Opening a Business Bank Account for UG and GmbH: Process, Documents and Costs

The notary appointment is done, the relief lasts briefly, and then the next question is already on the table: where does the share capital actually go now? At this point, the formation can be delayed if the account opening is initiated late or the chosen provider does not accept a company in formation. Which documents do you need? How much share capital must be paid in before the filing? And what matters when choosing a provider?

At a glance

After the notary appointment, an account is usually opened in the name of the UG or GmbH in formation. The share capital required for the commercial register filing can be paid into it and the payment documented.
In a cash formation of a GmbH, at least a quarter of each share and in total at least EUR 12,500 must generally be paid in before the commercial register filing if the share capital is EUR 25,000. For the UG (haftungsbeschränkt), by contrast, the specified share capital must be paid in full; contributions in kind are excluded.
Providers carry out extensive checks when opening an account, above all because of anti-money-laundering due diligence obligations (KYC, short for “know your customer”). Depending on the shareholder structure, this can take varying amounts of time.

When and why is the business account opened?

Why a separate account makes sense

A business account is not “just convenient”; it separates private and company payment flows. Especially at the beginning, when many decisions are pending at the same time, this separation takes the pressure off: you always know what belongs to the company and what does not. The GmbHG does not expressly require that a cash contribution be paid into a bank account of the company. However, an account in the company’s name is the usual way to document the payment traceably and to separate the company’s assets from private funds.

The process of opening the account, paying in and transmitting the proof to the notary’s office is also described in the official overview of how a GmbH or UG formation works.

Difference between UG and GmbH when paying in

For a GmbH with share capital of EUR 25,000, at least EUR 12,500 must generally be paid in before the application to the commercial register in a cash formation. In addition, at least a quarter of its nominal amount must be paid on each share taken over. The obligation to pay the outstanding amount remains.

For the UG (haftungsbeschränkt), the share capital specified in the articles of association must be paid in full before the filing. Contributions in kind are excluded at its formation.

The legal basis for this is Section 7(2) and Section 5a(2) GmbHG.

Opening a business account (also for a company “in formation”)

Choosing a suitable provider

Before you compile documents, you should settle one central question: does the provider accept a UG or GmbH in formation? Not every business account is designed for corporations. Some offers are aimed at the self-employed and freelancers and run in the person’s own name, which is not suitable for a UG or GmbH. It is best to clarify this question in writing in advance. That spares you the unpleasant moment when a switch becomes necessary precisely when the share capital is to be paid in.

When choosing, the question also arises: digital provider or branch bank? Digital providers often allow a fully digital application and offer functions such as user roles or accounting interfaces. Branch banks can be of interest when personal contact, cash services or other banking services matter. However, duration, costs and scope of checks depend on the specific provider and the structure of the company. Not every digital provider is legally a bank: some are regulated as a payment institution or e-money institution, which affects the protection of customer funds, among other things.

Helpful questions when choosing:

Is it a bank, a payment institution or an e-money institution, and how are customer funds protected?
Is the specific legal form accepted while still “in formation”?
Which proof is issued for the payment of the share capital?
Which user rights, accounting interfaces and cash and international functions are needed?
How available is the provider and what support is offered for queries during formation?

One provider that expressly accepts companies in formation is Qonto. Qonto is not a bank but a licensed payment institution and issues digital proof for the payment of the share capital: Open an account with Qonto (advertising link)

Preparing the documents

Which documents are required depends on the provider, the shareholder structure, the persons acting and the risk profile. In particular, the following details and documents are often needed:

Before entry in the commercial register (UG or GmbH in formation):

identity documents of the managing directors and, where applicable, other persons acting for the company
notarised articles of association or model protocol
proof of the appointment of the managing directors, unless this is already clear from the formation deed
details of the shareholder structure and the beneficial owners
where applicable, further documents on participating companies, foreign shareholders or the origin of the funds to be paid in

After registration:

current commercial register extract or commercial register data
commercial register number and register court
where applicable, updated details on business address, activity, shareholders and beneficial owners

Depending on the provider, tax or trade law documents may additionally be requested, but are not required in every case.

Identification and KYC check

As part of the so-called KYC check, short for “know your customer”, the provider identifies the company, the persons acting for it and the beneficial owners. Beneficial owners are the natural persons who ultimately own or control the company. This identification is part of the general due diligence obligations under Sections 10 to 12 of the Money Laundering Act (GwG).

