Germany corporate bank account in 2023
Since 2003, Healy Consultants Group helps multi-national Clients open multi-currency corporate bank accounts in Germany for both local and overseas companies.
Without bank signatory travel, our team will project manage the multi-currency corporate bank account opening process, including preparing a quality business plan for our Client’s business.
We recommend our multi-national Clients read this web page to avoid bank surprises later!
Germany banking problems and solutions
No Germany banking problem Solution 1. Bank refuses to onboard a foreign company which does not have a physical office in Germany, or German customers or suppliers.
Healy Consultants Group will open an international corporate bank account with a top tier bank outside Germany (e g New York, France, Liechtenstein, Austria, Bulgaria, Lithuania, Australia, London, South America or Switzerland).
Healy Consultants Group has a guaranteed corporate bank account approval policy.
2. Bank insists that the bank signatory travels to Germany for a one-hour bank interview.
Healy Consultants Group Client travel policy will apply (click link). Our staff will organise the bank meeting in our Germany affiliates’ office and assist our Client during the bank interview(s).
Alternatively, where possible, Healy Consultants Group banking team negotiates with the German bank to have our Client visit the bank’s international branch in their country of residence instead or sign the bank forms in front of a notary.
3. Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, our Clients should expect German bank account approval to take up to four weeks. If our Client requires a bank account at short notice, we recommend an immediate German solution plus already-approved international corporate bank account). 4. Like the majority of international banks, it is common for German banks to close corporate bank accounts without giving an open, transparent reason to their customers. To close a customer bank account without giving the bank signatory an opportunity to explain ‘unusual transactions activity in the corporate bank account’ is an unfair, unreasonable action which places our multi-national Clients’ businesses under stress. We recommend our multi-national Clients open multiple multi-currency corporate bank accounts for their company. It is unwise to open one corporate bank account and have your business be dependent on one bank. 5. As we advance deeper into a global depression, it will become more common for banks to experience financial difficulties. Consequently, multi-national Clients should expect i) small banks to go bankrupt and ii) small to medium-sized banks to be bought over by top tier banks. The number of banks operating in each country will get smaller, exposing our multi-national Clients to financial risk. For each of their entities, we recommend our multi-national Clients open multiple multi-currency corporate bank accounts across multiple countries. Spread your funds across multiple corporate bank accounts in multiple top-tier banks in multiple different countries. Avoid small banks including PSPs FSPs and digital banks. Ensure each bank offers customer deposit insurance. 6. The majority of German banks only provide telephone support during German business hours. This is inconvenient for multi-national Clients in the USA and Asia. Healy Consultants Group staff assist our multi-national Clients with bank communication, regardless of time zones.
Considerations when opening a bank account in Germany
- All businesses incorporated in Germany are required to have a corporate bank account, with at least half of the minimum capital of €25,000 deposited before incorporation.
- Healy Consultants Group will prepare the documents required to open the account. Then, through a Power of Attorney (POA), our representative will submit the documents at the bank on our Client’s behalf.
- Healy Consultants Group will liaise with our Client to deposit the initial capital and provide us with the certificate of deposit and bank statement. These documents will provide the proof required for German company registration.
- With our global banking relationships and determination, our global Clients will only need to visit a branch of the foreign bank in their home country or sign the banks forms in front of a Public Notary or at the Germany Embassy as part of the due diligence and KYC process.
- German banks value strong economic links to the local market, including Clients, suppliers, and contracts in place, before they consider opening a corporate bank account for a non-resident company.
- Opening an international corporate bank account in Germany is time consuming, and Healy Consultants Group will shelter our Clients from the associated administrative challenges.
- Healy Consultants Group will collect a set of notarised and translated documents from our Client to complete the bank account opening documentation.
- Most German banks only provide Internet banking services in German. If required, Healy Consultants Group will open a multicurrency corporate bank account with a German bank offering English language Internet banking.
- Most German banks require a personal visit to the country by the bank signatories to meet a bank officer. However, with our global banking relationships, Healy Consultants Group is able to secure a travel-exempt corporate bank account opening. For example, Post Bank Germany offers non-travel corporate bank account set up. There will be a fee discount of €950 if you have to travel to the meet the approving bank officer.
- An international bank account provides two major advantages: i) monetary assets in an overseas account will, in some cases, be tax-free as long as it is not brought into your country of residence and ii) your foreign Clients can pay you in their local currency, whereas remitting the entire amount to your country might cost you some of the value in foreign exchange costs and bank transfer fees.
