How to open a business bank account in Germany

Do you want to open a business bank account in Germany? As a registered freelancer, doing self-employed work, or running any business in Germany, you’ll want to keep your transactions in good order and should open a “Geschäftskonto.” The translation is literally “office account.” In this article, I will talk answer the following Questions. This article will help you select the most appropriate one regarding your business size, budget, and flexibility.

What is a business bank account?

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. You can open a small business account at a banking center with a branch network or online at a direct bank.

This article presents three top banks with a branch network and three innovative direct banks.

Who is required to open a 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.

You are not legally required to open your business account as a self-employed person. Suppose you are self-employed or work as a freelancer. In that case, you can use your checking account for your business finances or open a business account to separate your private and business finances. It’s up to you to decide.

Why should I open a business account?

If you are self-employed, you are responsible for managing your finances and making them transparent to the tax office. If you don’t, this can have consequences. So when you officially disclose payment information to the tax office, you need to label which personal and business payments. It takes time.

You must keep your “private” money separate from your business money. Mixing personal and business things in one account is difficult because you won’t be able to tell one from the other in the future. In my opinion, it helps you become a successful entrepreneur. That’s right; it also enables you to become a law-abiding German citizen who manages his money correctly and structured way.

In short, even if you don’t HAVE to have a business account because you are self-employed/freelance, I highly recommend getting one. It will make your life easier and keep personal and professional things separate.

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.

What documents do I need to open a business account?

General Documents you should bring with you if you plan to open a business bank account:

The required documents also depend on what kind of company you have founded or want to find. In the following, we show you what you should bring for the different company forms if you plan to open a business account..

Corporation – “Kapitalgesellschaften”

In the case of corporations, the bank requires additional documents. In the case of GmbH, UG, or AG, the corporation must also submit an extract from the commercial register, the list of shareholders, and the articles of association. If required, the bank may also ask for a trade certificate. In this case, you must submit it once the company has been established.

Your bank will fully set up the new business account once the shared capital is deposited. Therefore, the extract from the commercial register can only be submitted later when the business account is opened.

When starting a business, ensure that all co-owners can access the business account. Think ahead and draft the appropriate powers of attorney in time so that known co-business partners can also use this account.

Sole Proprietors – “Einzelunternehmer”

As a sole proprietor, all you need to open a business account is proof of identity, and your ID card is all the bank needs. Occasionally, the financial institution may require proof of a business license. If it cannot be presented when opening the account, it should be submitted later.

Freelancers and registered traderd – “Freelancer & eingetragene Kaufleute”

Freelancers only need to be able to prove their identity. At the same time, registered traders must provide a certificate of incorporation and an extract from the commercial register and the trade license.

Partnerships – “Personengeselsschaften”

Partnerships such as the oHG and the GbR must submit proof of identity of all partners and a copy of the partnership agreement when opening a business account. Additionally, the list of shareholders, an excerpt from the commercial register, and, if applicable, you must also send a trade license.

GbR – “Gesellschaft bürgerlichen Rechts”

GbRs are not subject to registration if they consist only of freelancers. Occasionally, the trade license must be subsequently submitted to the bank.

Documents you have to show if you want to open business bank account as a foreigner

If you are a resident of Europe or Germany but do not have a German passport, you must show certain documents to open a business account in Germany:

My tip for you: Check if you have sufficient funds to open a business account for your type of business. You can call or make an appointment at a bank of your choice; it’s free. However, the most important thing is that you have a good credit rating because German banks are very strict about their customers’ sustainability.

SCHUFA in Germany

Creditworthiness data is collected and stored in Germany by Schufa Holding AG. It is the largest bank in Germany and collects data from all persons registered in Germany. Whether or not a bank requires SCHUFA depends on whether or not their bank offers an overdraft service for their business account. Direct banks usually do not require SCHUFA proof when opening because they cannot be overdrawn. Your bank will arrange for a credit check if you plan to use an overdraft for your new business account.