With more complex shareholder structures, additional documents may be required. Therefore, plan this step as a fixed building block in the formation timetable and not only immediately before the planned commercial register filing. A time buffer can reduce queries and unnecessary time pressure in this phase.

Paying in the share capital and transmitting the proof

As soon as the account is opened, the share capital is paid in. You should then promptly transmit the bank statement or payment confirmation to the notary’s office and keep it carefully. In the commercial register filing, the management assures that the required contributions have been made and are finally at the free disposal of the managing directors. If there are serious doubts about this assurance, the register court can demand additional proof, in particular payment receipts. The legal basis for this is Section 8(2) GmbHG.

Updating the account details after registration

After entry in the commercial register, you should keep the account master data consistent and update it if necessary:

company name including the legal form suffix
registered office and address
commercial register number and register court
representation rules and managing directors

This is also a good time to set up internal processes: roles and access for the management, employees and tax advisers, the document filing for bookkeeping, as well as payment approvals and security mechanisms such as a four-eyes principle, as far as the provider allows.

Costs and selection criteria

Costs vary greatly by provider and scope of services. Typical items are:

monthly basic fee
number of included transactions and fees per additional transaction
cards (physical and virtual) and additional cards
cash deposits and withdrawals
use abroad and exchange rate or transfer fees

For a reliable comparison, what counts is not only the “from” price but the expected transaction volume and the payment methods used (SEPA, card transactions, cash). Many providers advertise promotional prices that switch to a higher regular price after a certain period. Therefore, check the current terms and the acceptance of companies in formation directly on the respective provider’s product page, as prices and conditions change frequently.

Some providers offer special formation accounts that expressly accept a UG or GmbH in formation and issue digital proof of payment. Also check which protection mechanisms apply to customer funds. These can differ depending on whether the provider operates as a bank, payment institution or e-money institution.

You can find the current terms for Qonto’s formation accounts directly with the provider: View Qonto’s terms (advertising link)

Typical mistakes when opening an account

Wrong product chosen: an account only for the self-employed in one’s own name does not suit a UG or GmbH.
Incomplete documents: requests for additional documents often extend the account opening considerably.
Inconsistent master data: discrepancies between formation documents, register status and account details lead to queries.
Timing too tight: if the account opening is initiated too late, the proof of payment cannot be transmitted to the notary’s office in time.

Back to the Founders Plus overview

Still unsure which structure makes sense for your formation?

Book an appointment and clarify your questions directly with the notary, often within a few working days.

Frequently asked questions about the business account

Does a UG or GmbH necessarily need a business account?

The GmbHG does not expressly require a cash contribution to be paid into a bank account. In usual formation practice, however, an account is opened in the name of the UG or GmbH in formation so that the share capital can be paid in traceably and the payment documented to the notary’s office. A separate account also makes sense for the later separation of company and private assets.

What can I do if a provider does not accept a company in formation?

Business account providers generally decide for themselves with which customer groups they conclude contracts. Companies have no general statutory right to a business account. The statutory basic account is available only to consumers, not to corporations. Therefore, check before the notary appointment where possible which providers open accounts for a UG or GmbH in formation, and keep an alternative ready. Providers that accept companies in formation include Qonto, for example.

Why does the provider ask for so many documents?

Providers are subject to anti-money-laundering due diligence obligations under Sections 10 to 12 GwG. This includes identifying the company, the persons acting and the beneficial owners and verifying the details. The check is intended to ensure that identity, authority to represent and beneficial owners can be established traceably.

Can the share capital be used for business expenses after registration?

The share capital is not a permanently blocked amount. After registration, the company may generally use the money for business purposes, such as equipment, goods, rent or running costs. However, it may not be repaid to shareholders at will. In particular, the capital maintenance rules must be observed.

What applies to complex shareholding structures such as holdings?

With multi-level shareholdings, holdings or foreign companies, additional proof may be required so that the natural persons behind the structure can be identified. Current register documents, shareholding overviews and details of the beneficial owners are particularly helpful. A structure documented in advance can reduce queries.

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Support with opening the business account in the implementation phase

Opening the account is a core organisational step after the notary appointment. If you check early whether a provider accepts a UG or GmbH in formation, prepare the documents in full and schedule the KYC check realistically, the business account can usually be set up without delays.

Would you like to implement the steps after registration in a structured way and with legal certainty? Get in touch and receive individual advice.