Opening a Business Account in Germany

A business bank account is designed to help legal entities, including companies, limited liability partnerships, sole proprietorships, and startups, manage their financial operations. These accounts are essential for streamlined business transactions with suppliers, partners, customers, employees, and other stakeholders.

Business bank accounts offered by traditional banks provide a range of services, including domestic and international payments, currency exchange, debit/credit/prepaid cards, overdraft facilities, payroll processing, and deposit/savings accounts, alongside loans. On the other hand, business accounts with electronic money institutions (EMIs) offer simple and secure remote account opening and a variety of payment operations, omitting interest, loans, or savings options.

Opening a business account in Germany is straightforward.

You have two provider options: traditional banks or neobanks/EMIs like Satchel. The accounts available in both options offer the same functionality and come with a unique IBAN for conducting essential financial operations.

The main difference between the two is the speed, convenience, and ease of account opening. With an EMI, the entire process is done online, from submitting the form to scanning documents and completing the onboarding.

At Satchel, business account options are available to both EU and non-EU residents, so you won’t need to make a trip abroad to open an account in person.

You will need to provide the following documents to open a business account with Satchel:

1. The online application form.
2. Copy of the business owner’s passport or ID (only for citizens or residents of the EU or the EEA).
3. Proof of address.
4. A detailed description of the business.
5. Corporate documents.
6. Supporting documents on clients/suppliers.
7. Documents providing information about initial funding.
8. Verification through the Ondato solution.

You can find more information here.

Opening business accounts in Germany remotely involves several stages:

• Application Form Submission: Begin by clicking on "Open business account", where you'll fill out the application form and upload all required documents.
• Onboarding: Your application form will undergo review by our Compliance department.
• Password Creation: Once your application is submitted, you'll receive an email containing a link to create a password for logging into your Client office. This link remains valid for 24 hours.
• Notification: Following the review of your application, you'll receive an email notifying you of the outcome of the onboarding process.

It's worth noting that unlike many traditional banks, we do not charge any fees before your application is approved. Fees are only applicable upon successful onboarding, in accordance with our fee structure.

Satchel provides digital finance solutions to customers of various nationalities, located all over the world. However, there are certain countries from which we do not onboard clients. Please consult our Blacklisted jurisdictions page to make sure your country is not on the list before submitting your application.

While it is possible to open a European bank account without EU residency through traditional banks, this often entails visiting a physical branch to provide the necessary documentation. Moreover, non-residents may encounter higher fees and more service restrictions compared to residents.

Digital-only banking providers offer a more convenient option. Non-residents can open a business account online in Europe without the need for physical presence in the region. Satchel offers special non-EU tariffs for business accounts for non-residents. All you need to submit your application is proof of address from your home country (any utility bill issued not earlier than 90 days prior to the application form submission), and a bank reference letter or a bank statement translated into English or Lithuanian. Please check the prohibited countries and activities page before applying.