TOP 6 German Bank Accounts for Businesses, Self-employed and Freelancers in Germany 2022

In this section, we would like to present our TOP 6 banks that offer business accounts in brilliant conditions. We distinguish between traditional banks with a branch network and direct banks. We hope you enjoy reading!

Opening a business account with a branch bank: Commerzbank, Deutsche Bank & Postbank

An established bank with an extensive branch network can have many advantages, especially if you want to get advice and support in a physical bank. This type of German bank is mostly more expensive but will offer you a whole range of services. They are more suitable for corporations and companies with excellent turnover and a sufficient number of transactions. Here we present the business account of Deutsche Bank, Commerzbank, and Postbank.

#1 Commerzbank business account

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. Commerzbank business account is a classic alternative to Deutsche Bank. Now there are three business accounts offered with different service options and prices:

ClassicKonto – Get-to-know offer

Current offer: the account is free for 7 months. After that it costs 9,90€/ month

Low-priced and reliable basic account – ideal for newcomers, self-employed persons, and legal entities.

Included for you:

• free online banking
• Digital banking via web, app, and phone
• Commerzbank Girocard
• 1 Commerzbank Girocard (debit card)
• free paper-based transfers
• Ten paperless payments per month
• Account statements included
• Account statements at the self-service terminal
• Additional services can be booked individually

Founder Offer

Current offer: 14,90€/month for 25th months. After that 24,90/month.

Discounted premium business accounts for companies in startups or younger than 3 years.

Included for you:

• free online banking
• Digital banking via web, app, and phone
• Commerzbank Girocard
• 1 Commerzbank Girocard (debit card)
• free paperless transfers
• 75 paperless payments per month
• Account statements included
• Account statements at the self-service terminal
• Digital payment orders
• Electronic banking services3
• Business Card Premium included
• 1 Business Card Premium4 (credit or debit card)
• Free cash deposits & withdrawals
• 10 cash deposits/cash withdrawals per month5
• Additional services can be added individually.

Premium Business Account

Price: 24.90/ month

Comprehensive business account for established companies – with many services included for your daily transactions.

Included for you:

• free online banking
• Digital banking via web, app, and phone
• Commerzbank Girocard
• 1 Commerzbank Girocard (debit card)
• free paperless transfers
• 75 paperless payments per month
• Account statements included
• Account statements at the self-service terminal
• Digital payment orders
• Electronic banking services3
• Business Card Premium included
• 1 Business Card Premium4 (credit or debit card)
• Free cash deposits & withdrawals
• 10 cash deposits/cash withdrawals per month

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.

Benefits for expats:

• English-speaking customer service at around 750 branches across Germany
• An excellent banking app offers online banking around the clock and is available in English.
• Easy payments with your smartphone or smartwatch as Google Pay/ Apple Pay are supported.
• Free cash at over 9000 ATMs in Germany

#2 Deutsche Bank business account

 Best business bank account in Germany!

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 has three main business accounts you can choose from:

Premium for 29,90 Euro/month

• Suitable for customers with high usage
• Two BusinessCards (credit cards) included
• Additional sub-account without basic fee
• Paperless transactions 0.07 euros per item

Classic for 15,90 Euro/month

• Suitable for medium use
• One BusinessCard (credit card)
• including
• Access to the electronic banking service
• Paperless transactions 0.12 euros per item

Basic for 9,90 Euro/month.

• A basic model for low usage
• One Deutsche Bank Card (debit card) included
• SEPA real-time transfer for 0.35 euros
• Paperless transactions 0,22 Euro per item

What a business account with Deutsche Bank also includes:

• Low-cost paperless bookings via online or mobile banking
• Withdraw cash free of charge at over 50,000 ATMs worldwide
• SEPA real-time transfer: send and receive the money within seconds
• App with many digital features, such as multi banking function
• Digital mailbox for your bank documents
• Free account switching service

#3 Postbank business account

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 four different business accounts:

Postbank Business Giro – The smart business account

• Promotion 6 months no account management fee then €5.90 per month
• Nationwide cash supply

Postbank Business Giro active – The flexible business account

• Promotion 6 months no account maintenance fee then 12,90€ per month
• 40% more favorable booking items compared to the Business Giro
• Visa Business Card Classic free of charge in the first year, thereafter 30€ per year

Postbank Business Giro active Plus- The convenient business account

• Promotion 6 months no account management fee then €16.90 per month
• Visa Business Card Classic free of charge in the first year, thereafter 30€ per year
• Securities account included

Postbank Business Giro other/trust account

• Promotion 6 months no account management fee, then €5.90 per month
• Account management as trustee
• Attractive advantages of the Postbank Business Giro

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.

