoices tracked and automatically be compared so that you see which invoices have not been paid. It might be helpful for those who tend to forget to pay bills.
Qonto – Basic
The essentials for managing your activity as a self-employed worker
Qonto- Smart
A complete account to make banking, bookkeeping and invoicing simple
Qonto- Premium
The plan that includes all our features plus priority support
Deutsche Bank
An essential base for your business is your stable corporate and business account. Because no two companies are alike, Deutsche Bank’s business account service mechanisms are designed to meet the specific needs of each business. A robust base system increases your transparency, openness, and convenience at competitive rates.
If you don’t speak German and wish to remain independent concerning your financial affairs, you should get a bank account at Deutsche Bank. It may be more costly, but they offer you all services in English – apart from the application form and mobile banking. Every Deutsche Bank branch has at least one team member that speaks English.
The customer hotline has English employees whose service you can request upon calling. They have branches worldwide, and Online banking is also available in English. And you can be sure it won’t go bankrupt – after all, it’s Deutsche Bank.
Deutsche Bank advantages for your business
Basic for 12,90 Euro/month.
Classic for 19,90 Euro/month
Premium for 34,90 Euro/month
Postbank
Postbank has been a brand of Deutsche Bank since May 25, 2018. Since 2015, it has been a wholly-owned subsidiary of Deutsche Bank as Deutsche Postbank AG. In other words, Postbank is part of Deutsche Bank. Its services include VISA business cards and secure online banking, offering small businesses opportunities.
Recently there have been some price increases, but it’s still one of the Safest Banks in Germany for big clients and corporations. Also, now you can apply online for a business account with a free management fee for the first six months! At Postbank, you can choose between three different business accounts.
Furthermore, Girocard always free of charge; paperless bookings are from 0.20 Euro, 5 Euro free cash deposits incl. With a sufficiently high credit rating, you may get automatically approved for business financing from 5,90 € basic price at 5.000 € credit balance.
The smart business account
The flexible business account
The convenient business account
FAQ – Open a Business Bank Account in Germany
Table of Contents
What is a business account and who needs to open one?
A business bank account is a separate account opened specifically for conducting financial transactions related to your business. When starting a business, it is common to open a business account independent of your personal bank account. This allows for better organization and separation of personal and business finances. Depending on the legal structure of your business, such as GmbH, UG, AG, or eV, opening a business account may be legally required. However, if you are self-employed or a freelancer, it is optional and you can choose to use your personal checking account or open a separate business account based on your needs.
Why should I open a business account?
As a self-employed or commercial individual, opening a business account offers several benefits and advantages. Here are some reasons why it is recommended:
individual, opening a business account offers several benefits and advantages. Here are some reasons why it is recommended:
What documents do I need to open a business account?
Documents required to open a business account may vary depending on the type of company you have or plan to establish. However, here are some general documents that you should bring when opening a business bank account:
Please note that these documents serve as general guidance, and the specific requirements may vary depending on the bank and the type of company you have. It is advisable to contact the bank directly to inquire about their specific document requirements for opening a business account.
Corporations – “Kapitalgesellschaften”
For corporations like GmbH, UG, or AG, additional documents are required by the bank. These include an extract from the commercial register, the list of shareholders, and the articles of association. In some cases, the bank may also request a trade license, which can be provided after the company has been established.
The bank will complete the setup of the business account once the share capital has been deposited. Therefore, the extract from the commercial register may be submitted at a later stage after the account is opened.
It is important to ensure that all co-owners have access to the business account. Consider preparing appropriate powers of attorney in advance so that co-business partners can also utilize the account.
Sole Proprietors – “Einzelunternehmer”
As a sole proprietor, you only need to provide proof of identity, usually with your ID card, to open a business account. Occasionally, the bank may request proof of a business license, which can be submitted later if not available during the account opening process.
Freelancers and Registered Traders – “Freelancer & eingetragene Kaufleute”
Freelancers typically only need to prove their identity when opening a business account. On the other hand, registered traders must provide a certificate of incorporation, an extract from the commercial register, and a trade license.
Partnerships – “Personengesellschaften”
Partnerships such as oHG and GbR need to submit proof of identity for all partners and a copy of the partnership agreement when opening a business account. Additionally, an extract from the commercial register, the list of shareholders, and, if applicable, a trade license may also be required.
GbR – “Gesellschaft bürgerlichen Rechts”
GbRs, consisting solely of freelancers, are not subject to registration. However, the bank may request the trade license to be submitted at a later stage.
How long does it take to open a business account?
Opening a business account at a branch is a relatively quick process since all the necessary account reviews are conducted in person during your scheduled appointment. At branch banks, your documents can be reviewed on the spot, saving you time.
For direct banks, the time it takes to open a business account can be less than two days, depending on your legal situation and the required documents. Opening an account at a direct bank also offers the convenience of quick and easy identification through processes like PostIdent or VideoIdent.
What are the differences between a business account and a private account?
A business account is specifically designed for business purposes and is distinct from a personal account. While there may be some cost differences, the basic functionalities of a business account are similar to those of a personal account. Both types of accounts allow you to withdraw funds, track financial transactions, and make transfers. However, business accounts may offer additional features such as participation in direct debit programs or the ability to hold foreign currency accounts independently.
Can a private checking account be used for business purposes?
While it is not a legal requirement for self-employed individuals or freelancers to have a separate business account, it is highly recommended to keep personal and business finances separate. Although some banks may allow you to use your private checking account for business purposes, having a dedicated business account offers several advantages. It helps you maintain clear financial records, simplifies tax reporting, and enhances professionalism in managing your business finances. By separating your personal and business transactions, you can easily track income, expenses, and financial performance, which is crucial for successful business management.