Opening a business account in Germany: What foreign investors need to consider

A Business account in Germany is often necessary for foreign entrepreneurs and investors in order to Process business payments, pay taxes and transfer wages. However, opening an account can pose some challenges for foreign companies and individuals.

1. is a business account mandatory in Germany?

Yes, if a German corporation is founded (e.g. GmbH or UG)
Yes, if business payments are processed in Germany
Yes, for tax purposes (e.g. VAT payments to the tax office)
No, if the company is only occasionally active in Germany and has an EU account

Note: A GmbH or UG must have a German business account in order to be able to to be entered in the commercial register.

2 What types of business accounts are there?

Tip: If you are founding a GmbH or UG, you should definitely set up a German business account to provide proof of capital and process invoices efficiently.

3. which banks offer business accounts for foreign entrepreneurs?

Traditional banks (with branches & personal service):

• Deutsche Bank
• Commerzbank
• HypoVereinsbank (Unicredit)
• Savings banks & credit unions (varies from region to region)

Online banks for digital business accounts:

• N26 Business
• Penta
• Holvi
• Qonto

International alternatives for SEPA payments:

• Wise Business (formerly TransferWise)
• Revolut Business
• Payoneer

Tip: If you do not have a physical store in Germany, a Online bank or a SEPA-capable EU account be an alternative.

4. requirements for opening an account

🔹 For companies based in Germany (e.g. GmbH, UG, OHG)
-Extract from the commercial register (for corporations)
-Business registration
-Tax ID or sales tax identification number (VAT ID)
-Corporate agreement
-Proof of identity of the managing directors (passport/passport)

For foreign companies (without registered office in Germany)
-Proof of business activity in Germany (e.g. rental agreement for office, invoices)
-Registration in the home country
-Tax registration in Germany (if necessary)
-Proof of identity of the managing directors

Attention: Banks are due to Money laundering laws (AML/KYC guidelines) often strict when opening accounts for companies without a German registered office.

5. how does the account opening process work?

Step 1: Select bank & get in touch

• If a traditional bank is chosen, there is often a Personal appointment necessary.
• Online banks often offer Digital registration & Video-Ident procedure.

Step 2: Submit documents

• Companies must submit all relevant documents (extract from the commercial register, shareholders' agreement, proof of identity).

Step 3: Identity check & credit check

• Managing directors and, if applicable, shareholders must identify themselves (by Post-Ident or Video-Ident).

Step 4: Account opening & use

• After successful verification, the account will be activated.
• If it is a Formation of a GmbH the capital can be paid in and the Commercial register entry completed become.

6. challenges & solutions for foreign entrepreneurs

Problem: German banks are very restrictive when it comes to non-EU customers
Solution: Use a SEPA-capable EU account or work with a bank that accepts international customers (e.g. Deutsche Bank or Commerzbank).

Problem: Account opening takes too long
Solution: Online banks like N26 Business or Penta offer faster account opening.

Problem: No German tax number available
Solution: Before opening an account Apply for a tax number and VAT ID from the tax office.