- Thanks to Germany’s reputation, a German bank account looks good to i) suppliers ii) Clients and iii) other stakeholders.
- The bank account facilities include excellent internet banking, multi-currency services, cheques and credit cards with very high daily limits on cash withdrawal at ATMs worldwide.
- There is no limit on the inflow or outflow of funds for remittances of profits, debt service, capital, capital gains, and returns on intellectual property.
- The Euro is the second largest reserve currency in the world. It is therefore easily available and readily convertible for use in your business.
Foreign exchange obligations in Germany
The German government imposes no controls on the purchase or sale of foreign currencies. Non-residents can freely repatriate funds from the country. Resident companies can freely remit dividends to non-resident shareholders, and non-resident shareholders can freely repatriate sales proceeds of their stake in a German resident company.
Healy Consultants Group fees to help open a corporate bank account in GermanyHealy Consultants Group guarantees German company bank account approval. Our fees for different banking services include:
German banking task Our Client travels EUR German bank account for a foreign company No 5,950 German bank account for a German company No 4,950 German personal bank account No 3,950
Our multi-currency corporate bank account opening fees cover the following:
- At the time of company incorporation, our team determining, with our Client, the optimal bank solution, comparing local and international corporate bank account options.
- Creating a quality business plan for the German banks, explaining the purpose of the business and future banking transactions.
- Securing welcome emails from multiple German banks, inviting our Client to submit a multi-currency corporate bank account application.
- Healy Consultants Group’s Banking Team completing, on our Client’s behalf, the multi-currency corporate bank account application forms and collating Know Your Customer (KYC) due diligence documents.
- Following successful completion of the above, the bank officer submitting a complete potential customer file to the bank Legal and Compliance Department. (Note that the bank In-house Legal and Compliance Department may revert multiple times for additional documentation and information from i) each bank signatory / director / UBOs of the companies as well as ii) our Client’s business and transactions).
- If a bank declines to board our Client’s business, Healy Consultants Group immediately informing our Client and actioning back-up banking solutions.
- In an average of four weeks following application submission, Healy Consultants Group securing multiple multi-currency corporate bank account numbers for our Client’s German company.
- Thereafter, Healy Consultants Group, or the banks, couriering mails and e-banking tokens to the bank signatory, who is expected to activate the internet bank account, with Healy Consultants Group’s assistance if needed.
- After corporate bank account numbers are secured and, if required, Healy Consultants Group assisting our Client to appoint more new shareholders and directors. However, the banks will usually only approve them as bank signatory after a face-to-face meeting and the review and approval of a bank signatory application.
Documents required for German corporate bank account openingDocuments required to open a German corporate bank account include i) valid passport ii) proof of address and iii) company registration documents and iv) lease agreement for a registered address or physical office and proof of business in Germany. For more information on corporate bank account opening procedures, visit this page.
Other corporate banking considerations
- The banks enjoys ultimate power of approval of corporate bank account applications. Consequently, guaranteed success is outside of Healy Consultants’ control. What is inside our control is the preparation and submission of a high-quality bank application that maximizes the likelihood of approval. To date, we enjoy a 100% approval record because of our global banking relationships and determination.
- Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence on Clients. Consequently, our Clients should expect the bank account approval period to take up to 5 weeks. Furthermore, global banks now often require evidence of proof of business in the country where the corporate bank account will be, including sales contracts or lease agreement.
Germany business finance
- Business banking in Germany is structured in a three-pillar system: private banks, public savings banks and co-operative banks.
- Trade finance services include i) bank guarantees ii) letters of credit iii) finance against trust receipt and iv) documents against payment and against acceptance.
- Banks are willing to provide finance to a resident company if the following conditions are met: i) there is a strong business plan in place ii) the Client provides a high level of security iii) the owners and managers of the business have adequate experience iv) the company’s last three years’ audited financial statements are provided and v) the project stands up to an advanced strength and weakness analysis (SWOT).
- Government (public) institutions offer appropriate monetary aid to firms through various schemes. The value of the aid is determined based on projected economic returns.
Frequently asked questions
What due diligence does Healy Consultants require?Kindly view our due diligence requirements page for more information on what documents our Clients must provide.
Are there any foreign exchange controls in Germany?There are no foreign exchange controls in Germany, but a declaration must be made for transfers exceeding €10,000.
ConclusionGermany multi-currency corporate bank account opening is straightforward if you know how. Contact Healy Consultants Group if your Firm needs assistance navigating through the different banking solutions.