Online banking: exists in German.

Opening a corporate account with a direct bank: Quonto, Holvo & Fyrst

A digital bank (a bank that functions only online) is cheaper and more convenient for smaller businesses and those who are also always traveling or have to make lots of business trips.

#1 Qonto business account for entrepreneurs and corporations

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.

Qonto offers three different business accounts to choose from:

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

• 19 €/month (excl.VAT)
• One month free of charge
• Cancelable at any time
• 1 member
• 1 One card Business Mastercard, and accountant access included
• 60 SEPA transfers and direct debits and 2 cashed checks
• Bookkeeping Pack:Invoice processing, digital and certified receipts, VAT auto-detection, custom labels
• Invocing Tool: Create and send customized invoices, monitor their payment status
• Advanced features: Multiple accounts, bulk transfers, invoice-transaction matching
• Send money to your beneficiaries in just 10 seconds, with no extra fees compared to a normal SEPA transfer
• 1% surcharge for international payments
• 7-day-a-week support

Qonto- Premium

The plan that includes all our features plus priority support

• 39 €/month (excl.VAT)
• One month free of charge
• Cancelable at any time
• 1 member
• 1 One card Business Mastercard, and accountant access included
• 100 SEPA transfers and direct debits and 5 cashed checks
• Bookkeeping Pack:Invoice processing, digital and certified receipts, VAT auto-detection, custom labels
• Invocing Tool: Create and send customized invoices, monitor their payment status
• Advanced features: Multiple accounts, bulk transfers, invoice-transaction matching
• Send money to your beneficiaries in just 10 seconds, with no extra fees compared to a normal SEPA transfer
• 1% surcharge for international payments
• 7-day-a-week support

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.

#2 Holvi business account for self-employed

The Holvi banking platform offers a free MasterCard to sole traders and self-employed people with a high-quality digital mobile banking account. The platform also includes simple services that save time on bookkeeping.

Advantages of Holvi business bank accounts:

• A business account with German IBAN
• Up to 500 free transactions per month
• Business Debit Mastercard – accepted worldwide
• Banking in the browser, via app & real-time notifications
• Income & expenses at a glance
• Sales tax in real-time
• Save receipts
• Open online

Holvi offers two different business accounts at a very good price-performance ratio:

Holvi Lite

• 6 €/month
• More transparency for your business
• Manage your business payments and keep an eye on the figures.
• Banking for the self-employed
• Business Debit Mastercard included
• Scan & save receipts
• Keep an eye on your profit
• Real-time sales tax balance

Holvi Pro

With a Holvi bank account, you can separate personal and business finances quickly and affordably, make free SEPA transfers, set up scheduled transfers and standing orders, and pay securely with your Mastercard using Identity Check. In addition, it is straightforward to download account statements; it only takes a few clicks. Connect your account with lexoffice.

Or give access to your tax advisor. If you lose your card, you can easily block it online. You can also use the Holvi app to manage your finances as efficiently as possible.

#3 Fyrst business account for self-employed and founder

FYRST is a digital bank for self-employed, freelancers, and founders with innovative banking services that are simple, paperless, and digitized. Digital and straightforward like a FinTech and as secure and reliable as an established financial institution.

FYRST is an online bank that belongs to Deutsche Bank. It offers business accounts for both freelancers and companies. The German-speaking customer service consists of trained bankers and can be reached via email and phone. Banking can be accessed via an app and through the computer’s browser. In addition to business banking, FYRST cooperates with various partners to offer a wide range of services and products at a lower price. These include accounting software, insurance, and telecommunications products.

