Why do I need a business account?

When starting a business, many things need to be clarified. This also includes the finances of the future company. This means that accounts must be opened to serve various financial issues. A business account or company account is part of every company that wants to have its finances under control.

Income and expenses are controlled via the business account. Furthermore, the business account offers the advantage that a balance sheet relevant for the tax office can be created much more easily than, for example, when working with several accounts. Especially at the beginning of the business start-up, it is recommended that the finances are handled correctly. For sole proprietorships, it is essential to separate private income and expenses from business ones.

In most cases, the business account is a classic checking account that is used by entrepreneurs. Some banks are already promoting completely free business accounts. This is particularly the case with direct banks, which operate almost exclusively via the Internet. In addition to the free account management, attention should be paid to which services are offered. Especially with free accounts, these are often manageable. Nevertheless, it is worth trying to compare the conditions in detail, because there are many offers for a free business account (external link) for founders.

As a founder, why do I need a business account?

The business account is required for various purposes when setting up a company. Anyone founding a limited liability company, GmbH or a UG for short, must pay in the share capital for the company (external link) immediately after they have become self-employed and registered their business. In the case of a GmbH, the share capital amounts to 25,000 euros. When founding, it is necessary that half, i.e. 12,500 euros, be paid in. Nevertheless, an entry in the amount of 25,000 euros is declared in the commercial register. If further capital is paid in later, it is not necessary for this to be registered in the commercial register. The notary also does not have to be notified of the further payment. However, it is necessary that the proper provision of the capital contributions is documented. This is particularly important in the event that the company fails and an insolvency administrator looks at the books and the commercial register. If there is no capital contribution here, it is possible that the insolvency administrator can demand that the capital contribution be brought in again.

The entry in the commercial register is only initiated by the notary when the share capital for the type of company has been paid in. For this purpose it is necessary that an account is available, which can be proven to the notary.

Examples of business accounts in Germany

  • Holvi founder account
  • Postbank Business Giro
  • FYRST Business Account Base
  • DKB business account
  • Cronbank business account
  • N26 Business current account
  • Deutsche Bank Business Active Account

The selection of business accounts in Germany is more than extensive. Depending on the corporation, different documents are required to open the account. At Holvi, for example, it is advertised that the free start-up account can be managed 100% online. Even opening an account can be done digitally. There are no costs associated with account management. Another advantage is that the IBAN for paying in the share capital is made available within 24 hours. This means that the share capital can be paid in particularly quickly. The corresponding proof of the deposit is created by the bank immediately afterwards and can therefore be presented to the notary.

Tip: It is advisable to open several business accounts with different banks (external link). In the event of termination of the business account by the bank, you remain able to act.

GmbH, GmbH iG or stock corporation – which documents are required?

When founding a GmbH, it is necessary that the identity card can be presented. This is necessary to identify the person authorized to represent the company. In addition, an excerpt from the commercial register must be able to be submitted. A partnership agreement must also be submitted, which is notarized. If a KG is also to be opened, a certified excerpt from the commercial register must also be submitted here as well as the associated contract of the company.

The situation is different if a GmbH is in the process of being founded, i.e. a GmbH iG. want to open a business account. With this legal form, you do not have to submit an excerpt from the commercial register, just the publicly certified application for the commercial register. After the entry in the register has been made, a corresponding excerpt must be submitted.

If a stock corporation exists and a business account is opened, it is necessary for all persons who act for the company to provide legitimation when opening the account. Anyone who has power of attorney for the company or for the accounts must also go through the legitimation process. The excerpt from the commercial register must not be older than three months. At the same time, it is necessary to submit the articles of association, which must be notarized.

How long does it take to open a business account?

If you are planning to open a business account, you have to reckon with the fact that it will take several weeks at a traditional branch bank. This is because the processes in the branch bank are usually not as lean as with direct banks. Opening an account can therefore quickly take 3 to 4 weeks. With a direct bank, it is often possible to open a business account within a week. This is because everything can be processed digitally here and documents, e.g. B. digitally or by post can be made available very quickly.