Business account for GmbH and UG (haftungsbeschränkt)

For any self-employed activity, it makes sense to open a business account in order to properly separate private and business finances. For the limited liability company forms of GmbH and UG (haftungsbeschränkt), there is even a legal obligation to do so.

If you want to become self-employed with a corporation - a GmbH or a UG - you must open a business account in the name of the company. It is important to take care of the business account at an early stage, as the share capital is paid into it and proof of this payment is a prerequisite for being able to set up in these legal forms at all. For UGs and GmbHs, it is particularly important not to open the account until after the notary appointment, as otherwise there may already be a hidden capital contribution.

Business account costs: what to consider

But first you need to find the right business account. There are big differences in costs between the various banks, some of which offer several models. The costs consist of a combination of variable and fixed components, so you need to assess in advance which services you need as a founder. The main factors are

• Monthly account management costs
• Costs for EC cards and credit cards
• Costs for paper-based and paperless postings

Direct banks often offer good conditions, but no personal support at the counter and are not suitable for all companies that value personal support.

Documents required for opening an account

Once a suitable offer has been found, various documents must be submitted depending on the legal form of the company. The procedure is more complex for corporations than for freelancers, for example. For company formation of a UG or a GmbH, the following documents are required:

• Proof of identity of all shareholders (identity card or passport)
• Registration with the trade office
• An extract from the commercial register
• For the GmbH, the articles of association and list of all shareholders are required (for the UG, the model protocol replaces the list of shareholders and the articles of association)

Open a business account online

Nowadays, you can easily set up a GmbH or UG online, but not all banks offer the option of opening a business account online for these two types of company - in this case, the only option is to go to a branch. Some banks do not offer business accounts for UGs at all.

The online option for GmbHs and UGs is available from KONTIST, for example(https://kontist.com/partners/recht24-7/)

Conclusion: If you like it uncomplicated, you can set up your GmbH or UG online; if you don't necessarily value personal advice in a local branch, you can also open a business account online.