Business Account GmbH / UG

The Unternehmergesellschaft (haftungsbeschränkt) - abbreviated as UG - is a form of corporation that was created specifically for founders. It is very similar to the GmbH, but a lower share capital is sufficient for its formation. But what does this similarity mean for the founding process and thus for the choice of business account?

The right business account for a GmbH or UG

The Unternehmergesellschaft (haftungsbeschränkt) - known as UG - is a form of corporation that was created specifically for founders. It is very similar to the GmbH, but a lower share capital is sufficient for its formation. But what does this similarity mean for the founding process and thus for the choice of business account?

Fyrst Base
With this business account you have the option to quickly and easily confirm your identity via video identification via smartphone, tablet or PC app
Annual account feeAccount fee
0.00  €
Costs / transactionTransaction
50 Transactions included per month 0.19 €
Annual Fees
0.00
  • Open your Account in 7 minutes with immediate IBAN
  • Cash withdrawals for only 1.90 € at over 10,000 ATMs of German Cash Group ATM Network
  • Mobile Optimized account of an established bank
  • Telephone Banking possible
Holvi Grower
This vendor offers an english application form. With this business account you have the option to quickly and easily confirm your identity via video identification via smartphone, tablet or PC app Debit credit card available for this bank account
Annual account feeAccount fee
144.00  €
Costs / transactionTransaction
0.00 €
Annual Fees
144.00
  • Incl. Billing functions and Expense Management
  • Accounting Functions Integrated
Penta Business Enterprise
This vendor offers an english application form. With this business account you have the option to quickly and easily confirm your identity via video identification via smartphone, tablet or PC app Debit credit card available for this bank account
Annual account feeAccount fee
588.00  €
Costs / transactionTransaction
600 Transactions included per month 0.20 €
Annual Fees
588.00
  • 2 User Accounts & Mastercards
  • 10€/month discount for companies in formation
  • Suitable for Startups
  • Free card payments in the euro area

Is a company account mandatory?

The maintenance of a business account is prescribed by law for the UG just as it is for a limited liability company (GmbH) - and already at the time of formation. However, the initial capital of the UG is only one euro and is thus much lower than that of the GmbH. The assets of the company remain separate from the assets of the partners. In order to maintain this separation, the founders book all income and expenses via a separate company account from the very beginning.

Due to the low share capital, the UG is well suited for young entrepreneurs who cannot yet accurately estimate the success of their own company. Therefore, in the early days, they often attach great importance to manageable costs. When choosing a business account, care should be taken from the outset to keep fees at a low level.

How much is the share capital?

For the foundation of the UG and the registration in the commercial register, a share capital in the amount of one Euro is sufficient. For the GmbH, on the other hand, the founding capital is 25,000 euros.

A share capital of between 500 euros and 1,000 euros is usual, so that the UG has financial reserves right from the start, so that smaller purchases can be paid for. The amount of the capital contributions and the distribution among the partners is recorded in the articles of association. A sample protocol can be used for this purpose, as it is available for download on the Internet.

What is meant by the capital contributions?

The capital contributions are the capital that each individual shareholder contributes. The amount can be agreed between the individual shareholders and can vary. Thus, it is possible that one shareholder contributes only 40 percent of the capital, while the other pays 60 percent.

Often, the shareholder with the higher share is also the one who manages the business. However, this is not mandatory. If the shareholders do not have the professional knowledge to run the company, or if they do not have the time to do so, the position of managing director can also be given to a salaried employee and he or she can be entrusted with this task.

What do you need the business account for?

The company account is used for daily money transactions. This means that all the income and expenses of the company are booked through it. Thus, a separate company account is required for the UG, which must be kept separate from the private accounts of the founders. This ensures a separation of private and business expenses and income.

Above all, the assets of the company and the shareholders can be more easily separated in this way. Accounting is facilitated in this way, and it is easier for the founder to keep track of his profit or even his loss.

How to choose the business account?

There is a wide range of business accounts available. However, there are only a few banks that offer free accounts for businesses. Before choosing a provider, it is important to think about the most common features. There are several factors to consider.

Among other things, company founders should know roughly how many bookings need to be made each month. Are these transfers on a remittance slip? If voucher-based bookings are required frequently, which require management by a bank advisor, this makes for a large cost item. Voucherless bookings are guaranteed free of charge by many business account providers. If there are a lot of monthly bookings, an account with annual fees can also be an option. This is because it is not uncommon for the fees for individual bookings to be omitted. Or is a free account with fees for occasional bookings cheaper?

An account comparison should definitely be carried out before opening an account, so that you find the right bank and the right account. If, in the course of time, you find that the fees are too high after all, you will have to switch accounts. This involves a lot of administrative work, which can easily be avoided. When the account is opened, the initial capital is paid in. After that, the company can be registered in the commercial register.

Conclusion: A company account is necessary for a UG foundation

The opening of a business account is fundamental and mandatory when founding a UG. In doing so, you should make sure under all circumstances to identify the appropriate account for the company’s needs right from the start. All income and expenses of the young company are carried out via the company account. The account should fit the individual booking behavior in order not to require a time-consuming change of account at a later point in time.

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