FYRST business banking offers two different business accounts at an unbeatable price:

FYRST BASE

One of the best ranking business accounts:

• 0,00 € /month
• Open an account
• Ideal for the start of your self-employment or startup
• Now also in combination with the FYRST starter package for founders
• FYRST starter package for founders can be booked additionally
• from 0 € account management fee and free FYRST Card
• 50 free voucherless booking items included
• Free VISA Business Card can be added
• Security and competence of the largest bank in Germany
• Cash withdrawals and deposits at up to 10,000 locations throughout Germany*.
• Foreign payment transactions at favorable conditions
• Attractive credit products can be taken out fully digitally from 1.59% p.a.
• Integrated accounting solution with 25% price advantage
• Free account switching service
• Qualified support by trained bankers via mail or telephone

FYRST COMPLETE

The business account with “add-on

• 10,00 € /month
• Open account
• Ideal for business customers with many incoming and outgoing payments
• and 100 % deductible
• 10 € account management fee and free FYRST Card
• 75 free paperless booking items included
• Free VISA Business Card can be added
• Security and competence of the largest bank in Germany
• Cash withdrawals and deposits at up to 10,000 locations throughout Germany
• Foreign payment transactions at favorable conditions
• Attractive credit products can be taken out fully digitally from 1.59% p.a.
• Integrated accounting solution with 25% price advantage
• Price advantages for banking services
• Free account switching service
• Qualified support by trained bankers via mail or telephone

FYRST offers business accounts for freelancers and companies of various legal forms (GmbH, GbR, and more). It allows the integration of accounting software and offers. Access to services and products of cooperation partners at discounted prices. Order management software is also included in the COMPLETE account. With it, you can create invoices and manage reminders, among other things. At this bank, you will receive a qualified service from trained bankers.

How long does it take to open a business account?

Opening a business account at a branch should not take much time, as all account reviews are handled in person when you make an appointment. Your documents can be reviewed right on the spot at your meeting at branch banks, saving you time.

Depending on your legal situation and the documents you are required to submit, a direct bank may take less than two days to open a business account. In addition, when you open an account at a direct bank, you can quickly and easily identify yourself using the PostIdent or VideoIdent process.

FAQ – open business account

Do I need a business bank account if I’m self-employed?

A business account is not mandatory for small business owners. As a self-employed person, you can use your private account for your transactions. However, separating personal and business transactions makes sense and setting up a business account. It’s the best way to organize your finances and monitor your cash flow.

What are the differences between a business account and a private account?

A business account differs from a private account in that it is designated as a business account at your bank. You usually pay a little more for a business account than a personal account, but otherwise, it is not very different from a private one. The business account is also used to withdraw funds, monitor sales reports, or make transfers. It has many of the same functions as a private account. Some business accounts include additional services, such as participation in direct debit or independent foreign currency accounts.

What advantages does a German business account have?

Advantages of a bank branch

Among the many advantages of a business account at a traditional physical bank, the most important is in-person advice. In addition, you can open a corporate account at a branch bank with almost any legal form. Another is that banks offer assistance in finding financial grants and subsidies.

Advantages direct bank

When you open an account with a direct bank, it also has many advantages. Many of these banks are very innovative and often offer English language services. The advantage is that they have separate private and business finances, which simplifies the tax return and the overview of your finances. At the same time, authorities like the tax office only have access to your business money through the business account.

Can a private checking account be used for business purposes?

If you are self-employed or work as a freelancer, you are considered a small business owner up to a certain turnover. As a small business owner and a trader with a business that is not considered a corporation, you are not required by law to maintain a business account.

If this is the case, you can manage your business finances through your private bank account, and the condition is that your bank tolerates this. However, separating your personal and business finances is very beneficial to keep track of them.

Does German law require a business account?

If your business is a corporation, you must maintain a business bank account by law. You are therefore not allowed to manage the finances of your GmbH, UG, AG, eG, KGaA, or eV via your private bank account.